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. For many organizations, having access to reliable RFQ Templates is essential for standardizing and compliance. Well designed RFQ Templates help Buyers streamline repetitive tasks, reduce errors, and ensure that every request sent to suppliers contains the information needed to obtain accurate quotations.
If you are lucky enough to have an RFQ Software platform integrated into your computer operating system, you are one of the fortunate ones. These platforms allow purchasing teams to quickly and easily convert an electronic requisition (a request from the user group) into an RFQ and spin it out to three or more vendors for price and delivery (P&D), all without leaving their office chair.
Most companies don’t have this level of functionality. Instead, they expect Buyers to retype, cut and paste, email or even fax a hard-copy documents to vendors to obtain quotes. In these instances, significantly more effort is required to solicit competitive quotations.
The RFQ is the Buyer’s way of determining present market costs and conditions for the items needed to keep their organization running. Typically, they are looking for price, delivery, quality, payment terms and any related specifications. Often, these needs are dictated by a user group or another department seeking products for maintenance, repair or operating (MRO) needs. This isn’t the only situation where an RFQ is used, the same user group may also be evaluating a capital purchase, new equipment or other service related needs. The RFQ is Purchasing’s way of keeping a handle on costs for these goods and services.
Having a sample RFQ template for these different types of purchase requests 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 offer a wide range of RFQ type forms and templates, all created in Microsoft Word and available in our bundles.
If you subscribe to our mailing list, you’ll receive our FREE welcome pack of templates, which includes a couple of standard RFQ forms along with an invitation‑to‑bid letter. They’re delivered instantly once you confirm your email address.
If you’re looking for more robust RFQ Templates, we recommend the Purchasing Manager Bundle or the Mega Pack Bundle. Both include a wide range of sample RFQ forms that can be quickly customized to meet your specific needs—saving you time and eliminating the need to start from scratch.
