What is rate quotation in SAP (TM - Transportation Management)?

SAP Term: rate quotation

• Component: TM

• Component Name: Transportation Management

• Description: An offer of a rate that a carrier sends to a shipper in response to a freight agreement RFQ or in a rate change process for an existing freight agreement.

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• Key Concepts: 
  Rate quotation is a feature in SAP Transportation Management (TM) that allows users to request and compare quotes from multiple carriers for a given shipment. The rate quotation process is used to determine the most cost-effective option for a shipment, taking into account factors such as transit time, service level, and other requirements. 
  
  How to use it: 
  To use the rate quotation feature in SAP TM, users must first create a shipment request. This request should include all relevant information about the shipment, such as origin and destination, weight and volume, and any special requirements. Once the request is created, users can then send it to multiple carriers for quotes. The carriers will then respond with their quotes, which can be compared side-by-side to determine the best option. 
  
  Tips & Tricks: 
  When creating a shipment request for rate quotation, be sure to include all relevant information about the shipment. This will ensure that carriers are able to provide accurate quotes that meet your needs. Additionally, it is important to consider factors such as transit time and service level when comparing quotes, as these can have a significant impact on the overall cost of the shipment. 
  
  Related Information: 
  For more information on rate quotation in SAP TM, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_TRANSPORTATION_MANAGEMENT/9.6/en-US