The official business definition of Request for Quotation (RFQ) Purchasing is a process used by companies to acquire goods and services from external suppliers. This process involves issuing a formal request to multiple suppliers for quotations on the desired goods or services. The request will typically include detailed specifications of the desired items, including the quantity, quality, and delivery date. The supplier will then provide a quotation based on the request, which includes the cost of the goods or services, any applicable taxes, and the delivery time. After receiving the quotations, the company can then evaluate the different suppliers and select the one that best meets their needs. RFQ Purchasing is an important part of the procurement process, as it allows companies to compare prices and terms from multiple suppliers and select the one that offers the best value.