Organizations rely on punchout catalogs for routine purchases, but not every purchase follows the standard buying process. Products or services that require custom pricing, configuration, or approval often involve additional steps before an order can be placed.
For customized products, made-to-order goods, bulk or wholesale orders, specialized equipment, and complex technology, electronic quoting helps ensure product details, material costs, volume discounts, and negotiated pricing are accurate.
What is Electronic Quoting in Punchout?
Electronic quoting, often referred to as eQuotes, allows buyers to create or request quotes electronically. These quotes are managed through the punchout, where they are transmitted back to the buyer’s eProcurement system for purchasing approval.
Unlike standard punchout purchases, which allow buyers to browse products and place orders immediately, electronic quoting is designed for purchases that require custom pricing, configuration, or additional review.
Once a quote is approved, it can typically be converted into a purchase order without manually re-entering product or pricing information.
How does Electronic Quoting Work in Punchout?
Electronic quoting can follow different workflows depending on whether the supplier or buyer initiates the quote. Within our punchout catalog, there are two common quoting options:
1. Send a Quote
Your sales rep visits a buyer and gathers their order information. The sales rep then returns to the office and builds the quote in the ERP for pickup in the punchout catalog. Once done, the sales rep sends the quote number directly to the buyer via email. The email to the buyer includes specific information on how to retrieve the quote in the punchout catalog.
2. Request a Quote
Let’s say a buyer wants to purchase 1,000 packages of widgets. They add 1,000 to their shopping cart, but they are unsure about a volume discount. When the buyer is ready to check out, they click the “Request A Quote” button. This sends a quote request with all the details to the account manager, including specific notes from the buyer. The account manager then updates the pricing and converts the request into a quote to send back to the buyer. The buyer then uses the quote number in the punchout catalog to retrieve the updated draft cart and places the order.
Why Suppliers and Buyers Use Electronic Quoting
Electronic quoting is a common punchout feature that offers enhanced efficiency for buyers and suppliers. Both parties can manage complex purchases more easily, reducing manual work and leaving less room for errors.
- Less Manual Entry: Reduces manual entry, double entry, and keying errors when ordering material lists.
- Improved Order Accuracy: Reduces errors from copying and pasting information between emails, spreadsheets, and purchasing systems.
- Easier Management of Custom Purchases: Helps buyers communicate custom configurations, negotiated prices, and bulk orders through punchout.
- Better Communication: Makes it easier for buyers to request, retrieve, and approve quotes through their punchout and eProcurement workflow.
- Streamlined Quote Management: Quotes can be easily created, updated, and sent for buyer approval without multiple email threads or creating multiple PDFs.
- Faster Response Times: Pricing updates and quote revisions are more efficient, helping buyers move through the purchasing process a lot faster.
Overall, eQuoting improves communication between suppliers and buyers, promotes transparency, reduces errors, and helps orders move through the procurement process quicker.
Is Electronic Quoting Available for Me?
That depends on your e-commerce provider and website capabilities. At Greenwing Technology, we have worked with many suppliers to implement eQuoting functionality. Get in touch with our team today to determine if eQuoting through punchout is available for you!