Mysterious RFx: Learning the Difference Between RFI, RFP & RFQ

RFI

The RFI’s goal is to gather information or to prove conducted research

Start your RFI with an introduction section to describe your company and give the project context

Include open-ended questions to encourage meaningful and complete answers

Prepare questions that would help you compare vendors later (core expertise, ramp-up capabilities, etc.)

And remember, you are not awarding any contract, you are just testing waters

RFP needs to be written by main stakeholders in the project to make it as specific as possible

Make sure to include information about your internal processes, needs, and goals

For a weighted decision, ask vendors to provide case studies, examples, and testimonials

Learn how a vendor tackles project management and budget control issues

At this stage, you need to be ready to move into commitment

RFQ is used if you have a list of prequalified vendors who can deliver services or solutions you need

You are looking to buy off-the-shelf products that do not need customization

RFQ is focused on vendor’s capabilities and payment terms

Price is the most critical factor that influences your decision