What is meant by quotation management?

"Quotation management" refers to the process of managing quotations or cost estimates for products or services by a company. This typically involves the creation, editing, tracking, and management of quotations throughout the entire quotation cycle.

Typical functions of software in the "quotation management" area are:

Quote Template Management:
- Management of predefined quotation templates with standardized text, prices, and terms.
- Customization of templates to specific customer requirements or types of quotations.
Quote Calculation:
- Calculation of quotation prices based on the costs of products or services as well as other relevant factors.
- Consideration of variable costs, fixed costs, labor hours, material costs, and profit margins.
Quote Tracking:
- Tracking the progress of quotations from creation to customer decision-making.
- Monitoring quotations to ensure timely and appropriate responses to customer inquiries.
Quote Review and Approval:
- Ability to review and approve quotations by supervisors or decision-makers.
- Versioning of quotations and tracking of changes during the review process.
Customer Communication:
- Communication with customers during the quotation process, including providing updates, clarifying questions, and negotiating terms.
- Automated notifications about the status of quotations and changes.