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8MSaaS Quick Quote is an online quotation facility which allows the user to obtain quick quotes online from a selected list of suppliers. Quick 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 Quick Quote and e-Auction (see next section) are to be used online. But Quick Quote is typically used at the beginning of the sourcing process while e-Auction is commonly used at the end of the procurement process. The timeline of a Quick Quote cycle is usually set in number of days while the duration of an e-Auction is commonly set in number of minutes. Suppliers responding to a Quick Quote request usually need more time to understand the requirements and preparing their responses while suppliers participating in an 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
8MSaaS allows the user to state her requirements in the Quick Quote request and create a list of suppliers to send the request to.
8MSaaS allows the user to have multiple rounds of request–and-response so that she and the suppliers can adjust the requirements and responses incrementally.
8MSaaS Quotation Master is an online facility to keep track of all effective quotes (which are properly approved and haven’t expired). Suppliers’ responses to Quick Quotes can be automatically inputted to Quotation Master for future use.
Independent or Part of Purchase Request Process
Quick Quote can be used independently as request-for-quote (RFQ) for acquiring low-value products. Quick Quote can also be used as part of the purchase plan/request (PR) process for sourcing or purchasing.