Bay Supply has developed perhaps, the most powerful RFQ software application available in our industry and we believe it will save all Users an incredible amount of time.
There are two methods to create an RFQ:
- Building a custom part using our dynamic part building application.
- Creating an RFQ from the platform digital parts catalog.
Buyer RFQ Creation
When a Buyer conducts a site search, items can be added to an RFQ for submission. In addition, the RFQ creator automatically queries the digital catalog for categories, manufacturers, brands and part numbers to assist Buyers in the RFQ creation.
When a match is identified and selected by a Buyer, the Part Number manufacturer, brand, specifications and descriptions dynamically populate to the RFQ form.
The Buyer can specify the quantity they are requesting and identify if the item must be Brand specific or if they are willing to accept an equal.
A buyer can add as many items as he/she wishes to an RFQ for submission.
the Buyer specifies an expiration date for the RFQ and submits.
This single RFQ is syndicated to all relevant Suppliers and/or a Manufacturer's Authorized Distributor assigned to the Buyer's territory.
The RFQ is assigned a unique Number and populates to the Buyer's Quote dashboard awaiting quote responses.
Seller Quote Response
Relevant Suppliers are notified via email and on the Platform that there is a pending RFQ for the products they sell and the RFQ populates to their Team Quote Dashboard. Users can see all RFQs and Quotes submitted on this Team Dashboard.
A user assigns the RFQ to himself or the Account Administrator can assign the RFQ to a team member. the RFQ and Quote will still be visible and accessible to the Team.
When a User opens up the RFQ, each part number requested can be evaluated and responded to.
When the User opens the first item to quote, the manufacturer, brand, part number, specifications and descriptions dynamically populated to the quote form for edit and submission.
STAGE 3 Registration Benefits To Quote Process:
The process gets better for a seller if they uploaded their complete catalog of parts and specifications to their online catalog.
The process is fully automated for edit if the seller uploaded their pricing, on-hand inventory and backorder MOQs with average lead time.
If the Seller took advantage of Stage 3 of the registration process, the platform adds dynamic calculation of the available on-hand inventory and MOQs for both in-stock and Backorder conditions. The quantities requested auto-populate to the immediate ship and, if necessary, backorder quantity fields based on the required MOQs. If an MOQ is greater than requested, the MOQ will take precedent.
In addition, the pricing conditions (Even if quantity break ricing is established) will automatically populate based on the type of Buyer/User that submitted the RFQ.
Retail pricing is calculated for consumers and Wholesale pricing (If established by seller) is calculated for vetted and approved Distributors for Peer-To-Peer trade.
The User can review the Quote for accuracy, apply any edits, enter the Quote expiration date, back order expected date (If applicable), and submit to the Buyer for review.
A Seller must respond to all items on the RFQ, but can check a box to not quote certain items.
Furthermore, if the Buyer set the condition to accept an equal to a brand part number, the platform dynamically evaluate the seller's on-hand inventory first, compare specification values with minimal tolerance and suggest a Substitute Alternative part offering from the Seller's inline catalog. The Alternate/Substitute item will follow all of the auto-populate features and the secondary offering can be edited and submitted as a secondary option for the Buyer.
Buyer Quote Review
The Buyer receives a notification via email and on the platform that a quote response was received.
The Buyer's quote Dashboard displays all RFQs and subsequent offers from Sellers.
The Quotes are reviewed quickly and easily by each item on the RFQ.
All Seller offers are listed with Seller Name, quantity available to ship or MOQ if above requested quantity, pricing for immediate ship quantity, any required backorder quantity, pricing for backorder quantity and total price. Backorder expected dates are displayed (If applicable)
The Buyer can flag quotes on items for consideration from various Sellers.
After comparing offers, the Buyer can add items to their cart from the multiple Seller offerings with a combination of immediate ship and/or backorders.
Shipping conditions are selected by the Buyer for each Seller and the Buyer can add a single Purchase Order# and checkout to complete the transaction.
All Sellers are notified of the pending order and are prompted to accept.
Communications Between Buyer & Seller
Every RFQ and Quote includes a Comments option in which, a Buyer and Seller can cross-communicate as they wish in order to complete a transaction.
Once a Quote is submitted before the RFQ expiration, the ability to communicate and respond to quote edits continues unobstructed until the Quote expires or a successful transaction is complete.
Quote Status Indicators On Team Dashboards
All RFQs have a status assigned that is color coded for Team Oversight.
- New - (Yellow) RFQs just received and not yet responded to.
- In Progress - (Blue) An RFQ currently in Quote process. saved in draft mode, these quotes can be re-visited by a team until all items have either been quoted or checked as a "No quote"
- Submitted - (White) This is a completed Quote that has been submitted, has not yet been accepted or rejected by the Buyer, and has not yet expired.
- Partially Won - (Green) This is a Quote response in which, only some of the offers were accepted by the Buyer for a quote-to-sale conversion.
- Won - (Green) This is a Buyer acceptance of a complete Quote offer for a quote-to-sale conversion.
- Lost - (Red) This is a Quote that was rejected by a Buyer.
- Expired - (Tan) This is a Quote that has not been rejected by the Buyer, but has expired.
The above list is in order of sequence populated on the Team Quote Dashboard. All quotes and RFQs are searchable and filterable from the dashboard as well.