A request for quote (RFQ) is a document used by companies that want to gather pricing information from potential vendors. An RFQ is an excellent tool for efficient and cost-effective sourcing — when used properly. They offer quick results but admittedly, RFQ documents and procurement terminology can be confusing. Consequently, this post will offer some guidelines and the elements to include to make your job easier and procure the best results for your efforts.
Start with a clear introduction
A well-constructed RFQ will explain clearly what your business does and what you need. This should be written out in the introduction as a summary and then explained more fully in the body of the RFQ. Using our handy RFQ checklist will help ensure you have all of the documentation and requirements clearly stated so the quote will be correct.
What are your requirements?
In your RFQ, list out your requirements, which may include:
Detailed RFQs allow suppliers to prepare accurate quotes that minimize the potential for cost overruns, delivery delays and products that don’t meet your requirements. The more details provided the better equipped we will be in helping to establish a partnership.
You should also include the goals and scope of your project, as well as the deliverables schedule.
Utilizing spreadsheets, CAD files, 2D detail drawings and marked drawings will support your bid and ensure that you receive an accurate quote. If possible, a sample (working or non-working) or 3D printed prototype sent to our office or factory will also aid in a better understanding of your project requirements and assist our engineers in making recommendations for improving the design for manufacturing aspects of your product.
In closing, add your contact details and schedule time to have a video or phone chat with us so we can bounce ideas around! We love to see new and cool ideas/projects that we could help bring to market!
If you need help submitting your RFQ to Kingstec, feel free to reach out and get more information.