RFQ

A Request for Quotation (RFQ) is a formal request sent to suppliers to obtain a price quote for specific products or services. Unlike an RFP, an RFQ focuses primarily on pricing since the specifications and requirements are already clear.

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The RFQ process is particularly useful when the company needs a specific product or service and the main decision criterion is price. RFQs often specify quantities, delivery times, and payment terms, with the focus on obtaining accurate price information.

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A company might, for example, send an RFQ to multiple office supply vendors to obtain the best prices for a specific number of printers. All vendors receive the same specifications and are asked to submit offers based on them.

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Relatico supports the RFQ process by centralizing communication with suppliers and simplifying the management of offers, allowing companies to quickly compare incoming quotes and streamline the procurement process.