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How Do eQuotes Work? A Step-by-Step Breakdown

Learn about eQuotes and how our integrated quote management system streamlines quoting and invoicing for businesses selling via B2B eCommerce.

equotes_blog.pngQuoting is a complex and time-consuming aspect of B2B sales, and one that is critical to get right. Because quoting is vital to winning new business, mistakes mean missed opportunities. Erroneous quotes cause lost revenue or soured relationships due to perceived under or overcharging. When quotes are handled manually, managers find it challenging to track the quotes salespeople create, leading to pricing that is not advantageous to the business. On top of this, a quote takes a long time to put together and deliver to the buyer, who then must approve it and return it to the seller—all of which introduce delays.

EQuotes use integration and automation to streamline quote building and delivery, improve the buyer experience, and reduce errors. This article explores eQuotes and how PunchOut2Go can bring the advantages of eQuote functionality to B2B buyers and sellers, regardless of which eCommerce platform or eProcurement system they use.

What are eQuotes?

EQuotes are also called draft carts, a name that more clearly expresses how they work. A quote management system provides an interface for entering quotes. It may be a standalone platform or integrated into the seller’s eCommerce store.

The seller prices an order in a draft cart, which may be created by the buyer or by the seller in response to an RFQ (request for quote). The quote management platform informs the buyer that a quote is ready by email, and they log in to view it. They can transfer the quote to their eProcurement system for approval at the click of a button.

EQuotes rely on integration between the buyer’s eProcurement system and the seller’s eCommerce store. That’s where PunchOut2Go comes in. The PunchOut2Go Integration Platform as a Service integrates any eCommerce store with any eProcurement system, facilitating data exchanges between otherwise incompatible platforms.

EQuotes simplify the quote creation process for both buyer and seller. Without an integrated system, buyers submit an RFQ, often by email. The seller must then consult their catalog and create a quote document. When the buyer receives it, the details are manually entered into their eProcurement system and, once approved, manually re-entered into the seller’s eCommerce store.

This is a lengthy process with many opportunities to introduce errors.

In contrast, eQuotes are:

  • Fast: Quotes are entered into a standardized quote builder interface, and the integration software takes care of data transfers between platforms.
  • Error-free: Once the initial quote is created, there is no need to rekey order details manually.
  • Transparent: Quote data is readily available to managers at the selling business and to everyone who is authorized to access quotes and orders in the buyer’s eProcurement platform.

With the addition of purchase order automation, the order can also be transferred back to the eCommerce store once approved. Other automation features such as electronic invoicing (eInvoicing) create a seamless procure-to-pay system.

Exploring the B2B Quote Management Experience with PunchOut2Go

An increasing number of B2B buyers ask for eQuotes. They recognize the benefits and expect suppliers to provide the necessary platform integration to their eProcurement and enterprise resource planning software.

At PunchOut2Go, we’ve made it easy for B2B sellers to give buyers what they want. The PunchOut2Go iPaaS is a universal integration and B2B automation platform, and we’ve built on that foundation to provide a flexible eQuote experience that adapts to your requirements. 

You can choose from:

  • A standalone eQuotes solution that provides an interface for users to request quotes and view completed quotes.
  • eQuotes with PunchOut catalogs. In addition to the features of the standalone platform, buyers can PunchOut to the seller’s eCommerce store to create an order.
  • eQuotes with PunchOut catalogs and purchase order automation. In addition to PunchOut catalogs, this option delivers a purchase order to the seller’s eCommerce store or ERP once the quote is approved.
  • A complete sales order automation solution that adds eInvoicing for integrated end-to-end digital procurement that starts with a quote and ends with invoicing.

To learn more, contact a PunchOut2Go integration specialist today via the below form. Our team looks forward to helping your business take advantage of eQuotes and the other automation capabilities the PunchOut2Go iPaaS makes possible, including PunchOut catalogs, purchase order automation, eInvoicing, and more.

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