Finalising RFQs in VendorPanel: Closing the loop on procurement

Published on 17 November 2025

By Emma Peters, Head of Engagement

In the world of Local Government procurement, the Request for Quotation (RFQ) process is a critical step in sourcing goods and services efficiently and transparently. But just as important as issuing and evaluating RFQs is the final step: formally finalising them. Within VendorPanel, this process is more than a checkbox, it’s a vital action that ensures accountability, clarity, and closure across the procurement lifecycle.

Why Finalising RFQs Matters

Finalising RFQs in VendorPanel serves several key purposes that benefit both buyers and suppliers:

1. Closing the Procurement Lifecycle

Finalisation marks the official end of the RFQ process. It confirms that a decision has been made and that the procurement activity is complete. This is essential for:

Ensuring compliance with internal and external procurement policies
Enabling accurate reporting and audit trails

2. Informing Suppliers of Outcomes

One of the most respectful and professional practices in procurement is communicating outcomes to suppliers. Finalising an RFQ in VendorPanel allows you to:

Notify all participating suppliers whether they were successful or not
Provide feedback where appropriate
Maintain strong supplier relationships by closing the loop

This transparency builds trust and encourages future participation, especially from small and local businesses.

3. Creating an Accurate Record of Procurement Methodology

Finalisation locks in the details of how the procurement was conducted, including:

The method used (e.g., Local Buy or Tender)
Evaluation criteria and scoring
Decision rationale and approvals

This record is invaluable for internal governance, external audits, and continuous improvement. It also supports defensibility in case of disputes or scrutiny.

How to Finalise an RFQ in VendorPanel

Finalising an RFQ is straightforward:

Navigate to the RFQ you wish to finalise.
Review all responses and ensure the evaluation is complete.
Select the successful supplier(s).
Click “Finalise RFQ” and confirm your decision.
VendorPanel will automatically notify all suppliers of the outcome, or you can choose to communicate with the suppliers outside of VendorPanel.

You can also add notes or feedback during this step to provide additional context or appreciation.

Best Practices

Finalise RFQs promptly after deciding.
Use the feedback feature to offer constructive insights to unsuccessful suppliers.
Ensure all documentation is complete before finalising.
Avoid leaving RFQs in an unfinalised state - this can cause confusion and delay.

Conclusion

Finalising RFQs in VendorPanel isn’t just administrative, it’s strategic. It reinforces transparency, strengthens supplier relationships, and ensures your procurement practices are well-documented and defensible. By consistently finalising RFQs, procurement teams demonstrate professionalism, accountability, and a commitment to best practice.

If you would like assistance with finalising your requests or how to use Evaluation Tools in VendorPanel, please contact your Local Buy Engagement Manager.

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