The Quotations received from vendors for the RFQ, would be entered to SAP in this step. However, I’ve never seen this functionality being used by any of the companies which I’ve dealt with. The purpose of this approval is to get the consent from the relevant Manager, Head of Procurement, etc. Similar to a PR, you could configure a release strategy for a RFQ. When issuing an RFQ, the buyer could specify the terms & conditions also, in addition to the items, quantities & required delivery dates. The purpose of this document is to obtain quotations from vendors for various goods and services.
RFQ (Request for Quotation) is the initiation point of the Quotation process.
Once the PR is approved, the procurement division has the option of either converting the approved PR to a PO or to go for a Quotation process.
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