What is a Request for Quote?
A request for quote, or RFQ, is a document issued by a company or individual that wishes to request a price for a particular product or service. This document can be public with an aim of soliciting bids from several companies or it may be private and submitted to one or a few companies directly. However, if it is not structured properly or if it lacks critical detail, it can quite easily generate no bids or worse yet, generate bids that are not accurate and end up wasting time.
Communicating your company’s needs is often difficult. Structuring an effective RFQ, managing an efficient quoting process and getting the best value for the goods and/or services sought is a result of following this formula:
- Do Your Homework
- Communicate Needs and Wants
- Scale Impacts Price
- Price Impacts Spec
- Articulate Priorities
Do you need help with creating an RFQ? Our sourcing specialists can help you. Contact us.
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