Supplier RFQ and Quote Comparison - Procurement Workflow

Document item specifications, quantities, and delivery requirements for clear supplier communication

Choose candidate suppliers from approved lists or identify new potential suppliers

Create and distribute standardized RFQ documents to all selected suppliers

Record and track incoming supplier quotes with pricing and delivery details

Analyze supplier responses against evaluation criteria in a standardized format

Score suppliers on price, quality, delivery, and other relevant factors

Choose the best supplier based on comprehensive evaluation results

Convert winning quote into official purchase order to formalize the agreement

Managing multiple supplier responses across different formats and communication channels creates confusion and delays decision-making.

Comparing quotes manually without standardized criteria leads to inconsistent supplier selection and missed cost savings.

Lost emails and spreadsheet versions make it difficult to track RFQ status and supplier response deadlines.

How many suppliers should I include in an RFQ process?

Include at least 2-3 suppliers to ensure competitive pricing, but avoid more than 6-8 to keep the evaluation manageable. The number depends on market availability, procurement value, and time constraints.

Can I customize the RFQ evaluation criteria for different purchases?

Yes, you can set different evaluation criteria for each RFQ based on what matters most - price, quality, delivery speed, or supplier reliability. This ensures each procurement decision uses the most relevant factors.