RFI & RFP
Request for Information (RFI) is designed to collect information from a supplier or vendor with no commitment to engage in any project. Used by purchasing companies or organizations to learn about the capabilities of the bidders.
RFI may have no project details, the document is focused on the vendor capabilities, skills and experience. This will enable the client organization to pre-select service providers who have the appropriate abilities for submitting a proposal. RFI also helps vendors eliminate themselves if they cannot fulfill the stated needs of the Client. Questions about the bidder’s size and capacity are answered in an RFI to qualify the bidder as capable of completing a project.
The responses frequently emerges into one (or more) of the following:
As an RFI is a “preliminary” stage, it is acceptable that the answer include products, which may not entirely meet the established requirements, or products that are actually better than the stated needs.
An RFI is a great opportunity for a supplier to demonstrate deep knowledge of products and solutions by providing a good answer.
Request for Proposal (RFP)
RFPs are detailed specifications on the services to be rendered by the service provider. It is likely to be used when there are multiple methods by which a project can be completed.
It should include, among other things, the following items:
It is designed for the bidder to propose a specific solution.
A construction company bidding on a highway project presents the reasons that its approach is more efficient in an RFP.
The next step after RFP is “Contract”.