When it comes to procurement, RFQ stands for Request for Quote. It’s a formal process of getting quotes from suppliers so that you can purchase goods or services. A request for quote is usually sent out when an organization wants to get the best price and terms on products or services. The business will compare multiple offers from various sellers and then make a decision based on the information received. With a properly crafted RFQ, businesses can expect to get accurate and detailed quotes from suppliers, which helps them make the best buying decision for their needs.