Request for Quote

Preparing a Request for Quotation if you are a purchasing person is how you justify your existence. Your job is to ensure you procure the best goods with the quality, delivery and price under the specifications or requirements of the end user in your company. A RFQ can be for everyday essentials and it can be for a very unique or one of item. Something you might buy once every few years. So RFQ's do vary so where should you focus? It is important to remember the 80/20 rule if you are responsible for purchasing for an organization. 20% of the items will account for 80% of your companies spend and as a Buyer do you spend all of your time on the low cost, low impact items or do you spend your efforts on the areas which will have the biggest impact. The latter I hope. To do this you need to complete an analysis on your spend and soliciting the assistance of your accounting department is always a good idea. Ask them to pass over details of your top vendors or the suppliers which you spend the most with every month. This is a good indicator. If you have a system which will allow you to mine data then you can identify items or commodities which have the largest impact on your operation and by identifying these items it will allow you to generate a RFQ to ensure you are getting the best goods for a competitive price. Generating a contract from a RFQ might be your next step as locking in costs for a year or tying it to a related index is a good way to ensure you stay on top of this critical spend. Publishing a request for quote does not have to be overwhelming or time consuming. Finding a sample RFQ on-line will help you expedite the process and even give you ideas on what to include. Let RFQPro.com help as we have free RFQ templates which you can download and we have free Request for Quote Software you can trial.