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What is a RFP, RFI, or RFQ?
A typical sourcing project may include many types of requests, from a buyer to potential suppliers, or vendors. Types of requests include; requests for quotes (RFQ), requests for proposals (RFP) and requests for information (RFI).
What is an RFI?
A RFI (Request for Information) is issued when an organization wants to gather information about a specific company or a supplier’s products or services in an initial data gathering phase. Usually with this data, companies can decide if they would like to further explore purchasing that product or service, and can qualify the produce/service/vendor for future conversations.
What is an RFQ?
A RFQ (Request for Quote) is used when an organization has already decided on a particular type of product or service, and wishes to see competitive pricing from multiple vendors of that service.
What is an RFP?
A RFP is issued when an organization wants to purchase a product or service and chooses to make the specifications available to other suppliers so they can submit competitive bids for the products or services. Requests for Proposals are usually more comprehensive than a request for quote, and include service level agreements and quality standards.
Various software platforms, templates, and websites exist to help companies that have the staffing capabilities to conduct RFX events.
Companies that do not have the resources for such events also can rely on qualified procurement service providers for help.