Concluding our three-part blog series on the practices and processes involved in compiling a best-practice RFQ, today’s post looks at the best way to bring it to market. This post follows on from our focuses on preparing the RFQ and compiling the RFQ.
3. Go to market
This part of the sourcing process isn’t quite as simple as just sitting back and waiting for all the quotations to fly in. Once you’ve released your request to the marketplace, you should be making a concerted effort to communicate with suppliers and answer any queries they may have.
An essential step is ensuring the deadline date is made clear, to avoid any proposals coming in late or being rushed. You should allow ample time for suppliers to construct their quotations (based on how complex the RFQ is) and consider issuing reminders when the deadline is drawing close.
Ensure transparency and clarity by being clear about the preferred format (if any) in which accompanying documentation is to be submitted, and making sure suppliers possess all necessary information to submit a competitive quotation.
To sum up, you should pay attention to the following areas once your RFQ has been published:
– Deciding on an appropriate timeframe for submission
– Highlighting the deadline date
– Issuing instructions on the type and format of documentation that is to accompany the quotation
– Fielding queries from suppliers as they arise
Making a RFQ available to a receptive supplier pool proves much more effective if antiquated paper-based sourcing solutions are replaced by e-sourcing. SourceDogg’s easy-to-use e-sourcing system can help you engage with the market and get the best value from suppliers. With SourceDogg, you can browse an extensive supplier pool and even invite new suppliers to submit responses after your request has been published.
Check out more of the benefits of SourceDogg here.
This blog post on how to market your RFQ marks the final section in our three-part series. You can access the first two sections on how to prepare your RFQ and how to compile it.
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.
