The Request for Quotation (RFQ) process is an essential part of the procurement cycle. It’s a method that organizations use to acquire goods and services from external suppliers. This process begins when buyers issue an RFQ document, inviting potential suppliers to submit quotations for meeting their requirements. An RFQ outlines all aspects of what the buyer needs and allows suppliers to provide details about their products or services, as well as pricing information. All suppliers are given the same set of specifications to ensure fairness and competitiveness. Through this process, buyers can select the supplier that offers the best value for money.