A Request For Proposal (RFP) is a document that solicits proposals from various suppliers for items your company wants. An RFP is sent to potential suppliers to submit business proposals. It is introduced early in the procurement cycle, either at the preliminary study (exploratory) or procurement stage.
In Precoro, an RFP can be created manually from scratch or a PR. Creating an RFP from a PR eliminates manual work.
To create an RFP, please follow the steps below:
1. Navigate to the left side of the menu, open the Request for Proposals tab → Create button.
2. Select Location, Currency, Due Date, Desired Delivery Date, and Documents Custom Fields (if available and required) for your RFP. Once done, press the Create button.
3. On the RFP page, you should add the Suppliers and Items as needed.
- Add Supplier – this button helps to include a supplier that already exists in your database.
- Enter Supplier – add a completely new supplier to the database to your RFP.
- Add Items – add items from your existing catalog.
- Add Empty Row – describe the item manually. It is mainly used for new items outside of your current catalog.
4. Once all items and suppliers have been added to the RFP, press the Confirm button. It will send your request for proposals to suppliers. Suppliers will get an email with this RFP link so they can submit their proposals.
5. You will get an email notification once the suppliers have submitted their proposals. You can keep track of the Suppliers' quotes by clicking on the clock symbol in the Status column.
Item statuses will help you with the following:
- Draft - the RFP has been created but not submitted yet. You need to add items and suppliers to it first.
- Rejected - the supplier will not be able to deliver this item.
- No proposal - no suppliers will be able to provide this item.
- Supplier selected - the Supplier for this item is chosen in another proposal.
- Approved - the Supplier for this item has already been selected.
6. You can select more than one Supplier in the Request for Proposal or even approve a supplier for each item in the order. It will help you to choose only the best deals and save money.
7. Suppliers whose items you have approved will be notified of your decision.
If you have approved all available items, the Request For Proposal status will automatically change to Completed, and the Supplier will be notified of your decision by email.
8. Also, if you have approved only part of the Supplier's proposal, you can complete the Request for Proposals by yourself with the help of the Complete button. The Request for Proposals status will be changed to Completed, and the statuses of unapproved items will be changed to No Proposals.