The Request for Quote (RFQ) process varies from company to company depending on your spend and the amount of staff designated to the procurement function.
If you are lucky enough to have a RFQ Software platform integrated into your computer operating system you are one of the fortunate ones. These companies have software which allow the purchasing department to quickly and easily turn an electronic requisition (request from the user group) into a RFQ and spin it out to three or more vendors for P&D (Price and Delivery) without leaving their chair. Most companies do not have this type of functionality and they in turn expect Buyers to retype, cut and paste, email or fax a hard copy to vendors for a quote. In these instances, much of your potential savings could in turn be chewed up by the labor costs dedicated to requesting the quotes. There are better ways.
The RFQ is the Buyers way of determining present market costs and conditions for item which are needed to run the organization they work for. Typically they are looking for price, delivery, quality, payment terms and specifications on their needs. Often these needs are dictated by a user group or another department which is looking for product for maintenance, repair or operating (MRO) issues. This is not the only instance where a RFQ is used, this same user group might be looking at a capital purchase of new equipment or other service related needs. The RFQ is purchasing way of keeping a handle on costs for goods and services.
Having a RFQ template for these different types of purchases will help you expedite the time you spend on acquisition and reducing acquisition costs makes your department more effective and lowers cost. Let us help…we have many different RFQ type forms and templates in our bundles as well we are an eProcurement or eSourcing software provider by way of our RFQPro Software Platform.
If you subscribe to our mailing you will receive our FREE welcome pack of templates which include a couple of standard RFQ forms along with an invitation to bid letter. They are instantly delivered upon confirmation of your address. If you want more robust RFQ Templates, we recommend you buy either the Purchasing Manager or Mega Pack Bundle. Both contain many sample RFQ forms which can be quickly modified to meet your specific needs to avoid having to start from scratch.