Question

Differentiate between a request for information (RFI) and a request for proposal (RFP).

Answer 1

An RFI, or request for information, is a preliminary document to get general information from potential vendors, while an RFP, or request for proposal, is a document a company requests from vendors to get an overview of offerings and costs for a specific service.

An RFI is a formal request for general information from potential vendors. RFIs are useful to gather information or ask general questions and are typically more casual than RFPs. RFIs are fact-finding documents which ask open-ended questions to allow the vendor to fully explain their offerings.

An RFP, or request for proposal, is a more structured format of gathering information from vendors. RFPs often occur using a bidding process between vendors to win business from a company. The company specifies its issues and invites vendors to suggest solutions based on their offerings. An RFP usually follows an RFI since it is more specific and tailored to the individual customer. When submitting an RFP, you should have clear needs and be willing to share internal information with the vendor.