Do you understand the difference between an RFI, RFP and an RFQ?

September 22nd, 2022

Are you sure what should be considered in each and when to use them.

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc

Are you sure what should be considered in each and when to use them.

At SafeSourcing we often use eRFI’s, eRFP’s and eRFQ’s on difficult to source new and existing categories. So, what is the RFP and what does in contain?

The Request for Proposal (RFP) A Request for Proposal (RFP) is a document used in sealed or electronic bid procurement procedures through which a purchaser advises the potential suppliers of (1) statement and scope of work, (2) specifications, (3) schedules or timelines, (4) contract type, (5) data requirements, (6) terms and conditions, (7) description of goods and/or services to be procured, and (8) instructions for preparation of technical, management, and/or cost proposals. As an example, government RFPs are publicly advertised and suppliers respond with a detailed proposal, not with only a price quotation. They provide clearly quoted specifications for negotiations after sealed proposals are opened, and the award of contract may not necessarily go to the lowest bidder.2 Breaking down each of these eight pieces of information will help to form an understanding as to whether there is enough detail to move straight to an RFP, thus skipping the Request for Information altogether.

SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers. To learn more, please contact a SafeSourcing customer services associate.

 

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