Request for quotation (RFQ) is a process where RFQs are sent to vendors for the procurement of products. Information regarding items, quantities, and related documents can be specified in an RFQ. It is an essential component of any procurement toolkit.
The RFQ application created using Mendix includes the following phases for request for quotation (RFQ) procedure:
- Creating and sending RFQs to vendors.
- Receiving, negotiating, comparing, and selecting the RFQ responses.