| An RFI (request for information) is a formal process for gathering information from potential suppliers of a good or service. RFIs are intended to be written by customers and sent to potential suppliers. It is typically the first of a series of requests intended to narrow down a list of potential vendor candidates. The goal of using an RFI is to gather information on a vertical market in a formal, structured way. The document should identify the requirements an organization has while requesting specific answers to how the vendor will meet them. To help identify differences among vendors, a good RFI will also focus on requirements that are unique to the inquiring business and on concerns that are less likely to be addressed by every vendor. Recipients are usually asked to submit their responses in a standard format to make comparisons easier. Before writing an RFI, it is best to keep in mind a set of best practices to follow. Organizations should: - Limit the information request to only what information is needed.
- Be specific with what information is being requested but avoid in-depth detail.
- Follow any previously established formats in order to enable more direct comparisons.
- Limit information requests to resource and capability information. Pricing, for example, is not information required at this stage.
- Give fair response times.
Responding to an RFI will typically take less time than responding to other forms, so a one- to two-week turnaround should be expected. Continue reading about RFIs...
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