CEO sends B2B RFI, RFP, and RFQs to OEM and 3PL with PIP hoping for ROI at POS
Today’s blog is by Margaret Stewart, Executive Assistant at SafeSourcing.
Many companies use acronyms in their business lingo and their operations. They serve as a way to easily refer to industry terms or provide an easy way to remember longer terms or instructions. Often, those terms are specific to one company or industry, but there are many acronyms that are used across the board in businesses.
First, what is an acronym? Acronyms are, according to Wikipedia, an abbreviation, used as a word, which is formed from the initial components in a phrase or a word. For example, LOL is an acronym for Laughing Out Loud and MLB is an acronym for Major League Baseball.
As most companies use their own set of acronyms, here are a few that are used by most businesses:
CEO – Chief Executive Officer. This is a commonly heard term used by most people, not just businesses. It refers to the person in charge of a company.
B2B – Business to Business. This refers to interactions specifically from one business to another business, like sales or communication. This term distinguishes the transaction as not one involving a customer.
RFI – Request for Information. This is a common term where one company requests information from another company, usually to determine a business’ qualifications in providing goods or services.
RFP – Request for Proposal. This is what a business will send out in order to get proposals on services or goods from another company.
RFQ – Request for Quote. This is what a business sends out in order to receive estimated prices for goods or services.
These are just a few common business acronyms and if you want to find out what 3PL, OEM, PIP, and other acronyms and business terms mean, simply go to our Wiki page. The SafeSourcing wiki is a tool that anyone can use and provides useful information on many common business terms.
For more information on other tools offered by SafeSourcing, or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.