RFI:Request understands the business problem and what’s needed

RFI:Request For InformationAn open enquiry that spans the market seeking broad data and understanding.An RFI is generally used when the solution to a business problem is not immediately evident or clearly defined.It is normally used where there are many potential suppliers and not enough information is known about them.we should use RFA 1)To see that we are fairly acting and include all the customers2)To get details about potential suppliers and their capabilities.3)To advise the suppliers that you intend to buy this product or take service4)To gather all the information that decides what to do nextRFQ:Request for Quote:A request for quote (RFQ) is a type of procurement solicitation in which a company asks outside vendors to offer a quote for the completion of a specific task or project. An RFQ is suitable for sourcing products that are standardized or produced in repetitive quantities.Sometimes an RFQ can be preceded by an RFP where the shortlisted suppliers are requested to provide a more detailed price quote.RFP:Request for Proposal An RFP is used when the Customer understands the business problem and what’s needed to solve it, including specifications and procedures. Price is usually not the determining factor in the evaluation of an RFP. Factors such as quality, service, and reputation are also taken into consideration.It is a formal method of receiving detailed and comparable proposals from different suppliers for a defined product or service.It is a comprehensive document that should provide all the required information needed to make an informed purchasing decision.It should include:BudgetEvaluation and award criteriaSubmission instructionsRFP is used to You get a formal submission from the chosen suppliers to enable comparison of the proposalsYou show that you have a formal and fair process without favoring a preferred supplier.Utmately rfi,rfp and rfq are all tools used for vendor management system