Request for Information (RFI) and Request for Quotation (RFQ) Practices in Automobile Industry

• Author(s): Dr. C. Thirumal Azhagan ; R. Samritha
• Paper ID: 1705702
• Page: 158-162
• Published Date: 24-04-2024
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 7 Issue 10 April-2024

Abstract

The automobile industry is characterized by intense competition, rapid technological advancements, and ever-evolving consumer preferences. Request for Information (RFI) and Request for Quotation (RFQ) practices play a pivotal role in streamlining procurement activities within the automobile sector. By examining the procurement processes of leading automotive companies and industry trends, it seeks to provide insights into how RFIs and RFQs contribute to enhancing supply chain efficiency, cost optimization, and supplier relationship management. The study begins by defining RFIs and RFQs and outlining their respective purposes in procurement. This paper investigates the prevalent practices and significance of Request for Information (RFI) and Request for Quotation (RFQ) processes within the automobile industry. RFIs and RFQs serve as fundamental tools for procurement departments in automotive companies, facilitating effective vendor selection, cost estimation, and overall supply chain management.

Keywords

Automobile industry, Request for Information (RFI), Request for Quotation (RFQ) and Procurement processes.

Citations

IRE Journals:
Dr. C. Thirumal Azhagan , R. Samritha "Request for Information (RFI) and Request for Quotation (RFQ) Practices in Automobile Industry" Iconic Research And Engineering Journals Volume 7 Issue 10 2024 Page 158-162

IEEE:
Dr. C. Thirumal Azhagan , R. Samritha "Request for Information (RFI) and Request for Quotation (RFQ) Practices in Automobile Industry" Iconic Research And Engineering Journals, 7(10)