Processing Vendor Quotes
Vendor quotes refer to the pricing along with offers/discounts provided by vendors in response to the published RFQ. You can evaluate the quotes submitted by vendors and declare which vendor can supply or provide the required goods or services. The evaluation process includes reviewing, comparing, and negotiating quotes from different vendors based on price, quality, delivery date, and other factors.
Once the RFQ is published, the respective records are created in the Vendor Quotes section separately for each vendor. For example, if an RFQ for red pens is sent to four vendors, then four separate records are created for each vendor, as shown below.
The status of these records are AWAITING VENDOR QUOTE.
Also, the same RFQ is reflected in the corresponding vendor portals. The vendors can add the quote for the requested items and submit it. Once the vendor submits the quote, it is accessible from the Vendor Quote section and the status of the record changes to SUBMITTED QUOTE.
Negotiation
You can negotiate the submitted quote with the vendor. This includes discussing pricing, delivery and payment terms, and other details. This discussion can help in obtaining the best value for the organization and build a positive relationship with the vendor.
You can negotiate with the vendors after receiving their quotes.
Click NEGOTIATE at the top right of the vendor quote details screen. The status changes to UNDER NEGOTIATION.
Negotiating terms of a quote often takes place offline. At every instance of negotiation, the vendor needs to update and submit the quote.
Switching to RFQ
For easy access, the application provides an option to navigate to the corresponding RFQ summary section from the vendor quote. To go back to the RFQ screen, click the 
(vertical ellipsis) at the top right of the vendor quote details screen and select Go To RFQ.
The REQUEST FOR QUOTATION section appears from where you can access all the RFQ records.
