3rdwave Quote Management (RFQ)

Overview

3rdwave's Quote Management (RFQ) module is a powerful front-end option to core global sourcing and distribution modules. 3rdwave RFQ is designed for procurement departments driven by high volume quotation requirements. 3rdwave RFQ streamlines the entire Request for Quotation process and integrates the quotation information into the Purchase Order module for further downstream data processing.

3rdwave automatically generates all outputs associated with RFQ processing including: supplier RFQs, supplier confirmations, and purchase orders by FAX, web services or hard copy.

Supported by comprehensive data tables, operators using 3rdwave RFQ are able to manage multiple suppliers across multiple item classifications quickly and efficiently. With complete integration, there is no redundant data entry anywhere in the entire RFQ process.

3rdwave's Landed Cost program is an integral supporting capability to the RFQ process and provides a fully-automated process to capture, calculate and normalize all quotes into a standard Landed Cost comparison format. All costing information is automatically carried forward into a the purchasing module. When a supplier is selected, a purchase order is executed and the General Ledger is updated for detailed profitability reporting from multiple views within the organization.

The RFQ process is available as a native web application or in the more traditional client server application. As a web-based module, 3rdwave RFQ supports both time-based open and closed auctions and reverse-auction capability.

3rdwave RFQ Process Flow

RFQ item specifications, customer terms and conditions are entered into 3rdwave RFQ electronically or manually, depending on the capability of the customer.

The 3rdwave database identifies all approved vendors able to supply items. 3rdwave supports complex cross-industry product descriptions, components, options and configurations.

3rdwave generates RFQ acknowledgment(s) to customer(s) and generates RFQ's to selected vendors. 3rdwave's Event Management capabilities will automatically identify vendors who are slow to respond and thus enables proactive follow-up by the global buying or procurement group.

Vendor quotes, terms and conditions are entered into 3rdwave electronically or manually; item costs are entered and captured in the database.

Quotes are reviewed and vendors selected, based on rules-based criteria.

All items are automatically costed to determine the final quote to the customer according to the terms and conditions of the RFQ - unit costs, inland freight, warehouse consolidation, freight forwarding, ocean freight, profit margins, etc.

The quotation is automatically generated by 3rdwave RFQ and issued to the customer - electronically or via hard copy - for confirmation.

The complete Sales Order is automatically generated on confirmation by the customer with all the terms and conditions of the sale inherited from the RFQ.

Purchase Orders to suppliers are automatically generated and transmitted electronically or via hard copy.

3rdwave RFQ Integrated Features

3rdwave's RFQ Management module is a complete front-end process that precedes and greatly enhances conventional global purchase and sales order processing functions. Once an RFQ is accepted by a customer, it is subsequently processed by other 3rdwave integrated modules including:

• Supplier Relations Management (SRM)
• Customer Relations Management (CRM)
• Global Logistics
• Inventory and Warehouse Control
• Accounting and Finance - costing and profitability analysis
• Multi-currency AR, AP, G/L

3rdwave RFQ - Benefits

• Improved customer relations - Customer Requests for Quotations are processed quickly (50% increase in turn around time) and more accurately. Customer RFQ positions are visible to sales representatives, customer service representatives, accounting, and management. Sales and marketing have ready access to the information they need to interface with their customers. Management has critical order activity and profitability information to support improved strategic decision-making.
• Enhanced productivity through more effective work process - Operator work is streamlined throughout the RFQ processing cycle. Once a RFQs' details are posted to the database, 3rdwave automatically generates RFQs, contracts, purchase and sales orders, documentation, invoices, etc., and eliminates redundant re-keying of information.
• Improved profitability and financial control - Greater customer satisfaction, streamlined work processes, enhanced corporate productivity, and visibility into all activities of the global supply chain. Better asset utilization and improved real-time information supports strategic decision-making and results in improved corporate profitability.