In one of our previous articles we went over the main differences between RFI, RFP, and RFQ; the part each plays in a procurement process, the main differences between them, and when to choose one over the other. Going one step further, we’ve created this nifty table, to make it even easier to choose between an RFI and RFP. That’s because we believe in keeping things simple, streamlined, and efficient.
Information: When you're looking for general information
Advantages: Testing the market, fast and minimal risk involved for all parties involved
End Goal: Obtaining information, that will help you in supplier assessment
Complexity: Free and easy to send out to a large database of suppliers
Next Step: With a lineup of prequalified suppliers, the next step is an RFP
vs.
Information: When you want concrete and very specific information
Advantages: Thorough information by which to assess suppliers
End Goal: You have a clear idea of what you need and you are looking for the best supplier and/or offer
Complexity: Complicated to prepare and exhaustive in scope
Next Step: The next step is the RFQ or reverse auction
