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ERFx
In procurement technology, ERFx (or eRFx) is an acronym for electronic request for '', where ''x'' can be Proposal (RFP), Quotation (RFQ), Information (RFI) or Tender (RFT). Other pseudonymous acronyms include ITT (Invitation to Tender) and PQQ (Pre Qualification Questionnaire). All relate to a similar activity: a buyer requesting information from potential suppliers for the purpose of evaluation and comparison. Often this is part of a tendering exercise. The more structured this information is, the easier it is to compare the suppliers. For example, it is more effective to ask 20 multiple choice questions than it is to ask 2 essay questions, as long as suppliers have an opportunity to provide commentary to qualify their answers. Therefore, eRFX software should help the buyer to compare suppliers in useful ways – e.g., apples vs. apples. eRFx software is a subset of eSourcing software (software that helps buyers to source suppliers), which is in turn a subset of E-procure ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
E-procurement
E-procurement (electronic procurement, sometimes also known as supplier exchange) is a collective term used to refer to a range of technologies which can be used to automate the internal and external processes associated with procurement, strategic sourcing and purchasing.National e-Procurement ProjectDesktop Guide to e-Procurement - Part 1: Overarching Guide to e-Procurement Local e-Government National Projects, accessed on 6 July 2024 Examples of e-procurement include e-auctions, e-tendering, automated issue of purchase orders and related receipting and invoicing processes, internet ordering, use of purchasing cards, and the use of information and networking systems such as electronic data interchange and enterprise resource planning systems. E-procurement can be used across the business-to-business, business-to-consumer and business-to-government marketplaces.Bids and TendersLakshwadeep E-Proc and NIC , title assumed to refer to Lakshadweep, accessed 6 July 2024 Sco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Procurement
Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done. When a government agency buys goods or services through this practice, it is referred to as '' government procurement'' or public procurement. Procurement as an organizational process is intended to ensure that the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion. Almost all purchasing decisions include factors such as delivery and handling, marginal benefit, and fluctuations in the prices of goods. Org ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Request For Quotation
A request for quotation (RfQ) is a business process in which a company or public entity requests a quote from a supplier for the purchase of specific products or services. RfQ generally means the same thing as Call for bids (CfB) and Invitation for bid (IfB). An RfQ typically involves more than the price per item. Information like payment terms, quality level per item or contract length may be requested during the bidding process. To receive correct quotes, RfQs often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service. Logically, the more detailed the specifications A specification often refers to a set of documented requirements to be satisfied by a material, design, product, or service. A specification is often a type of technical standard. There are different types of technical or engineering specificati ..., the more accurate the quote will be and comparable to the other suppliers. Another reason for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Request For Information
A request for information (RFI) is a common business process whose purpose is to collect written information about the capabilities of various suppliers. Normally it follows a format that can be used for comparative purposes. An RFI is primarily used to gather information to help make a decision on what steps to take next. RFIs are therefore rarely the final stage and are instead often used in combination with request for proposal (RFP), request for tender (RFT), and request for quotation (RFQ). In addition to gathering basic information, an RFI is often used as a solicitation sent to a broad base of potential suppliers for the purpose of conditioning suppliers' minds, developing strategy, building a database, and preparing for an RFP, RFT, or RFQ. An RFI may be ''open'', where information is publicly gathered from anyone interested who wants to provide a submission, or ''closed'', where parties are privately approached to provide information. The ubiquitous availability of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Request For Tender
An invitation to tender (ITT, also known as a call for bids or a request for tenders) is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been previously assessed for suitability by means of a supplier questionnaire (SQ) or pre-qualification questionnaire (PQQ). Unlike a request for proposal (RFP), which is used when a company sources for business proposals, ITTs are used when a government or company does not require the submission of an original business proposal and is looking solely to award a contract based on the best tender submitted. As a result, whereas ITTs are often decided based on the best price offered, decisions on RFPs may also involve other considerations such as technology and innovation. Both are forms of reverse auction. At the same time, variants may be requested in an ITT, whic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain Management
In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished products and delivered to their end customers. A more narrow definition of supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally". This can include the movement and storage of raw materials, work-in-process inventory, finished goods, and end to end order fulfilment from the point of origin to the point of consumption. Interconnected, interrelated or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain. SCM is the br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
