Request for Quotes and Sealed Bid Auction: Like Face-to-Face Negotiation

The Request For Quotes (RFQ) is the ideal tool when taking into account other criteria than price.

This electronic purchasing negotiation is very similar to the one that would take place in a face to face with the supplier. Different versions of the product and additional criteria can be created as a mandatory field for the suppliers, ensuring a unified structure of the received bids and facilitating an objective decision making.

During the Request for Quotes (RFQ), suppliers make their bids without knowing the other sellers bids. The ITbid Request for Quotes tool also includes a ranking of the suitability of the received offers, calculated according to both price and the other criteria importance.

So, the ITbid Request for Quotes (RFQ) tool allows comparison between all the received offers and the acceleration of complex negotiations.

• Different versions of the product can be created and quoted
• The buyer can add different price criteria of bids’ valuation
• The buyer will be able to counteroffer to the suppliers, looking for an optimal combination of characteristics.

ITbid also includes sealed bid auctions, a kind of RFQ where the buyer doesn’t see the received offers until the negotiation deadline.

See our RFQ demonstration video or download a case study about Request for Quotes (RFQ).