Implemented during the first phase of operations, a Request For Quotation (RFQ) provides the estimated cost of the project and determines if the supplier has the facilities and ability to meet the exact needs of the client. An RFQ is a necessary step for clients who have a choice of two or more suppliers when entering a production contract for import.
How it works: MyCom’s expert engineers create the RFQs directly with the client. The RFQ requires many details. Quality level per item, payment terms, and the duration of the contract are examples of information that should be included in the RFQ.
In order to receive correct quotes, RFQs include the specifications of the product. The more detailed the specifications, the more accurate the quote will be when comparing suppliers.
The suppliers are expected to return the quote by a specified date and time in order to be considered for the contract. Clarifications may be needed on the technical capabilities of the supplier or inaccuracies in a proposal.
Why it is important: RFQs enable clients to compare suppliers necessitating that the supplier understands the clients’ exact expectations.
An RFQ allows different suppliers to provide a quotation. Through the RFQ you gain the power to choose the best supplier for your specific needs, including but not limited to prices, knowledge, availability, and the supplier’s capacity.
The RFQ presents the client’s requirements in a clear and concise manner, so you can rest assured knowing the price quote of the prospective supplier will be accurate. The RFQ gives you control in choosing the right supplier.
Eliminate any surprises arising from different expectations of both the client and the supplier.
Align expectations between you and your supplier.
Create competition among suppliers through the bidding process.
Reduce purchasing risks.
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