When it comes to the world of procurement, RFQ stands for Request For Quote. It’s a formal solicitation of goods or services from potential vendors and suppliers. A company’s procurement team typically uses an RFQ to determine who is able to provide the best quality of goods or services for the most affordable price. Through the RFQ process, companies can identify different vendors that meet their specifications and put together cost-effective deals that benefit both parties. Put simply, RFQs make it easier for buyers and sellers to find each other and agree on pricing for large shipments.