When, as a buyer, you frequently request quotes from multiple suppliers, it is important to manage each other's expectations regarding the desired information, documentation and pricing you wish to receive. You often see that a sourcing process is made up of multiple phases, such as RFI, RFP & RFQ. In this blog, Maarten de Ru, Director of Partners & Alliances at ISPnext, zooms in on how to smartly digitise the RFQ process.
Maarten de Ru: “RFQ stands for Request for Quotation. You are therefore requesting (extensive) quotes from a selected number of suppliers. This is based on one or more questionnaires. RFQs are used to identify what services and/or products are available at what price for your organisation's purchasing needs. Several organisations use RFQ procurement processes. Within government organisations, for example, the RFO process, or tender process, is used to meet the legal requirements set for procurement processes. This is to give companies a fair chance to realise a contracting desire from the government, ensuring quality and independence in the award process. Private parties apply the RFQ process primarily to achieve a quality comparison between providers and to comply with (internal) compliance rules."