Request for Quotation (RFQ)
A Request for Quotation (RFQ) is a standard business process that invites suppliers to bid on specific products or services. Organizations use RFQs to solicit competitive pricing and terms from multiple vendors.
An effective RFQ typically includes:
- Detailed specifications of required items or services
- Quantity needed and quality standards
- Delivery requirements and timeline
- Payment terms
- Evaluation criteria for selecting suppliers
- Response deadline and submission instructions
RFQ software like AuraVMS streamlines the entire process by automating RFQ creation, distribution to suppliers, response collection, and comparative analysis, saving time and ensuring consistent evaluation of all supplier offers.
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