Which one – RFP, RFI, RFQ?

There are multiple ways to go to the market for information about what services and products suppliers have to offer to meet your business requirements. The method you choose depends on what information you want to receive from the supplier.

  • RFPRequest for Proposal is used to solicit a supplier submission for a solution that meets the business requirements and specifications documented in the RFP. This is an opportunity for suppliers to provide the business with a response that showcases how they can meet the business requirements including pricing.
  • RFIRequest for Information is used to solicit information about a solution for the business need. The RFI is a good way to find out what suppliers have to offer in the market without committing to a purchase.
  • RFQRequest for Quote is used to solicit cost quotes on a very specific service or product.