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What’s the difference between a RFI and a RFP?
While they may seem similar, a request for information (RFI) and a request for proposal (RFP) have different definitions and serve different purposes within the procurement process.
According to RFP360, the difference between the RFI and RFP is what information they provide:
An RFI educates – RFI responses explore how a vendor might solve a problem or fill a need – while an RFP compares – RFP responses evaluate the merits of each vendor compared to others.
In other words, a request for information (RFI) is used when the client wants several consultants to provide potential solutions, while a request for proposal (RFP) is used in a bidding process to solicit offers for a project.
Request for Information – RFI
Purpose: Information gathering process to identify potential vendors. Ideal when you’re looking for information or you’re not sure what solution might solve your problem.
Asks: General questions designed to educate and inform.
Style: Casual
Advantage: They’re fast and help inform next steps to meet business needs.
Next step: Top candidates complete an RFP.
Request for Proposal – RFP
Purpose: Strategic and intensive proposal process. Ideal when you’re ready to shop around and evaluate many factors before making a choice.
Asks: Specific, detailed questions about the service, product and vendor’s business
Style: Formal and direct
Advantage: Provides a clear comparison of vendor offers and capabilities
Next step: Winner is awarded, or phase/round II begins.
Source: RFP360