Procurement can sometimes be a bit of a mystery, especially when it comes to acronyms like RFQ. But there’s no need to feel intimidated – RFQ simply stands for Request for Quote and is used in the procurement process. In essence, a Request for Quote (RFQ) is a document sent out to potential suppliers that requests pricing information on certain goods or services. By issuing an RFQ, buyers are able to compare quotes between different suppliers in order to find the best deal. Additionally, the RFQ allows buyers to get more detailed information about a product before making a purchase decision, such as warranties, delivery times, payment terms and any applicable taxes or fees. With an RFQ, buyers can make sure they’re getting the most value from their purchases – and that’s good news for everyone.