First off, what the heck is an RFQ ?
A Request For Quotation or RFQ is a business process in which a company or public entity requests a quote from a supplier for the purchase of specific Products or Services.
An RFQ typically involves way more than just the price of an item, but also all pricing-related information such as payment terms, quality level per item, annual business quantity per item, contract length, delivery schedule requirements, etc…
To receive correct quotes, RFQs must include all of the key Product specifications and Business requirements. Logically, the more detailed the specifications, the more accurate the quote but that’s usually where things go wrong: in fact, we very often receive incomplete RFQ package files when approached by a new Customer and that’s a bummer 😓
Preparing a complete Reference For Quotation for a new Product Development or Product Manufacturing does take time but it is time tremendously well-invested. It is indeed crucial to the efficiency and dependability of the Pricing process. Building well-structured and precise RFQs avoids loads of unnecessary back-and-forth and makes information way more reliable. Working on an optimized time-to-market starts from high-quality RFQs and clear Needs Definition 😃
Check out the link of our RFQ Checklist in the below and build up better RFQs. Alternatively, contact us if you have any question 🤙
Access the free RFQ Checklist here.