RFQ meaning: what does RFQ stand for?
RFQ means request for quotation. It's a buyer asking a supplier for a price, lead time and terms against a requirement they've already defined, usually a drawing, a specification and a quantity. Your reply is a quotation. Most arrive by email with drawings attached, and some through a customer's portal.
What's the difference between an RFQ, an RFP and an RFI?
An RFI (request for information) asks whether you can do the work and how you'd go about it. An RFP (request for proposal) asks how you'd solve a problem, with price as one part of a longer answer. An RFQ asks for a price against a requirement that's already settled. Most manufacturing enquiries are RFQs.
| Question | RFI | RFP | RFQ |
|---|---|---|---|
| What it asks | Can you do this, and how? | How would you solve this? | What would this cost, and when? |
| What's settled | Very little | The problem | The drawing, quantity and date |
| Your reply | Capability and experience | A proposal, with a price | A quotation |
What should an RFQ include?
Enough to price the work without guessing: the drawing and its revision, material and finish, quantities and any repeat requirement, the delivery date and address, payment terms, and a named person for questions. Anything missing has to be chased before estimating starts, and the quote waits.
The RFQ template lists every detail, with a filled-in example.
What happens after an RFQ arrives?
Six steps sit between an RFQ and an order, and each happens a different number of times a month, because not every RFQ is priced and not every quote is won.
- 01Logging the RFQ: reading it and adding it to your quote log.
- 02Chasing what's missing: a revision, a quantity or a date the customer didn't send.
- 03Estimating: material, machine time, labour and outside processes.
- 04Checking revisions: comparing a changed drawing or quantity with what you priced.
- 05Approving the quote: someone with authority signs it off before it goes.
- 06Entering the order: once the customer accepts, the purchase order goes into your system.
How long should it take to answer an RFQ?
There's no standard figure. Measure your own: the working days from an RFQ arriving to the quote going out, on a sample of recent quotes. The working time inside that is often much shorter, because enquiries wait for drawings, supplier prices and sign-off.
Do you have to answer every RFQ?
No. Deciding whether to quote is part of the job. Some RFQs are for work you don't do well, at quantities that don't suit your shop, or with a date you can't meet. A quick yes or no before estimating starts saves the most time, and a polite decline keeps the door open.
Can AI help answer RFQs?
AI can take on the reading and logging: pulling the part, revision, quantities and dates out of the email, filling in your quote log and flagging what's missing. It can also find similar past quotes for the estimator. The decision to quote and the price stay with your people.
Give it
- The enquiry email and its attachments list
- Your quote log
- Past quotes for similar parts
A person checks
- The revision and quantities it logged
- What it flagged as missing
- Whether to quote at all