Steps: Set Up Request for Quotes
Create, submit, and approve suppliers.
Workday enables you to easily manage your sourcing activities by using request for
quote (RFQ) documents. An RFQ is a standard business document that you can configure
for suppliers to bid on goods, services, and standard commodities. As a sourcing
buyer, you can:
- Fulfill requisitions using quotation-based sourcing within Workday and configure whether to require RFQs.
- Streamline RFQ data entry and create an RFQ from existing RFQ documents or other business documents, such as purchase orders, supplier contracts, or requisitions.
- Send RFQs electronically to suppliers based on supplier preferences (email, print, phone, and supplier portal).
- Automatically send out email notifications to suppliers when the RFQs are open, closed, or canceled.
- Review and approve bid responses from suppliers submitted through the supplier portal or record responses on behalf of suppliers.
- Compare supplier bid responses, and easily see the lowest quote at a glance.
- Award RFQs to 1 or more suppliers with a purchase order or supplier contract.
- Access theMaintain Request for Quote (RFQ) Typestask.Select thePublic RFQcheck box on an RFQ type when you want to enable approved suppliers to participate in the bidding process. Clear the check box when you want to send invitations to specific suppliers.Security:Set Up: Request for Quotesdomain in the Procurement functional area.
- (Optional) Access theMaintain Procurement Award Reasonstask to create reasons for awarding suppliers with a supplier contract or purchase order.Enter award reasons with descriptions, such as low bid, emergency purchase, or early delivery.Security:Set Up: Procurementdomain in the Procurement functional area.
- (Optional) Provide Spend Transaction Instructions.
- (Optional) Set up email notifications to send information to suppliers.
Process RFQs.