How Do You Run an RFQ?


Running an RFQ can seem daunting and time-consuming. With RFQ software, you can streamline the process. Here is what you should know about running an RFQ and the software that can help:

Running an RFQ

An RFQ or request for a quote is a process done by those in the supply chain industry, as well as others. There are many reasons why one may need to request a quote. Whether it is for an entire project or for a specific product, a quote can be sent and created by a team member, or you can opt to use RFQ software.

How To Use RFQ Software

To run an RFQ through software, you should first find supply chain software. Supply chain software can assist in streamlining the entire supply chain process. One of the processes within a supply chain is running RFQs. There are several steps to running an RFQ, and supply chain software can be helpful. Here are some items that should be included when running an RFQ:

Title and Summary

One of the first items that RFQ software may ask you to input is a title and summary. The title should be clear and simple. Whether it be the name of a project or the type of product you are looking for, this can help a supplier understand what to expect. A short summary of a larger project may be helpful to include as well. If the project includes several different items, an RFQ should be created for each one to assist in organizing and keeping track of the project at hand.

Business Information

A buyer may want to add information regarding their business. This software can send RFQs to suppliers you have worked with before, as well as new ones. New suppliers may want insight into your business before becoming one of your suppliers. This information should include your business goals and other items that show that you are a reliable buyer.

Deadline Goal

Another key item to include in your RFQ is a deadline. Supply chain operations should keep tight deadlines to make sure projects are completed in a timely manner. Suppliers may want to know when they should be expected to send the bid, their products, and when to expect payment. Having a deadline in mind can give suppliers this information, and having it in the RFQ can create stronger communication between the two of you.

Benefits of RFQ Software

RFQ software gives you simple areas to place all of this information. The information can be found on one easy-to-use dashboard. Members of your supply chain can have access to the dashboard to keep up to date on RFQs. You can find RFQs that are drafted, published, expired, awarded, and retracted.

This software gives buyers access to supplier scorecards. This can be a key element in deciding where to send your RFQs. Supplier scorecards show certain metrics that may determine whether a supplier is the right choice for your business. With this, buyers can benefit from finding the ideal supplier partner from the beginning.

When you choose to use this software, you can benefit from the history it records. Suppliers and buyers can find old RFQs and communication histories. Relationships between suppliers and buyers are key to a successful supply chain. They can find past information to make sure each of the parties is on the same page.

Supply chain software has several different areas it can help. RFQs are just one of them. This software offers invoice automation, purchase order assistance, and supply chain performance enhancement. When all of these items are found in one software, it can be easier to manage a successful supply chain operation.

RFQs and Supply Chains

To run an RFQ, there are certain steps to follow. Each RFQ can look different than another. For those who have never run an RFQ, this process can seem confusing. RFQ software can assist in the creation of an RFQ and allow you to follow as it is completed. This software can be used by suppliers and buyers in the supply chain industry. Because RFQ is one of the first steps of a supply chain, you can use RFQ software to start the process off strong.