RFQ
RFQ, or Request for Quotation, is a standard business process used when companies want to buy products or services. It's like sending out a detailed shopping list to multiple suppliers, asking them how much they would charge. This helps companies compare prices and terms from different vendors. Supply chain professionals use RFQs to get the best deals and maintain fair competition between suppliers. You might also see it called "Request for Quote" or "Request for Proposal (RFP)" though RFP is usually more complex. Think of it as a formal way of price shopping for businesses.
Examples in Resumes
Managed RFQ process for $10M worth of manufacturing equipment
Led cross-functional teams in developing RFQ documents for global sourcing projects
Created and evaluated over 100 Request for Quotation documents annually
Streamlined RFQ process reducing supplier response time by 40%
Typical job title: "Supply Chain Analysts"
Also try searching for:
Where to Find Supply Chain Analysts
Professional Organizations
Online Communities
Job Resources
Example Interview Questions
Senior Level Questions
Q: How would you improve an inefficient RFQ process?
Expected Answer: A senior professional should discuss analyzing current bottlenecks, standardizing templates, implementing digital tools, training team members, and establishing clear evaluation criteria. They should mention measuring success through KPIs like cycle time and supplier response rates.
Q: How do you handle complex international RFQs with multiple stakeholders?
Expected Answer: Should explain coordinating between different departments, managing cultural differences, considering international regulations, and balancing various requirements while maintaining clear communication with all parties involved.
Mid Level Questions
Q: What key elements do you include in an RFQ document?
Expected Answer: Should mention technical specifications, quantity requirements, quality standards, delivery terms, evaluation criteria, submission deadlines, and any specific company requirements or compliance needs.
Q: How do you evaluate supplier responses to an RFQ?
Expected Answer: Should discuss creating scoring criteria, comparing prices, checking technical compliance, evaluating supplier capability, and considering factors like delivery time and payment terms.
Junior Level Questions
Q: What is the difference between an RFQ and an RFP?
Expected Answer: Should explain that RFQs are typically used for standard products where price is the main factor, while RFPs are for complex services requiring detailed technical proposals and solutions.
Q: What are the basic steps in the RFQ process?
Expected Answer: Should outline the main steps: identifying needs, creating the RFQ document, sending to suppliers, receiving quotes, evaluating responses, and selecting vendors.
Experience Level Indicators
Junior (0-2 years)
- Basic RFQ document preparation
- Supplier communication
- Quote comparison
- Basic data analysis
Mid (2-5 years)
- Complex RFQ management
- Supplier negotiation
- Cost analysis
- Project coordination
Senior (5+ years)
- Strategic sourcing
- Process optimization
- Team leadership
- Global supplier management
Red Flags to Watch For
- No experience with basic procurement processes
- Poor understanding of supplier relationship management
- Lack of analytical skills for comparing quotes
- No knowledge of common procurement software tools
Related Terms
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