e-Quote is an online quotation facility which allows the user to obtain quick quotes online from a selected list of suppliers. e-Quote can be used as part of the procure-to-pay (P2P) process to obtain and compare quotes and then submit a purchase order. Or it can be used in the early stage of sourcing to obtain preliminary information from suppliers before sending out formal tender invitation. Both e-Quote and Reverse e-Auction (see next section) are to be used online. But e-Quote is typically used at the beginning of the sourcing process while Reverse e-Auction is commonly used at the end of the procurement process. The timeline of a e-Quote cycle is usually set in number of days while the duration of an Reverse e-Auction is commonly set in number of minutes. Suppliers responding to a e-Quote request usually need more time to understand the requirements and preparing their responses while suppliers participating in Reverse e-Auction are usually crystal clear of the requirements and can make bid or no bid decision in real-time.
Requirements and List of Suppliers
e-Quote allows the user to state her requirements in the e-Quote request and create a list of suppliers to send the request to.
Multiple Rounds
e-Quote allows the user to have multiple rounds of request–and-response so that she and the suppliers can adjust the requirements and responses incrementally.
Quotation Master
e-Quote Quotation Master is an online facility to keep track of all effective quotes (which are properly approved and haven’t expired). Suppliers’ responses to e-Quote can be automatically inputted to Quotation Master for future use.
Independent or Part of Purchase Request Process
e-Quote can be used independently as request-for-quote (RFQ) for acquiring low-value products. e-Quote can also be used as part of the purchase plan/request (PR) process for sourcing or purchasing.