3 Steps to an Effective RFQ

3 Steps to an Effective RFQ
Jun
22
Wed

While as a task it appears quite perfunctory, creating and publishing a request for quotation (RFQ) is vital to effective supply chain management. RFQs can make the difference between getting a good deal and a not so good deal on supply needs. Through a RFQ, or indeed a request for proposal (RFP), a firm is communicating what they need from the marketplace. What they get back in terms of price, quality, choice and functionality is determined in no small part by the clarity and quality of the RFQ. Effective RFQs secure for firms the best deal available. Ineffective RFQs do the opposite and leave firms at risk of paying too much or ending up with unsuitable products or services.

So just as personnel departments aim to recruit the best candidate for the job through selection techniques of varying complexity, so procurers and supply chain managers strive to get the right product at the right price through RFQs and RFPs. In some cases a standard RFQ will suffice. Other procurement projects will require more forethought. In this article we will examine recommended practices for creating and publishing requests. This process incorporates not only decisions relating to product/ service specification and evaluation criteria, but also market research and supplier awareness.

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