quotation management

What is meant by quotation management?

"Quotation management" refers to the process of managing quotations or cost estimates for products or services by a company. This typically involves the creation, editing, tracking, and management of quotations throughout the entire quotation cycle.

Typical functions of software in the "quotation management" area are:

• Quote Template Management:

  • Management of predefined quotation templates with standardized text, prices, and terms.
  • Customization of templates to specific customer requirements or types of quotations.

• Quote Calculation:

  • Calculation of quotation prices based on the costs of products or services as well as other relevant factors.
  • Consideration of variable costs, fixed costs, labor hours, material costs, and profit margins.

• Quote Tracking:

  • Tracking the progress of quotations from creation to customer decision-making.
  • Monitoring quotations to ensure timely and appropriate responses to customer inquiries.

• Quote Review and Approval:

  • Ability to review and approve quotations by supervisors or decision-makers.
  • Versioning of quotations and tracking of changes during the review process.

• Customer Communication:

  • Communication with customers during the quotation process, including providing updates, clarifying questions, and negotiating terms.
  • Automated notifications about the status of quotations and changes.