What is a quote?
A quote (or quotation) is a statement confirming the last price of a product to be traded, which is compromised by buyer and seller. In the purchasing process, there will be a lot of bargaining and negotiation. This is why we need the final stage where a final quote is agreed upon.
What is quote management?
Quote management (also known as quotation management) is the process of simplifying the creation and organization of quotes, which is supposed to help businesses to keep track of all created quotes via a single medium. These tasks may include creating, categorizing, sharing, and converting (to avoid re-entering data) quotations.
For businesses, quote management is often supported by technologies, such as in POS systems. The features include information display about quotes, customer information, valid dates, denials, and so on. The system helps sellers to keep track of many factors in quote management in a consistent, organized and automatic platform. This allows them to categorize and find quotations with ease, thus saving time and other resources (such as money or human labor).
What is usually included in a quote?
The quote needs to be concise and clear but should contain important information such as:
- Details of the buyer and seller
- Date of issue
- The price offered by the seller
- Breakdown of costs
- Variable costs and confirmation of the buyer
- Payment methods
- (If it is a long-term project) The timeline, the total cost covering the whole project
- Possibilities of delay factors
What are the benefits of having a quote?
Establishing a quote between your business and customers enables the sales to move forward with the following advantages:
- Ensure everyone is on the same page: Giving customers quotes can help to inform them beforehand about the next purchase and avoid any dispute later
- Help sellers and buyers to plan ahead the breakdown costs and cash flow
- Compromise a minimum base rate for the products
