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The RFQ Commodity Process

A commodity RFQ (Request for Quote) is a request for pricing information on a specific commodity. This type of RFQ is typically used when a company is looking to purchase a large quantity of a commodity and wants to compare prices from different suppliers. The RFQ will typically include information about the commodity, the quantity needed, and the desired delivery date, as well as any other relevant details.

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The suppliers will then provide a quote with their pricing information, which the company can use to make an informed purchasing decision. The RFQ process is as follows:

The Commodity RFQ Process

    • An RFQ Template is filled out.

    • Suppliers are Picked

    • Supplier RFQs are Send Out

    • Suppliers Respond On-line

    • Responses are Compared

    • Supplier is Selected (Awarded)


Processes Related to RFQs

RFQs (Request for Quotes) are typically related to POs (Purchase Orders), requisitions, and purchase requests in the following ways:

    • RFQs are often used as a precursor to POs. When a company is looking to purchase a large quantity of a commodity, they may first send out an RFQ to get pricing information from different suppliers. This allows them to compare prices and make an informed purchasing decision before placing the order.

    • RFQs are often triggered by requisitions or purchase requests. These are internal documents that are used to request the purchase of a specific commodity. The requisition or purchase request will typically include details about the commodity, the quantity needed, and the desired delivery date. Once the requisition or purchase request is approved, the company may send out an RFQ to get pricing information from suppliers.

    • Once the RFQ has been sent out and the quotes have been received, the company may use the RFQ to award the oder to a particular supplier and flip it into a PO, a requisition, or purchase request to manage the process of placing the order.

Note: Aestiva's Software Unlimited Plan provides customers with access to a comprehensive range of software and modules, including tools for managing commodity and non-commodity RFQs, requisitions, and purchase orders. This allows customers to streamline and automate their purchasing processes, all at a single, cost-effective price. With Aestiva, you can get the tools you need to effectively manage your purchasing processes, without having to pay for multiple software solutions.

See Also

What Is An RFQ, What Is An RFX, Purchase Order Software