RFI vs RFP Explained

What is RFI vs RFP Explained? The below diagram explains RFI vs RFP Explained. This chart shows an important concept or a framework to help one run their business, improve company's strategy, internal processs, enhance project management, technology, and client experience.

RFI, RFP and RFQ are vital tools that can be used to achieve a successful sourcing solution. The key difference between RFI, RFP and RFQ is that RFI (Request For Information) is a document used to collect information from different suppliers in order to decide from which supplier the company should sources products or services whereas RFP …

RFP An RFP, “Request for Proposal,” is a document that asks vendors to propose solutions to a customer’s problems or business requirements. An RFP is usually what follows an RFI; in fact, it’s rare that a company will go from an RFI to an RFQ (for reasons that will become clear below).

An RFI is a solicitation that procurement sends to a broad base of potential suppliers. Its purpose is for conditioning, gaining information, preparing for an RFP or RFQ, forming a strategy, or building a database. These facets are useful in later supplier negotiations about: Breadth and width of product/service offerings, by the supplier

RFI vs RFP Explained