RFI: “Request for Information” is a preliminary document utilized by firms who don’t know the market they’re intending to join. Thus, RFI is more of a fact-finding document where the organizations can ask open-ended questions that allow the vendor to discuss its whole range of products. Typically, the RFI would outline the broad business issues you are facing, and the vendor will adapt its answer to those challenges. To summarize, an RFI is issued when you are looking for information or you are not really sure what solution you need and an RFI response is intended to educate you on how a vendor can solve your problem.
RFQ: The RFQ, or “request for quotation,” is a more thorough document that dives down to the company’s particular demands and asks for suppliers’ pricing on the requested products or services. An RFQ is issued when you know exactly what you want and need to explore the cost to meet the request.
RFP: An RFP, or “Request for Proposal,” is a request for a comprehensive overview of suppliers’ companies and their background, detailed descriptions of the requested products or services. An RFP is usually sent when the requirement is more complicated and you want to evaluate other factors besides price to make a decision. Often times an RFP has a specific questionnaire required for submission. RFPs are considerably more detailed in terms of what a firm requires, defining the project’s business goals and providing specific requirements that are required for the request being served. An RFP response provides a clear picture of vendor offers and capabilities.
