The Request for Quotation (RFQ) process is an official business process that is used to solicit quotations from suppliers and vendors. It is a formal process that is used to ensure that all suppliers and vendors are given an equal opportunity to provide their best offer. The RFQ process typically begins with the issuing of a request for quotation document, which outlines the product or service that is being requested, the quantity needed, and any other pertinent information. This document is then sent to all potential suppliers and vendors, who then respond with their best offer.
The RFQ process is a critical part of the procurement process, as it helps to ensure that the best possible supplier is chosen for the job. Additionally, the RFQ process helps to ensure that all suppliers and vendors are given an equal opportunity to compete for the business.
