{"id":16689,"date":"2025-12-23T16:11:04","date_gmt":"2025-12-23T15:11:04","guid":{"rendered":"https:\/\/www.onlineprocurement.com\/support\/request-for-quotation-rfq-what-it-is-and-how-to-use-it-to-select-better-suppliers\/"},"modified":"2025-12-23T16:17:30","modified_gmt":"2025-12-23T15:17:30","slug":"request-for-quotation-rfq-what-it-is-and-how-to-use-it-to-select-better-suppliers","status":"publish","type":"post","link":"https:\/\/www.onlineprocurement.com\/en\/trend-insights-e-procurement\/request-for-quotation-rfq-what-it-is-and-how-to-use-it-to-select-better-suppliers\/","title":{"rendered":"Request for Quotation (RFQ): what it is and how to use it to select better suppliers"},"content":{"rendered":"

Request for Quotation (RFQ): what it is and how to use it to select better suppliers<\/h1><\/h1><\/div>
\"All<\/span><\/div>

An RFQ (Request for Quotation)<\/strong> is a formal document used by companies to invite one or more qualified suppliers<\/a> to submit a price quotation<\/strong> for the supply of goods or services, based on clearly defined technical, contractual, and delivery requirements.<\/p>\n

In procurement processes, the RFQ is a core sourcing tool. It allows buyers to collect comparable quotations and evaluate them mainly on price, terms, and compliance<\/strong>, making it easier to identify the most economically advantageous supplier<\/a>.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

Looking to digitize your company\u2019s purchasing and sourcing processes?<\/strong><\/p>\n<\/div>

Discover Online Procurement<\/strong>, the platform that helps you simplify and optimize the management of suppliers, orders, and contracts in a single, centralized workspace.<\/p>\n

We\u2019ve supported hundreds of companies on their digital transformation journey, helping them make procurement processes faster, more secure, and more efficient.<\/p>\n

Now it\u2019s your turn! Find out how we can help.<\/em><\/strong><\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>

How the RFQ process works<\/h2><\/h2><\/div>

<\/i><\/i><\/span>1. Identify the purchasing need<\/span><\/a><\/h4><\/div>
\n

The process starts with an internal request from a business unit or technical department. If there is no active framework agreement or preferred supplier<\/strong>, procurement launches an RFQ to the market.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>2. Create the RFQ<\/span><\/a><\/h4><\/div>
\n

The RFQ must clearly define all the elements suppliers need to prepare a quotation<\/strong>, including:<\/p>\n