When you send out a request for quotation (RFQ) to potential vendors for an automation project, you end up with a stack of widely different prices and proposals? Most likely, you won’t accept the highest bid, but if you choose the lowest bid, you could face rejections. When it comes to automation, what’s the secret to setting it up for success from the start?
It is critical to specify key criteria in the RFQ in such a way that you receive optimal pricing. Translation of traders’ slang into well-formatted messages may help you create a well-rounded RFQ.
Reduce the cost of RFQs by automating them
It is equally important to automate the customer experience as well. When prospects do not understand what is being offered, disputes and disagreements occur.
On a desk , it is imperative to reduce quote overhead while speeding up quote delivery. Providing tailored quotes automatically results in more proposals delivered more quickly. As a result, revenue will increase.
Automating your RFQs will streamline your business
The manual RFQ process has many weaknesses. Processes are not standardized, so Sales have to devise new ones for each submission. Scalability is difficult, if not impossible, when manual processes are used. Using quote data to analyze business trends and make future quote decisions is also challenging.
Streamlining processes means desk can spend more time advising clients and winning new business more quickly. By improving efficiency and reducing costly errors, you can channel your most valuable resource – desk time – toward gaining new business and achieving strategic goals.
What is the RFQ Process?
With an automated RFQ process, a company can improve intake and response times. This will benefit both prospective clients, who will receive information more promptly, and brokers, who can generate and respond to more RFQs.
In a second brokers can generate a quote request based on accurate, verifiable data. Quotes can provide information about availability, acceptable alternative parts, volume discounts, and more. As the system has built-in margins, it reduces manual errors and speeds up transactions.
Desk can generate more quotes and gain new business with fast, streamlined processes. By improving efficiency and reducing costly errors, your most valuable resource – your team time – can be focused on gaining new business and achieving strategic goals.
Only Terranoha is specifically designed for the Trading Industry, by industry professionals, to address the specific needs of the Trading Desk. Find out more about Terranoha’s solution.
