Request for Information (RFI)
RFI is a standard business process which aims at collecting written information about the different capabilities of various suppliers. RFI is commonly used for the comparative purpose for diverse candidates, which have an impact on later negotiations. Specifically, an RFI identifies the detailed expectations of a project hence request specific vendors to respond to how they would achieve the project requirements.
Request for Quote (RFQ)
RFQ is a solicitation for service or goods in which a business application suppliers to provide their price quotations and bid to fulfill specific projects or tasks. RFQ is never publicly announced because business considers sending it to contractors that they trust. However, RFQ reduces competition, and the company might miss out on receiving the lowest bid with quality service. RFQ minimizes the amount of time needed to procure goods and services. Suppliers can respond to the RFQ with a firm quotation in which the lowest bidder is awarded the contract.
Request for proposal (RFP)
RFP is a document by the business or organization send to various vendors requesting them to submit their bids for the project or product and service. Including the specific requirements of the RFP allows the business to gauge how well each vendor comprehends the project. The RFP also enables the company to determine what matters most by setting the scoring criteria for selecting vendors based on their cost, skillset, the allocated time.
The contract management process
The contract management process can be viewed as the interaction between the purchaser and the vendor, with the aim of both parties meeting their specific obligation in the procurement relationship. The purpose of the process is to achieve the operational and functional business objectives specified in the contract to promote a mutual interaction.