RFQ (Request for Quotation)

What is meant by RFQ (Request for Quotation)?

RFQ (Request for Quotation) is a process where businesses invite potential suppliers to submit quotations for specific products or services. The objective is to obtain price information and terms from various vendors to make the best selection.

Typical Functions of Software in the "RFQ (Request for Quotation)" Area:

1. RFQ Creation: Capability to create and manage RFQs for various products or services.
2. Supplier Management: Maintenance of a database containing supplier information and contact details.
3. RFQ Dispatch: Automatic or manual dispatch of RFQs to selected suppliers.
4. Quotation Comparison: Ability to compare and analyze received quotations from different suppliers.
5. Price and Terms Negotiation: Features to support negotiation of prices, payment terms, and delivery schedules.
6. Document Management: Storage and management of all relevant documents, including RFQs, quotations, and contracts.
7. Workflow Management: Support for the entire RFQ process with definable workflows for approvals and clearances.
8. Notifications and Reminders: Automated notifications and reminders for open RFQs, quotation deadlines, and critical dates.