What is Request for Quotation (RFQ) in Procurement?

Request for quote (RFQ) is a process wherein an enterprise asks a set of potential suppliers or service providers to submit their price quotations and stand a chance to supply or provide goods or services. Once the enterprise receives the price quotations, it can choose the vendor that best matches its criteria for the goods or services.

RFQs are essential for businesses that require a consistent supply of products with set specifications and standard, every time. Therefore, suppliers or service providers that are better organized usually have higher chances to of creating a streamlined RFQ that offers the best match the requirements of an enterprise, every time.

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