How to Use BigTrader App for RFQ (Request For Quotation) Process?
Are you tired of the tedious and time-consuming process of gathering quotations from suppliers? BigTrader App comes to your rescue, offering a seamless solution for simplifying your procurement with Request for Quotation (RFQ). In this article, we'll guide you through the process of creating RFQs in the BigTrader App and explain why they're an invaluable tool for businesses.
What is RFQ?
Let's start by demystifying what an RFQ is. An RFQ, or Request for Quotation, is a formal request made by a buyer to potential suppliers, asking for quotations or proposals for a specific product or service. RFQs play a pivotal role in procurement by enabling businesses to collect competitive bids and make informed purchasing decisions.
How RFQ Works in BigTrader App?
The BigTrader App is a powerful procurement tool. The RFQ process in the BigTrader app is a straightforward and efficient method that can significantly streamline your procurement efforts. Here's a step-by-step guide on how to navigate through it:
Accessing the BigTrader App
Once you have the app installed, open it and log in using your username and password.
Navigating to RFQ Section
After logging in, you need to navigate to the RFQ section. From the 'Buy Local' option, explore the side menu bar to locate the RFQ Marketplace. Click on it to open the RFQ Marketplace Home Page. This is where you'll create and manage your RFQs.
Creating a New RFQ
To create a new RFQ, follow these steps: Open the RFQ Marketplace and click on the + button. You will then be prompted to fill in several details in a form. Here's what you need to enter:
1. Product Category: It will show list of product categories in drop down. Select relevant category. For instance, 'Food'.
2. Product Name: Type product name. For example, 'Whole Chicken, Frozen'.
3. Product Description: Provide your required product's detail. Such as '20 Pieces. Approx weight 60Kg'.
4. Country Of Origin: You can select country from drop down list. Let's say, 'Qatar'.
5. Mobile Number: Provide your contact number. e.g., '+974- 55512345'
6. Quantity: The number of units you need.
7. Select Unit: The measurement unit of your product, for example, 'Piece'. You can select it from drop down list.
8. Contract: Select the type of contract, such as 'Spot', '6 months', 'Annual', or 'Others'.
9. Destination Country and Destination Port: Where you want your product to be delivered. Make country selection from drop down list.
10. Target Price: Type your expected price, for instance, '220 QR'.
11. Payment Terms: Check the box that reflects your preferred payment terms.
12. Upload image of product specifications.
13. Notes: Type any additional details you'd like to add, such as 'Individual packaging in vacuum-sealed bags'
14. Starting and Ending Date: These are the dates when your RFQ becomes active and open for suppliers to view and respond to, and the deadline by which suppliers must submit their quotations or bids, respectively. For example, 'Start Date: 28-09-2023, End Date: 30-09-2023'
15. Upload Images: You can upload up to 5 images of your product.
Once you have filled all the details, review the RFQ and click 'Submit' to complete the process.
Sending the RFQ
After you submit your RFQ, BigTrader will evaluate the details and approve it. Once approved, your RFQ is ready to be distributed among BigTrader’s trusted suppliers.
You can track supplier responses within the app! Once you receive quotations, you'll be able to review and compare them. To do this, open 'Buy Local', select 'Side Menu', go to 'My Request', and find all your submitted RFQs there. You can check the status of each RFQ, whether it's 'Pending', 'Approved', or 'Rejected'.
Tap on any quotation to see more details like price, product status, delivery timing, any relevant documents, and more. If you wish to negotiate with a vendor who submitted a quote for your RFQ, simply tap on the 'Negotiate' button. You can also share business documents if required.
That’s it! By following these simple steps, you can save your sourcing time and get quotes from multiple suppliers. Happy trading with BigTrader!
If you require any kind of customer support, don't hesitate to reach us at +974-55568329 or email@example.com. We're always here to help!
Why Use RFQs?
RFQs, or Request for Quotations, are an indispensable tool in modern procurement, offering a multitude of benefits to businesses. There are many compelling reasons why you should consider incorporating RFQs into your procurement strategy.
Now, let's address the key question: Why should businesses use RFQs, especially within the BigTrader App?
1. Supplier Selection:
RFQs allow you to cast a wider net when searching for suppliers. You can reach out to a diverse array of potential partners, giving you the opportunity to find the best fit for your specific needs. This expanded pool of suppliers also fosters competition, pushing suppliers to offer competitive prices and terms.
2. Quality Assurance:
RFQs give you the power to outline your exact requirements, including product specifications, delivery timelines, and quality standards. This level of detail ensures that suppliers understand your expectations and deliver products or services that meet your quality standards.
3. Negotiation Leverage:
By collecting multiple quotations through RFQs, you gain substantial negotiation leverage. Suppliers know they are competing for your business, which often leads to better pricing and more favorable terms. You can negotiate based on actual proposals, enhancing your position in the negotiation process.
4. Risk Mitigation:
RFQs enable you to assess the risk associated with each supplier. You can scrutinize factors like supplier reputation, financial stability, and past performance before entering into agreements. This due diligence helps mitigate potential risks and ensures that you're partnering with reliable suppliers.
5. Cost Savings:
Beyond competitive pricing, RFQs contribute to overall cost savings. The streamlined process reduces the time and effort required for procurement, saving valuable resources for your organization. This efficiency extends to administrative tasks, making procurement a more cost-effective operation.
6. Compliance and Accountability:
RFQs provide a structured and documented approach to procurement. This documentation is invaluable for compliance with regulatory requirements and internal auditing. You can track the entire procurement process, ensuring transparency and accountability.
7. Time Efficiency:
RFQs streamline the procurement process by eliminating the need for lengthy one-on-one negotiations. This time-saving benefit allows your procurement team to focus on more strategic tasks, such as supplier relationship management and strategic sourcing.
8. Supplier Relationship Building:
RFQs are a key step in the development of healthy supplier relationships. By engaging with suppliers through RFQs, you foster communication, establish expectations, and build the foundation for long-term, mutually beneficial partnerships.
RFQs are highly customizable to your unique requirements. Whether you need to source materials, services, or complex components, RFQs can be tailored to your specific needs, ensuring you get exactly what your business demands.
10. Data-Driven Decision-Making:
With RFQs, you can gather a wealth of data about suppliers, market trends, and cost dynamics. This data-driven approach empowers you to make informed decisions, optimize your procurement strategy, and adapt to changing market conditions.
Incorporating RFQs into your procurement process isn't just a convenience; it's a strategic move that can lead to significant cost savings, better supplier relationships, and more efficient operations. Don't miss out on the opportunity to transform your procurement process and elevate your business to new heights with RFQs.
In conclusion, creating RFQs in the BigTrader App is a simple yet powerful way to streamline your procurement process. RFQs enhance cost savings, efficiency, transparency, and quality control, making them an essential tool for businesses of all sizes. With the BigTrader App, you have the means to simplify your procurement and drive your business forward.
So, why not give it a try? Start creating RFQs in the BigTrader App today and experience the benefits firsthand. Your business's procurement process will never be the same!
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