As businesses strive to stay sustainable and make informed decisions, the need for a transformative solution is more necessary than ever. Our blog focusing on the challenges of manually processing quotations highlights the need for a comprehensive solution that can speed up the journey of RFQ to PO creation process.
The benefits of automating the vendor selection process
This process involves multiple parties along with a plethora of documents. After the receipt of Request for Quotations /RFP (RFQs), manually managing the quotations and choosing a perfect vendor in the stipulated timeframe is challenging. The benefits of automating the quotation request and handling process are multifaceted, ranging:
Improved efficiency
Embracing RFQ automation in quotation management is like giving your team a superhero sidekick, rescuing them from the tedious task of manually tracking and organizing incoming quotations. The automation solution also addresses the challenge of analyzing the parallel quotes and the tedious task of entering data into the system. The right curated automation solution also takes away the hassles of running desk-to-desk with paper for approvals. It additionally aids in automating data checks against various business rules, contributing to a more streamlined selection process.
Automated workflows
In most of the automation scenarios, quotes are received via a portal, providing real-time updates about the status. It allows the procurement teams to find older quotes faster. If the quote is received via a direct email, the automated email monitoring feature ensures that no email is missed. On approval by designated authorities, a purchase order is auto- created and integrated with the ERP, with a copy of the purchase order sent to the selected vendor. This contributes to audit compliance, fostering a system that is transparent and efficient for all users involved in the business procurement processes.
Improved Decision-making
Quotations received from various vendors often exhibit distinct formats and altered item sequences. The automation solution extracts data from each received quotation, transforming the information from multiple sources into a unified and easily comparable tabular or structured format. Some RFQ automation solutions go a step further by identifying and highlighting the most favorable quote based on predefined business rules, facilitating expeditious and informed decision-making processes.
How does Symtrax RFQ automation solution works?
Our intelligent automation solution aids in fast-tracking the process from RFQ to PO by:
- Standardizing the formats of RFQ sent to the vendors using our enhanced AI/ML engine.
- Providing vendors with a one-click link to upload their quotations via a portal.
- Allowing vendors access to the portal without the need to install any client software.
- Automatically extracting accurate data from multiple quotations for each requirement.
- Collating the data into an Excel sheet for easy comparison.
- Highlighting the best match according to your company’s requirements.
- Creating a Purchase order in the ERP upon receiving approvals.
Here is a standard architecture of our solution.
A well-automated vendor selection process is not just a routine task; it serves as a strategic asset, acting as a lubricant for a smoother procure-to-pay process. Deep dive into our success story in streamlining a manufacturing giant’s RFQ to PO creation process.
