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Procurement or Sourcing professionals often raise RFQ's (Request for Quote) to get quotes from suppliers or sometimes to look for new potential suppliers to come forward and submit his offer. Even today most of the small and medium-size business still conduct sourcing events manually, that means they get an indent request from the end-user group in their company. Buyers compile an email that describes what they are looking to buy and sends a bunch of emails to approved or new suppliers that they have in their database.
A study conducted by eSupplier found that out of 15 RFQ email sent to suppliers only 3-4 quotes are received on average by the Buyer, there are several reasons that the RFQ's don't convert into meaningful quotes or offer, here's the outcome of our research.
Using a smart eSourcing tool allows Buyers to built RFQ, which is more effective as Buyers can use the tool's ready to use RFQ templates, it saves time. Additional features include New Supplier Discovery, with no additional buyer effort required, simply create a detailed RFQ with specification/drawings and let the AI tool sends your RFQ details via email to potential suppliers. For Suppliers, it easy as well. They submit their quotes online, while Buyers with a click can create quote compression statement in MS Excel.