Imagine an RFQ comes in from a customer, and it's uploaded to the IDL Software platform. Our AI immediately gets to work, analyzing each line-item description to gain a detailed understanding of the products being requested. It identifies key attributes like material, size, pressure rating, and end connection type, creating a structured data set that serves as the foundation for the rest of the process.
Next, the AI interfaces with your ERP system to search for the best product options for each line item, taking into account any brand, product, or project-specific restrictions and requirements outlined in the RFQ. For items that can be quoted from stock, the AI selects the optimal inventory options based on factors like location, quantity, and cost.
For line items that require purchasing from suppliers, the AI leverages its vast knowledge base and your company's historical data to recommend the most suitable suppliers for each item. It considers factors like past performance, lead times, pricing, and any preferred supplier agreements you may have in place.
Once the AI has compiled its recommendations, it presents them to your inside sales team via an intuitive, user-friendly interface. Your sales reps can review the suggested options, make any necessary adjustments, and then use the software's built-in communication tools to seamlessly send out requests to the selected suppliers.
As supplier responses come in, the AI captures and organizes the data, presenting it to your inside sales team in a clear, consolidated format. This allows your team to efficiently compare quotes, negotiate terms, and assemble the final bid package.
But the AI's work doesn't stop there. As your team reviews the final bid, the software can provide intelligent suggestions and insights based on historical data from previous quotes. It might recommend adjusting pricing on certain line items to improve win rates, or suggest alternative suppliers that have shown better performance on similar projects in the past.
Once your sales rep has reviewed and finalized the bid strategy, they can use the software to send the quote directly to the customer with just a few clicks and in the format your customer demands.
From there, the AI can continue to assist with any further discussions or negotiations, providing your team with real-time data and insights to help them make informed decisions and close the deal.
Throughout this entire process, your sales team benefits from the powerful combination of AI and software, which automates many of the time-consuming, repetitive tasks involved in responding to RFQs. This frees up your inside sales reps to focus on building relationships, providing expert guidance, and making strategic decisions that drive business growth.