Request for Quote is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. It is usually done at Preconstruction stage
An RFQ allows different contractors to provide a quotation, among which the best will be selected. It also makes the potential for competitive bidding a lot higher, since the suppliers could be quite certain that they are not the only ones bidding for the products.
The entire process has been divided into 4 stages:
Initiate - the stage where the decisions are being taken - what we need to quote, who is it going to etc..
Distribute - the stage where the emails are being set out
Review - replies received and reviewing
- Accept - the stage where the decision has been made - accept quote and select supplier