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Companies invest in request for quotation (RFQ) software to manage a defined buying event in one place: issue the request, collect supplier quotes, compare responses, document the award and hand it off to purchasing. Its clearest value is less fragmented administration and better visibility—not a guaranteed lower price, compliant process or return on investment.
What RFQ software changes
An RFQ is appropriate when a company can describe what it needs well enough for suppliers to quote against the same requirements. Software can structure the request, invite selected vendors, set deadlines and response fields, collect replies, and keep related questions and revisions with the event. Depending on the system, an accepted bid may flow into a purchase order or purchase agreement. Microsoft outlines this purchasing workflow in its RFQ documentation.
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Some systems also provide questionnaires, bid scoring, amendment controls, audit history and supplier collaboration. These are product- and configuration-dependent features, not a checklist every RFQ tool necessarily satisfies. Microsoft documents vendor selection, reply forms, scoring, questionnaires, amendments and award conversion in its RFQ workflow guidance; Zoho describes collaboration, bid analysis, audit history and award conversion on its RFx page.
Why companies invest
Reduce repetitive coordination
Without a structured workflow, buyers may create requests from scratch, send attachments, chase replies, copy details into spreadsheets, notify decision-makers and prepare award notices by hand. An RFQ system can centralize or automate parts of that work, freeing staff from repetitive handling. The size of the gain depends on how many events the company runs and how much work its current process requires.
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Microsoft’s 2025 customer story reports that its Cloud Sourcing team reduced manual effort and hours spent on each RFQ by 50% after automating parts of its Dynamics 365 process. The same story describes the team’s previous workload as averaging 75 hours per RFQ and handling up to 20 RFQs per quarter, alongside a reported 200% yearly increase in RFQ volume. These figures describe that team and deployment, not a typical result or benchmark for other organizations. See the Microsoft customer story.
Compare like with like
When suppliers receive the same specifications and are asked to return the same fields, buyers can compare prices, delivery terms, lead times, capacity or other requested criteria more consistently. A system may consolidate responses and show bids side by side, but it cannot decide which criteria matter or assess supplier quality and risk on its own. Oracle’s procurement guide discusses evaluating bids across dimensions, involving stakeholders and using scoring; its guide reproduces findings from Deloitte’s 2018 CPO Survey, in which 78% prioritized cost reduction, 58% developing products or markets and 54% managing risk. Those figures are survey priorities as reproduced in Oracle’s 2019 guide, not current universal priorities or evidence that RFQ software achieves them. Read the Oracle procurement guide.
Keep communication and decisions visible
A central event record can show which suppliers were invited, what each was asked, which responses arrived, how requirements changed and how the award was reached. Tracked supplier questions and answers reduce the risk of relevant details being scattered among separate email threads. Time-stamped records may support internal review and traceability; the software alone does not guarantee regulatory compliance or eliminate purchasing risk.
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Handle more events without the same rise in manual work
Supplier portals, notifications and tracked Q&A can make coordination more manageable as RFQ volume grows. Microsoft’s customer story describes its Cloud Sourcing team addressing rising volume with a supplier collaboration portal. That is an example of a response to one organization’s scale challenge, not proof that every company needs dedicated software.
Use sourcing history to prepare
Past events and supplier records can give buyers evidence for negotiation and help them consider terms over time. Oracle’s guide describes previous sourcing events and supplier analytics as possible aids. Better-organized information can improve preparation, but the eventual result still depends on the specification, available suppliers, market conditions and negotiation.
Know when an RFQ is the right process
Choose the sourcing method that matches how clearly you can define the need. An RFQ seeks prices for specified products or services; an RFI gathers information from suppliers, while an RFP asks for a detailed proposal or solution. If the organization is still exploring what it needs, or wants vendors to propose substantially different approaches, a simple quote comparison may not be the right starting point. Zoho’s RFx overview distinguishes these request types.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Decide whether software is worth the investment
There is no established general ROI percentage or typical payback period in the available vendor and case-study sources. Build a company-specific baseline before buying: count RFQs, estimate staff hours per event, record correction and rework rates, supplier response rates and delay costs, then compare those costs with software, implementation and ongoing administration.
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- Higher potential fit: Frequent RFQs, substantial manual consolidation, repeated process errors, difficulty tracking amendments or a need for clearer approval and award records.
- Lower or uncertain fit: Infrequent, simple purchases that are already handled efficiently, or a supplier base unlikely to use a new portal. A broader workflow may add more setup and maintenance than it removes.
- Measure after adoption: Compare actual staff time, response completeness, rework and cycle time with the baseline. Do not treat more bids or a lower quoted price as proof of savings unless the organization also accounts for quality, delivery and total purchasing terms.
Compare the ways to manage RFQs
RFQ functionality may sit inside an ERP or source-to-pay suite, in a dedicated sourcing system, or in a manual email-and-spreadsheet process. Vendor pages explain their own capabilities; they do not establish independent comparative performance. Assess the workflow against the company’s actual purchasing process.
Quick Recap
| Approach | What to examine | Trade-off |
|---|---|---|
| RFQ capability within an ERP or broader procurement suite | How supplier responses and awards connect to existing purchasing documents, approvals and finance workflows. | May fit an established purchasing environment; verify whether the RFQ steps and supplier experience meet the team’s needs. |
| Dedicated sourcing or RFx system | Supplier access, response and revision handling, comparison and scoring, audit records, amendment controls, integrations, and award-to-order handoff. | May offer specialized sourcing workflows; assess integration, implementation effort, supplier adoption and total cost. |
| Manual email and spreadsheets | Time spent creating requests, tracking replies, reconciling versions, comparing bids and recording approvals. | Avoids introducing a new platform, but can become difficult to manage as event count, complexity or review needs rise. |
Questions to ask before selecting a system
- Can suppliers respond easily, and can the process work for vendors who cannot or will not use a portal?
- Can you define the response fields and evaluation criteria you actually need?
- Are supplier questions, revisions and amendments tied to the right RFQ and visible to reviewers?
- Can the system preserve the record of invitations, responses, scoring, approvals and award rationale?
- Does an accepted bid move into the organization’s purchasing workflow without avoidable re-entry?
- What integrations, configuration, training and ongoing administration are required?
- How will you measure whether the software improves the existing process rather than merely moving it to another interface?
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