The product manager uses detailed information to set the base price and minimum margins. Sales and Marketing then use this to plan and start their campaigns, ensuring everything is coordinated to promote and sell the product or service effectively.
Quote–to-Order is the process that begins when a customer requests a price estimate (a quote) for products or services. After receiving the quote, the customer can decide whether to place an order. If the customer accepts the quote, it is converted into a formal order. This process is crucial in B2B transactions, where custom pricing and large orders are common, and the customer needs to know the cost before committing to a purchase.
Approval refers to the steps required before an order or quote can be finalized. In many businesses, especially in B2B settings, orders or quotes need to be approved by a manager or a purchasing department before they can proceed. The approval process ensures that all orders meet internal guidelines, such as budget limits or contract terms. This step is essential for maintaining control over spending and ensuring that all purchases are necessary and authorized.
Quote Registration and Management involves keeping track of all quotes that have been issued, whether they are accepted or not. This process helps the sales team manage their pipeline and follow up with potential customers. It also ensures that all quotes are stored in one place, making it easier to retrieve them if a customer decides to place an order later. Effective quote management allows for better customer service and more accurate sales forecasting.
Purchasing is the process of acquiring the goods or services that have been ordered. Once a customer’s order is received and approved, the purchasing department steps in to make sure the necessary products are sourced, whether from internal inventory or external suppliers. Purchasing is a critical function in eProcurement, as it involves negotiating with suppliers, managing inventory levels, and ensuring timely delivery to meet customer expectations.
Drop Shipment is a fulfillment method where the ordered goods are shipped directly from the supplier to the customer, rather than from the seller’s own warehouse. This process allows businesses to reduce inventory costs and speed up delivery times. For example, if you sell a product that you don’t keep in stock, you can arrange for your supplier to ship it directly to your customer once the order is placed. Drop shipment is especially useful in B2B settings where large quantities or specialized items are involved.
Notifications are automated messages that keep everyone informed about the status of orders, quotes, approvals, and shipments. These can include email alerts, text messages, or in-app notifications. For example, a customer might receive a notification when their quote is ready, when their order has been approved, or when their shipment is on its way. Notifications help ensure that all parties are kept up-to-date and that the process runs smoothly without unnecessary delays.