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Request for Quote

Added September 2026

When you need to buy something and want the best deal, you don't just order from one supplier and hope. You ask a few suppliers to quote, you see what each of them offers, and you pick the best one. A Request for Quote — an RFQ — is exactly that, done properly and on the record.

You write down what you need, send it to as many suppliers as you like, and their priced answers come back to you as bids. You line the bids up next to each other, choose the supplier — or suppliers — you want, and turn that choice into a purchase order. Nothing is ordered until you decide.

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Availability depends on your plan and your role.

The idea in one picture​

Think of an RFQ as one question asked to many suppliers at once:

"Here is what I need. What's your price, and how soon can you deliver?"

Each supplier replies with a bid — their price, their delivery, their terms. Because every supplier is answering the same question, you can compare the answers fairly and pick with confidence.

Your RFQ (what you need)
        │
        ├──►  Supplier A  ──►  Bid A  ┐
        ├──►  Supplier B  ──►  Bid B  ├──►  Compare  ──►  Purchase Order to the winner
        └──►  Supplier C  ──►  Bid C  ┘

A real example​

Say you run a workshop and you need 500 kg of steel rod for next month's jobs. You don't know today whose price is best, so instead of picking one supplier blind, you raise an RFQ:

  1. You list the item — 500 kg of steel rod — and set a date by which you need answers.
  2. You invite three suppliers you already deal with.
  3. Bizconnekt sends each of them the request. They open it and reply with their price.
  4. Two days later all three have quoted. You see the three prices side by side.
  5. Supplier B is cheapest and can deliver on time, so you award the order to them — and a purchase order goes out.

The whole thing is one trail: the request, who you asked, what each replied, and the order you finally placed. If anyone ever asks "why did we buy from Supplier B?", the answer is right there.

The words you'll see​

TermWhat it means
RFQYour request — the list of what you need, sent to suppliers to price.
Invited supplierA supplier you've asked to quote on this RFQ.
BidA supplier's priced answer to your RFQ. See Bids.
Target rateAn optional "what I'm hoping to pay" figure you can note against an item. It's a guide for you, never shown as a price you've agreed.
Response deadlineThe date by which you'd like the suppliers to reply.
AwardChoosing the winning bid and turning it into a purchase order.

How an RFQ moves through its life​

An RFQ isn't a one-off form — it has a life, from the day you draft it to the day you place the order. These are the stages it passes through:

StageWhat's happening
DraftYou're still writing it — adding items, choosing suppliers. Nothing has gone out.
Awaiting approvalIf your business requires sign-off before an RFQ can be sent, it waits here until an approver says yes. (Skipped if no approval is set up.)
SentThe invitations have gone to your suppliers. You're now waiting on their replies.
Responses inOne or more suppliers have replied with a bid. You can start comparing.
Closed / AwardedYou've chosen a supplier and raised a purchase order — or you've closed the RFQ without ordering.

You'll see the current stage against every RFQ in the list, so you always know whether the ball is in your court or the supplier's.

Where an RFQ can come from​

You can raise an RFQ from scratch whenever you like. It can also grow naturally out of a buying decision you've already made in Demand Planning — when you decide to buy something rather than make it, an RFQ is the natural next step to find the best price before you commit to a supplier.

Two kinds of sign-off, and when each applies​

Depending on how your business is set up, an RFQ can involve approval at two different moments. Both are optional — if your business uses neither, an RFQ simply goes straight out and straight to a purchase order.

  • Before it's sent. Some businesses want a manager to approve an RFQ before it reaches suppliers. Until they do, it waits in Awaiting approval.
  • Before you award it. When it's time to pick a winner, some businesses want the chosen supplier and price signed off first. You tick the supplier's price you want to go with, send it for approval, and once it's approved you raise the order. You can even get more than one supplier approved for the same item — useful when you want to split a large order across two of them.

You don't have to set either of these up to use RFQs. They're there for businesses that want the extra control.

What you can do here​

TaskGuide
Raise an RFQ and invite suppliersRaise a Request for Quote
Track responses and compare bidsTrack and Compare RFQs
  • Suppliers — the suppliers you invite to quote
  • Demand Planning — the buy decision that often leads into an RFQ
  • Bids — the priced answers your suppliers send back
  • Purchase Order — the order you raise from the winning bid

Need help? Contact support at support@bizconnekt.com