Request for Quote (RFQ) provides the ability to extend a formal invitation to suppliers to tender on the supply of goods or services. As a vital part of Procurement, the RFQ capability streamlines the process by automating the creation of the RFQ from a Requisition, and allowing servicing of the RFQ directly by suppliers online.
Request for Quote provides transparency of the tender process, improving governance. It also assists buyers in making informed procurement decisions quickly and easily as they can compare offerings from different suppliers. The reduction of manual processes decreases the manual workload of key staff, freeing them up to perform more relevant tasks.
Key benefits of Request for Quote
- Increases business efficiency
- Digitalization of procurement process
- Improves governance and minimizes risk of fraud
- Streamlines procurement process
- Improves budgeting, pricing and cost control
- Operational excellence