Understanding requests for quotation

Article • 4/10/2026 • 1 min read

Requests for quotation (RFQs) help you determine which vendor provides the best item or service for the price. Made2Manage saves this information so you can better manage your business with vendors.

An RFQ asks a vendor to formally estimate the cost of providing an item or service to your company. Your company uses this estimate to determine which vendor provides the best item or service for the price. Based on the RFQ, you may decide to purchase the item or service from that vendor. When you establish a contract with a vendor, the RFQ price becomes the basis of a purchase order.

Requests for quotation have statuses to reflect where they are in the process.

​