What is RFQ in Procurement A Complete Guide
What is RFQ in Procurement? A Complete Guide to Mastering the Request for Quotation Process Introduction Procurement plays a big role in how businesses operate today. It helps companies get the products and services they need at the best prices. One key tool in procurement is the RFQ, or Request for Quotation. RFQs help companies find the right suppliers and make smarter buying decisions. If you want to save money and build good supplier relationships, understanding RFQs is crucial. In this guide, you'll learn what RFQs are, why they matter, and how to use them effectively. Understanding RFQ in Procurement What is an RFQ? A Request for Quotation (RFQ) is a document sent to potential suppliers asking for price quotes on specific products or services. It clearly states what is needed, sets deadlines, and asks suppliers to provide their best price. The main goal of an RFQ is to compare different offers easily. RFQs are best used when companies need standard products in bulk or...