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Whether you call it a quote, an estimate, or a proposal, a document approximating the price of product or service is an essential part of the sourcing or contracting process. Few of us — either individuals or companies — can afford to hand over a blank cheque. No matter how vast our resources or how flexible our management of those resources may be, we need to understand the effect a particular procurement will have on the bottom line. Besides which, we want to be sure we’re getting the most value for our money.
Transparent quoting practices should be a prerequisite for any company procuring products or services from external sources. A detailed breakdown of the product or service elements and their corresponding costs offers several benefits, all of which combine to ensure maximum value.
The chief benefit of transparent estimates is that they reveal the actual value of a product or service. Itemizing project costs leaves no room for artificial inflation or “padding,” and no room for ambiguity or misunderstanding. You see each piece of the project and its associated costs, so you can tell if something isn’t right or isn’t a good deal.
Specifically, transparent quoting offers four advantages:
No matter what the product or service, a vendor should be able to break it down and cost out each part so that you, as the consumer, can be confident of the cost and the value of what you’re getting.
Associated tags: Quote