What is Request for quotation (RFQ)?
A request for quotation (RFQ) is a document a buyer sends to suppliers asking them to quote a price and terms for specified goods or services.
How it works.
An RFQ states what is needed, in what quantity and by when, so that the replies can be compared like for like. It is used when the requirement is well defined and the decision turns mainly on price, delivery and terms.
Why it matters.
Comparable quotations are the basis of a defensible purchasing decision. In practice the replies arrive as emails and attachments in different formats, and assembling the comparison is manual work.
How Corlogic uses it.
In Procura360 the purchaser selects suppliers and sends personalized requests for quotation. Replies arrive by email, with communication and quotation details kept together for comparison and negotiation, and the selected quotation remains connected to the requisition, purchase order and approval status in the ERP.
Start with a recurring process that is harder to coordinate than it should be.
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