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When launching a new project or product, you often need new materials and thus new suppliers. To obtain high-quality goods at the best price, you must go through the lengthy process of selecting suppliers and comparing the various quotes received. To facilitate the selection process, you can request multiple documents from your potential new supplier, such as an RFI, RFP, and/or RFQ.
Today we will learn more about these three documents to request the right one.
A Request for Information (RFI) is a document required when companies are looking for new suppliers for a specific product. General information about the company and technical specifications of a product or service are requested here. As a first step, the RFI can be sent to a broad list of potential suppliers to filter out those who are unable to meet new requirements. A specific template can be sent to these potential suppliers to facilitate a more accurate comparison and to ease the selection process.
An RFI typically includes:
A Request for Proposal (RFP) is a document required when companies need technical expertise or a product that does not yet exist. Often sent after an RFI, it informs potential suppliers that a budget has been allocated for a specific project and that companies can bid for it. The document should be complete and comprehensive to aid the buyer in making a selection. A Request for Quotation (RFQ) can be integrated into the RFP to complete it.
An RFP typically includes:
The RFQ (Request for Quotation) is a document that presents the bid and pricing. Generally used for standard products or services, it invites suppliers to participate in the bidding auction for new services or products. Considered a legal document, it must be as precise and accurate as possible. There are several bidding rounds to arrive at the final offer (possibly sealed with a contract if the buyer accepts this offer).
An RFQ typically includes:
Christian Alsen was an IT consultant in the mid 2000's in manufacturing when he discovered that all companies do the same things with their suppliers but don’t do it as a team effort. Also, management didn't think about Supplier Relationships as a whole. Christian saw highly skilled people doing routine stuff and suffering. That's when he decided to do something about it. He started to build the ecratum SRM collaboration platforms. Now, 15 years and 100.000 companies later plus having gained a lot of experience, he is happy to work with his team on relatico.next the Simple Supply Chain Collaboration Platform
