What is the best RFQ software?
Written by Shivangi Singh, Senior Content Writer · October 19, 2026
What good RFQ software does
- Structured requests. Line items, quantities, specifications, delivery terms and attachments in a template, so every quote is comparable.
- Supplier invitations and reminders. Suppliers get a link, respond in a portal and are chased automatically before the deadline.
- Side-by-side comparison. Prices normalised by unit, currency and tax, with the lowest and best-value options highlighted per line.
- Multi-round negotiation. Request best-and-final offers or move straight into a reverse auction on the shortlist.
- Award to PO. The winning quote becomes a purchase order or contract without re-entry.
- History. Every RFQ, quote and award is searchable, so the next buyer starts from a benchmark.
What to check before choosing
- Supplier response rate. Ask for real numbers from reference customers. Free, simple supplier access is the main driver.
- Fit for your categories. Direct materials need bills of material and technical drawings; services need questionnaires and scoring.
- AI assistance. Drafting the RFQ from a brief, cleaning messy supplier responses and recommending an award save the most buyer time.
- ERP integration. Items, suppliers and purchase orders should sync with your ERP.
- Speed to go live. You should be running a live RFQ within days, not after a configuration project.
Where to start
If you are still on spreadsheets, try Procol's free RFQ generator to see what a structured request looks like. For the full process, from RFQ to auction to contract, see Procol's strategic sourcing software.
Shivangi is a Senior Content Marketer specializing in B2B SaaS, procurement, and enterprise technology. She creates research-driven content that helps procurement leaders and business decision-makers navigate AI, digital transformation, sourcing, and spend management. Her work focuses on turning complex industry developments into clear, practical, and actionable insights.