Do you know the difference between an RFP, a RFQ, or a RFI?
If I had known this difference between ‘Requests’ in my sales career I’d have applied for deals and won more commission.
When businesses seek goods or services, they often use requests such as RFPs, RFQs, and RFIs. Each serves a distinct purpose for Procurement in the buying process.
🔸Request for Proposal (RFP):
An RFP is a comprehensive document used when a buyer seeks detailed solutions for complex projects.
It outlines requirements, evaluation criteria, and expectations. Participating suppliers can respond with tailored proposals that include technical approaches, timelines, and costs. RFPs are typically used for high-value procurements, often starting around £100,000 or more, though this threshold varies by organisation.
🔸Request for Quotation (RFQ):
An RFQ is a straightforward request for pricing on specific products or services. It’s ideal when specifications are clear and there’s little room for variation.
Suppliers provide quotes based on the outlined criteria. RFQs are often used for smaller transactions, typically under £100,000, such as purchasing office supplies or simple equipment.
🔸Request for Information (RFI):
An RFI is a preliminary inquiry to gather general information about potential vendors, solutions, or capabilities. It’s not a solicitation for bids but helps narrow down options for later stages. RFIs are common in early planning phases and are not tied to specific budgets.
Action Item
If you are a Diverse Supplier or SME applying to RFQs and RFIs can be an efficient way to learn the requirements of a Buyer and discover if your size and scale of business is capable of delivering on Buyer requirements.
RFQs and RFIs do not take long and typically you do have to submit tonnes of information that is often associated with the RFP process.
Buyer or Supplier, click on the button below and schedule your discovery call.
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About Us
"Finding Diverse Suppliers is time-consuming as the process today involves researching against multiple databases."
Founded in 2019, Kaleida International is a B2B marketplace for Tenders connecting Buyers to Suppliers, and Diverse Suppliers. With a focus on helping the Chief Procurement Office achieve its ESG goals, and alerting companies to new revenue opportunities, Kaleida's fully-inclusive platform helps Buyers find, identify and assess Diverse Suppliers they can invite to Tender.
In 2024 Kaleida will publish £600b in both Public and Private sector tenders for suppliers, and Diverse suppliers to apply to. By increasing access to commercial opportunity, we believe we can drive equality through providing access to economic parity.
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