RFPs: Everything You Need to Know About the RFP Process

One of the first things they will do is scan to make sure all requirements are met. This is a way to help them eliminate and reduce the number of RFPs they have to review. You don’t want all of those hours of hard work to be for not.

4. Know the difference between RFP, RFQ, and RFI

“Before getting started, make sure you are clear on the purpose of the RFP and if it is needed versus an RFQ or RFI:

  • An RFP is a more formal approach when sourcing a specific spend category (service or product) to gain insight into qualitative and quantitative aspects of what the market has to offer and who is offering it.
  • An RFQ is used when pricing is really the driver of your decision versus the supplier service offering (although still an important factor).
  • An RFI is really to help with fact-finding about which suppliers may be viable to fulfill your requirement and who should be considered during other sourcing activities, such as an RFP

When developing an RFP, the documentation should not be over complicated; it should provide enough detail on who the customer is what the need is and provide specific instructions and expectations of participants. If the request is clear and to the point, responses should allow for more informed decisions to be made”

5. Communications and RFP automation

“Communication is key. In order to have a successful RFP, it is important to share honest, relevant information regarding your priorities with potential vendors. Establishing open lines of communication will improve efficiency and foster fruitful, long term relationships.

Automating the RFP process saves time for everyone involved. With automated RFPs as opposed to manual RFPs you can send the request to vendors and receive bids within just a few clicks. When you’re ready to evaluate your bids they are automatically collected and organized in real-time.”

RFP templates

You’re not the only organization writing an RFP, and you’re not alone in needing help! There are resources all over the web that aim to help you better understand and execute on this process. Here are a few of our top recommendations for additional RFP help.

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