Automated RFQ Process
Automated RFQ Process refers to the digitalization and automation of the Request for Quotation workflow, eliminating manual intervention points and accelerating the procurement cycle. This technology-driven approach transforms traditional paper-based or email-based RFQ systems into streamlined digital workflows.
Benefits include:
- Standardized template creation and distribution
- Simultaneous broadcasting to multiple suppliers
- Automated reminder systems for pending responses
- Structured collection of supplier quotes
- Intelligent comparison and analysis tools
- Digital audit trails for compliance
Procurement teams using automated RFQ solutions like AuraVMS can reduce RFQ cycle times by up to 70% while improving response rates and capturing more competitive pricing options.
Related Terms
Purchase Order (PO)
A Purchase Order (PO) is a commercial document issued by a buyer to a seller, in...
Learn moreRequest for Quotation (RFQ)
A Request for Quotation (RFQ) is a standard business process that invites suppli...
Learn moreSupplier Relationship Management (SRM)
Supplier Relationship Management (SRM) is a comprehensive approach to managing i...
Learn moreExplore More Supply Chain Terms
Enhance your procurement knowledge with our comprehensive glossary
Browse Full GlossaryReady to streamline your procurement process?
Start your free trial today and see how AuraVMS can transform your vendor management.