What is e-Quote System?

E-quote system is a supplier management tool based on information technology, which is used to help enterprises realize price comparison and supplier selection in the procurement process. Through this system, enterprises can digitize and automate processes such as inquiry, comparison, and pricing, thereby managing suppliers more efficiently, reducing labor input, and obtaining more transparent price information. E-quote system not only provides enterprises with a convenient operation method but also helps them make more informed procurement decisions. For large enterprises and industries with a large number of procurement needs, e-quote system is an indispensable management tool.

The main functions of the e-Quote System

1. Automated inquiry process

E-quote system simplifies the inquiry process by enabling enterprises to easily issue inquiry sheets through an automated inquiry process without having to manually contact each supplier. The system will send the inquiry sheet to eligible suppliers. Compared with the traditional method, the system can complete the inquiry notice within a few seconds, greatly reducing the operation time and the possibility of human error. Through an automated approach, enterprises can obtain quotation information more quickly, thereby accelerating the procurement progress.

2. Real-time comparison function

Real-time comparison is a core function of the e-quote system, which can automatically compare the prices offered by different suppliers. After receiving the quotations, the system automatically calculates the total cost and price details of each quotation, enabling enterprises to clearly compare the quotations of different suppliers at a glance. In this way, enterprises can more clearly see the market price differences and select the supplier with the highest cost performance. This function helps enterprises avoid errors caused by manual statistics and ensures the accuracy of the decision-making process.

3. Supplier management

E-quote system also has powerful supplier management functions, which can help enterprises effectively manage and maintain relationships with various suppliers. The system can record the basic information, cooperation history, quotation records, and service quality evaluations of suppliers, facilitating quick retrieval and evaluation by procurement personnel. The supplier management function also supports screening high-quality suppliers, saving enterprises the time cost of screening suppliers. Good supplier management can ensure the smoothness and stability of the procurement process and reduce supply risks.

4. Historical data analysis

 E-quote system can analyze the historical data of previous inquiries and comparisons, helping enterprises understand price change trends and the quotation patterns of suppliers. Through the analysis of historical data, enterprises can discover the laws of price fluctuations and conduct centralized procurement when prices are at a low point, saving costs. Data analysis can also reveal the stability and reliability of suppliers, providing data support for enterprises long-term procurement plans. Using these analysis results, enterprises can more accurately formulate future procurement strategies and optimize cost expenditures.

5. Multi-level approval

In the e-quote system, the multi-level approval function can ensure the standardization and transparency of procurement decisions. This function allows enterprises to set up a multi-level approval process to ensure that each procurement is strictly reviewed and conforms to the enterprises budget and strategy. Through the automated approval process of the system, the cumbersome steps of paper approval are reduced, and the timely response of each level is guaranteed. Multi-level approval can also prevent financial risks caused by individual decision-making mistakes and ensure the fairness and compliance of procurement.

The roles of the e-quote system

1. Improve procurement efficiency

Through automated process management, E-quote system significantly improves procurement efficiency. The traditional procurement process usually requires repeated communication, screening, and comparison, while the system can automatically complete these steps, reducing the need for manual operations. The procurement department can devote more time to supplier relationship management and market analysis instead of being entangled in the specific inquiry process. In addition, the system helps enterprises obtain the latest quotations in real time, making procurement decisions more rapid and shortening the entire procurement cycle.

2. Reduce procurement costs

E-quote system can help enterprises significantly reduce procurement costs. The system enables enterprises to select the supplier with the best price through the automated comparison function, thereby reducing procurement cost expenditures. In addition, the data analysis function helps enterprises master price trends and optimize the procurement time point, further reducing costs. The system can also achieve accurate cost forecasting, making the procurement budget more reasonable and avoiding unnecessary expenditures.

3. Reduce operational errors

E-quote system reduces the steps of manual input and effectively avoids errors caused by manual operations. Manual entry of quotation information and price comparison are extremely prone to human errors, affecting the accuracy of procurement decisions. Through the digital system to automatically complete quotation processing and price comparison, the accuracy of data can be guaranteed and the risk of errors can be reduced. In addition, the system records a complete operation log for subsequent tracing and error correction.

4. Enhance procurement transparency

The introduction of e-quote systemmakes the entire procurement process more transparent. All links such as quotations, comparisons, and supplier selections can be recorded and queried in the system. The comparison reports and operation logs automatically generated by the system provide detailed bases for the internal audit of enterprises, ensuring the openness and transparency of the procurement process. A transparent procurement process not only meets compliance requirements but also effectively prevents fraud and safeguards the interests of enterprises.

5. Optimize supplier management

The system helps enterprises accumulate and analyze the cooperation records of suppliers, facilitating the evaluation of the reliability and long-term cooperation value of suppliers. Through the digital management of the performance of suppliers, enterprises can eliminate unqualified suppliers and retain high-quality suppliers, thereby optimizing the procurement chain. Good supplier relationship management not only helps ensure the quality of supplies but also enables enterprises to obtain more favorable conditions and improve cooperation benefits.

 Summary

E-quote system is a supplier management tool based on information technology, which can realize the digitization and automation of the procurement process. There are many e-quote systems on the market, and 8Manage is a common and widely praised system by customers. The main functions of the 8Manage e-quote system include automated inquiry, real-time comparison, supplier management, historical data analysis, and multi-level approval. This system can improve procurement efficiency, reduce costs, reduce errors, enhance transparency, and optimize supplier management. It is suitable for various types of enterprises, and the deployment and implementation vary according to the needs of enterprises, and the maintenance cost is usually controllable. It provides strong support for enterprise procurement decisions and is an indispensable tool in modern enterprise management. Teams that want to further improve the level of procurement management can use professional tools such as 8Manage SRM to assist management. For more information, please visit the official website of 8Manage SRM：www.8manage.cn/srm_index.html.

 Related FAQs

1. What types of enterprises is e-quote system suitable for?

E-quote systemis suitable for various types of enterprises, especially manufacturing, retail, construction, and other enterprises that need to conduct large-volume procurement frequently. Large and medium-sized enterprises usually have complex supply chain systems, and using this system can simplify the procurement process and improve efficiency. Small enterprises can also use the comparison function of the system to select suppliers and control procurement costs, so as to obtain the best procurement plan within the budget.

2. Is the deployment and implementation of e-quote system complex?

The deployment of e-quote systemmay vary depending on the needs of enterprises and the complexity of system functions. For enterprises that require customized systems, the deployment time may be longer and system integration and user training are required. For enterprises that choose standardized SaaS systems, they can be quickly deployed and put into use. In addition, suppliers usually provide technical support and operation training to help enterprises successfully complete the implementation and operation of the system.

3. Is the maintenance cost of e-quote system high?

The maintenance cost of e-quote systemis usually controllable, especially for enterprises that choose cloud deployment. System suppliers usually provide regular system upgrades, function optimizations, and technical support to help enterprises maintain the normal operation of the system. Enterprises only need to pay annual maintenance fees or purchase value-added services according to usage needs, so the overall maintenance cost is not high. In addition, the high efficiency and cost-saving benefits of the system can often offset the maintenance costs.