Methodologies for rapid and effective response to requests for quotation (RFQs)

The ability to respond quickly and effectively to requests for quotation (RFQs) from customers can be a significant source of competitive advantage to manufacturing companies. This paper presents a new paradigm for processing RFQs and describes methodologies for rapid and accurate estimation of manufacturing cost for modified standard products and custom-made products. Insights gained through industry collaboration on the development of rapid cost estimation systems are also discussed. The work presented in this paper complements ongoing efforts by government and industry to establish the infrastructure and enabling technologies for electronic commerce, and can therefore contribute to significant gains in supply chain agility.