Large corporations and government agencies don't shop around for the best contractors and freelancers the same way a SaaS company or a small business might.
Rather than relying on word of mouth, a quick Google search, or a Facebook ad, these organizations follow a procurement process that ensures fair business practices and quality results.
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RFIs are written documents with the goal of collecting information from sellers. This information can be used to help buyers make a purchasing decision. The questions that are included in an RFI are specific and straightforward so that the sellers understand what the buyer is asking for.
Sellers can find an RFI on the company's website, in databases like Procore, and government web pages like grants.gov.
Once a seller finds an RFI, they have a window of time specified by the buyer in which to complete it.
The information that is collected in the RFI is organized in such a way that it can be compared and contrasted against the information that other sellers submit.
After the deadline for RFIs closes, the buyer reviews all of the responses submitted by the sellers. In this step, the buyer is looking for information about the companies, the products or services they offer, its history and background, and other factors that can impact how well the seller can deliver on the project.
Note: Price, budget, timeline, and other specific information aren't covered in an RFI since it's a part of step one in the overall procurement process.
After the buyer has determined which of the RFI submissions meets the preliminary qualifications for the project, they'll move on to the next step in the process which is an RFP (Request for Proposal).
Both RFIs and RFPs are tools used when procuring new tools, services or vendors. However, a Request for Proposal (RFP) is different from a Request for Information (RFI) in a few ways, including the timing and the type of information required.
An RFI is the initial step a company takes to solicit information from potential sellers , as described above. Its main objective is to obtain information, not to make a final decision. Once the RFIs are submitted, the company will review them and shortlist the best options, armed with more insight. Then, they'll send an RFP to that short list of sellers that satisfied the requirements of the RFI.
A Request for Proposal is a formal request for the selected vendors or sellers to respond to a specific contract opportunity. The document specifies the scope and price so potential sellers can put together a bid for the work.
These bids are then compared to understand each seller 's strengths and weaknesses, and the best fit is chosen. RFPs are a decision document, so the questions are more targeted and specific.
After an RFP, the company may be contacted with an RFQ or Request for Quote that breaks down the project even further into specific cost structures and deliverables.
And RFI is similar to an RFP, but with less detail. Download the template below and use the short, one-page version of the request for proposal to draft your RFI. Once you've downloaded your free copy, follow along with the steps below to learn how to write an RFI.
Creating your first RFI can be overwhelming. What should you ask for? What information does the seller need to know? To help answer those questions, use this simple guide to get the most out of the RFI process.
Outline your goals and objectives, along with some general information about your company. This section should be short and provide an overview of your project to someone with no background information.
Including additional information about your organization can help the seller tailor their response to your needs. You may want to mention which department is leading the project, who your customers are, and what your company values are, among other things.
What problem are you looking to solve? What information do you need? Here's where you can detail what you're looking for. Include any additional information a seller might need to know to develop a thorough RFI response. That may include:
Explain how interested parties should respond to the RFI. Attach a response template if you have one, outline any deadlines, and note if and when you'll reply to respondents after the RFIs have been gathered. You may want to mention any evaluation criteria you'll use when creating the shortlist for RFPs.
Fill out the form to get these templates.
