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Operation ProcessA request for quote (RFQ), a is a process in which a company solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill certain tasks or projects. The RFQ process is especially important to businesses that need a consistent supply
Quote processing, also known as the quoting process, is the series of steps a company takes to provide a price estimate to a potential customer. It’s a vital part of the sales cycle and involves creating a formal estimate for a product or service that’s tailored to the buyer’s.
A quote must be approved by all the required approvers defined in the approval plan before it can be presented to a customer. An approver can also assign a delegate user, who can approve or reject quotes for a specified period of time.