RFI (Request For Information)

In procurement, an RFI (Request for Information) is a formal process used by organizations to gather information from potential suppliers or vendors. It is typically used in the early stages of a procurement process to better understand the market, explore available solutions, or assess supplier capabilities before issuing more detailed documents like an RFP (Request for Proposal) or RFQ (Request for Quotation).

Key Characteristics of an RFI:

• Exploratory : It is not a solicitation for bids or offers, but rather a way to collect information.
• Non-binding: An RFI does not commit the buyer or the vendors to any course of action.
• Broad in scope: It may include questions about a vendor’s products, services, qualifications, experience, pricing models, or industry trends.

Typical Use Cases:

• When the buyer is unfamiliar with the market or technologies.
• To identify potential vendors or partners.
• To help shape the requirements for a future RFP or RFQ.