To initiate the purchasing process, you send a bid, a request
for proposal, or a request for quotation.
Bidding for a vendor
Bidding is a procurement method by which you can select
the vendor for purchasing the required goods or for completing subcontracted
work within the estimated budget and time.
Requesting a proposal
If you have a standard contract with a vendor, you can
request a proposal.
Requesting a quote
You can request a quote to purchase products or services
from any external vendor.
Sending bids and requests to vendors
When the bid, request for proposal (RFP), or request for
quote (RFQ) is approved and issued, you send this record to the vendors.
The vendors can then respond to the bid or request and you can access
their responses.
Awarding contracts from bids
When the vendors respond to your bid, you can analyze their
responses and decide who to award the contract to.
Awarding purchase orders from requests
When the vendors respond to your request for proposal (RFP)
or request for quote (RFQ), you can analyze their responses and award
a purchase order.