Request for Information (RFI): Meaning and Examples
Request for Information (RFI): Meaning and Examples
Gathering information is critical to a successful sourcing and procurement process. Depending on the type of project you're working on and its current stage, you may need to submit requests for supplier details to help you select sourcing partners. In these cases, you may need an RFI, meaning a preliminary request, rather than a more formal proposal or quote response.
An RFI (request for information) is an integral tool for the early stages of procurement. To use it effectively, you need to know how it differs from a request for proposal (RFP), a request for quote (RFQ), and a request for tender (RFT). You also need to know what information to include to ensure you get the necessary details without investing too much time in supplier communications or responses. Understanding how to create a quick yet comprehensive RFI can help you make faster and more informed decisions.
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RFI meaning: What is an RFI?
A request for information is a general request made to a potential supplier to learn more about that company's offerings. It’s a preliminary form used to request information on products or services that can help your company achieve its goals.
RFIs aren't for requesting specific pricing or service tier information—they're simply tools for gaining insight into providers that meet the preliminary evaluation criteria of a potential purchase. Sending an RFI is an initial step toward making further purchasing decisions.
What information should you include in an RFI?
A good RFI should include questions and parameters to help suppliers respond with basic yet relevant information. The RFI response should give buyers enough detail to shortlist potential suppliers and proceed with vendor selection as part of an intelligent procurement process.
The general nature of an RFI document makes it easy for suppliers to complete and users to evaluate. Your RFI should be outlined using a standard format or RFI template so that suppliers understand the best way to respond.
Request for Proposal (RFP) Template
A request for proposal template streamlines vendor sourcing into a documented, repeatable process. Download a free RFP template to organize your next project.
What is the difference between RFI, RFP, and RFQ?
While it’s common to see the terms RFI, RFP, and RFQ used interchangeably, they are not the same things. Understanding their definitions and how to properly use these requests helps maximize their value.
Request for proposal (RFP)
A request for proposal is a document that asks suppliers to outline potential solutions for a business need. Sending an RFP is usually the second step after a buyer receives an RFI response. RFPs are more detailed than RFIs as they provide more specific information and context so suppliers can propose creative solutions.
Request for quote (RFQ)
Even more detailed than an RFP, a request for quotation details in-depth specifications to get cost estimates. At the RFQ stage, stakeholders have a fairly concrete idea of their project needs, and suppliers answer RFQs if they can meet those specifications. While RFPs leave room for flexibility and creative problem-solving, RFQs outline every parameter before the bidding process begins.
Request for tender (RFT)
Another type of request is a request for tender. It’s a separate but related tool for stakeholders looking for suppliers. The RFT is an open request that asks suppliers to provide an offer for services or products in the form of a sealed bid.
When should you use an RFI, RFP, or RFQ ?
Choosing an RFI, RFP, or RFQ depends on a project's stage and the level of understanding of possible solutions.
The RFI process helps clarify available suppliers, their general capabilities, and their offerings. This is useful when there are many potential solutions or your understanding of the challenge is still in the early stages.
RFPs are relatively in-depth, giving you more information from suppliers who completed the RFI. While RFIs help prequalify potential vendors, RFPs can enable buyers to shortlist potential partners. RFPs also allow suppliers to collaborate with your company by suggesting solutions within their service offerings that might solve your business challenge.
The RFQ is the most detailed and most restrictive request format. RFQs are particularly effective when buyers know which solution will work within their current framework or infrastructure. These forms do not require the same creativity on the part of the respondent regarding presenting possible solutions. Instead, they gather additional information for cost, budget, and planning purposes.
Request for Proposal (RFP) Template
A request for proposal template streamlines vendor sourcing into a documented, repeatable process. Download a free RFP template to organize your next project.
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How to write a request for information
An RFI is a simple solicitation from potential suppliers for additional company information. Presenting the right amount of detail with a good dose of flexibility ensures you get helpful information for use within the procurement process.
In general, your RFI should include the following:
- An overview of the project: Outline the general terms of the project and the outcomes you’re trying to achieve. Consider also including introductory information about your organization.
- The time frame for performance: Let potential suppliers know the intended time frame for the project or purchase and how long they have to provide an RFI response.
- Specific project details: To help suppliers provide accurate information, share any parameters or requirements you have for the product or service of interest.
- Guidance for interested suppliers: The RFI should outline the manner of response for suppliers interested in providing information.
- Room for more information: Suppliers that regularly offer services to solve a particular problem may have insight or more information to provide. Leave room in your documentation for suppliers to add relevant information.
Example RFI
To help you understand how to build an RFI, review the following example in which a spa is seeking a vendor for supplies and products.
Purpose
This RFI is for collecting market information about spa supplies for 10 wellness company locations. The locations aim to consolidate orders to a single supplier for spa goods and consumer products.
Time frame
Ordering for these products will occur monthly, with the first orders for all locations commencing within 60 days of the completed contract. RFI responses should be completed and returned within 30 days of receipt of this notice.
Specifics
- Provide general information on available spa products and consumables, including linens, treatment products, tables and equipment, and spa tools such as salt stones, bolsters, etc.
- Preference will be given to sustainable suppliers that offer organic, fair trade, and ethically sourced products.
Guidance for responses
Suppliers interested in responding to this RFI should email their responses to the address provided or submit them via the online portal. Responses received after the submission period will not be considered. If you have any questions, please contact us at the email address provided and include “Spa Supplies RFI” in the subject line.
Other information
Suppliers are encouraged to provide more detail about which products or product lines they offer, logistics information if available, and any other information pertinent to inclusion on the supplier shortlist.
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