Request for Proposal (RFP) and/or Request for Quotation (RFQ) The result of the RFI process is that a buyer should have a long list of potential vendors identified for their project and can move on to issuing an RFP or RFQ. Prove your expertise and leadership position in the industry.A broad overview of your products/services and company capabilities and.Asks general questions to invite a wide range of responses and.Used to get high-level information about vendor capabilities, general industry landscape, competitive landscape, etc.Here are some key defining features of when a buyer should use an RFI and what a seller should expect to provide in response:
Take enterprise CRM as an example if you as the buyer have never used a CRM and have a limited understanding of what CRMs are, you may issue an RFI to get a better handle on the industry. These are typically used when a buyer has limited experience and access to an industry. The first document type is the Request for Information. There are subtle but important differences between each of the request types that impact when a buyer uses, and how a seller responds to, each document. We’ve seen companies issue an “RFP” that requests information or a request for quotations. Request for Proposal is the most common document type as it acts as a catch-all for the others. You might not need to use all three for any given procurement project however, it’s likely that you’ll need to use each document type at some point. Each document serves a different purpose. The three most common types of procurement process documents are Request for Information (RFI), Request for Proposal (RFP), and Request for Quotation (RFQ). Types of Procurement Documents: RFI, RFP, RFQ In this article, I want to review three key procurement documents that help identify what vendor makes the most sense for your needs. Going from learning about an industry, segment, or space, to signing a contract with a preferred vendor can be complex fortunately, using the right documents helps significantly. Procurement process documents are used to help a business or government narrow their focus and determine what vendor best meets their needs.
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