Think carefully when compiling your RFQ

iStock_000003892069Small

iStock_000003892069Small

Writing your RFQ using best-practice methods can make a huge difference to the quality and value of supplier bids, and ultimately the goods or services your company selects.

Following on from our first post of this three-part series on the importance of research and preparation, we’re now focusing on the content vital to delivering an effective RFQ to the market.

2. Compile the RFQ

Central to the strength of RFQ content is clarity. Vagueness should be avoided at all costs in favour of a clear, jargon-free communication of exact needs. Consider brevity as a positive RFQ attribute too: you’re aiming to engage as many suppliers as possible, and you don’t want to risk losing interest by weighing too heavily on these companies’ time and resources.

Also, you must consider your weighting criteria in advance of compiling your RFQ: what aspects of a bid does your business value above others? Take into account various areas such as cost, quality, experience and innovation, ideally involving input from employees across your business.

Finally, bear in mind that your RFQ can be the introduction of your company to certain suppliers, so it’s of value to communicate general information on your operations and supply needs.

In summary, it’s essential to remain aware of these points when designing a RFQ:

– User-friendly considerations should drive the design of the RFQ
– Emphasise needs and avoid being overly prescriptive
– Create a transparent pricing schedule for suppliers to complete
– Devise a clear rationale for the evaluation criteria and their relative weighting
– Obtain input from a number of different stakeholders across the organisation

e-Sourcing is proving much more efficient and effective than its paper-based predecessor when it comes to RFQ design. With SourceDogg’s e-sourcing solution, you’ll be constructing RFQs using a best-practice template, guided through each step by a user-friendly wizard. There’s even a cloning tool so you can create a new RFQ from one generated previously. Learn more about SourceDogg’s easy-to-use, affordable e-sourcing platform.

Up next in this three-part blog series… going to market with your RFQ.

The three steps to an effective RFQ are explored in full and available free of charge in the latest SourceDogg whitepaper, Prepare, Create & Go: 3 Steps to an Effective RFQ – Request for Quotation.

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