{"id":45839,"date":"2022-04-08T12:45:02","date_gmt":"2022-04-08T11:45:02","guid":{"rendered":"https:\/\/softco.com\/glossary\/request-for-information-rfi\/"},"modified":"2024-04-18T15:36:09","modified_gmt":"2024-04-18T14:36:09","slug":"request-for-information-rfi","status":"publish","type":"glossary","link":"https:\/\/softco.com\/uk\/glossary\/request-for-information-rfi\/","title":{"rendered":"Request for Information (RFI)"},"content":{"rendered":"\n<div class=\"wp-block-cover\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-10 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"960\" class=\"wp-block-cover__image-background wp-image-30043\" alt=\"\" src=\"https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term.jpg\" style=\"object-position:18% 49%\" data-object-fit=\"cover\" data-object-position=\"18% 49%\" srcset=\"https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term.jpg 1920w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-300x150.jpg 300w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-1024x512.jpg 1024w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-768x384.jpg 768w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-1536x768.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h1 class=\"wp-block-heading has-text-align-center\" id=\"h-request-for-information-rfi\">Request for Information (RFI)<\/h1>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p>Working with the right suppliers can help businesses unlock new opportunities and maximize profitability. To shortlist suppliers and evaluate their capabilities, companies often rely on a request for information (RFI).\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a Request for Information?<\/h2>\n\n\n\n<p class=\"has-text-color\" style=\"color:#1976d2\"><strong>A request for information, otherwise known as RFI, is a business process for collecting written information about the capabilities of various suppliers of goods or services. It is a document primarily used to get additional information about the supplier, with no commitments to engage in a project later.&nbsp;<\/strong><\/p>\n\n\n\n<p>Usually, the request for information is disseminated in the form of a questionnaire and is used for comparative purposes. The data is then used to decide whether to qualify a supplier or not. The steps following a RFI often include:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Request for proposal<\/li>\n\n\n\n<li>Request for tender&nbsp;<\/li>\n\n\n\n<li>Request for quotation<\/li>\n\n\n\n<li>Contract negotiations<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Key Elements of an RFI<\/h2>\n\n\n\n<p>Here are the key elements that a RFI should include:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Background<\/strong>: This should give suppliers context about your business organization. It should also explain your goals and objectives.\u00a0<\/li>\n\n\n\n<li><strong>Qualification or requirements<\/strong>: What are the skills your supplier must have? What are the evaluating criteria?<\/li>\n\n\n\n<li><strong>Order information<\/strong>: The RFI should include details regarding the goods required and quantities.&nbsp;<\/li>\n\n\n\n<li><strong>Any specific questions: <\/strong>Some organizations have specific criteria for qualifying suppliers. They can ask those with an RFI.\u00a0<\/li>\n\n\n\n<li><strong>Deadline<\/strong>: The time by which the suppliers should submit their responses for the RFI.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits of Using RFIs<\/h2>\n\n\n\n<p>A request for information provides you information about the suppliers while benefiting your business in several other ways.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Saves Time and Resources<\/h3>\n\n\n\n<p>The most obvious benefit of opting for a request for information is that it saves your company\u2019s valuable time and resources. It allows organizations to gather information from different suppliers quickly and efficiently.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Streamlines the Procure-to-Pay Process&nbsp;<\/h3>\n\n\n\n<p>A request for information enables you to gather information through a formal process and compare it with other responses. With the RFI, you find out whether the supplier is capable enough to meet your procurement needs or not.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Promotes Healthy Competition<\/h3>\n\n\n\n<p>Suppliers will know that they are competing for a company\u2019s business, which promotes healthy competition and ultimately leads to reduced prices. It also indicates that the business is acting without any prejudice towards particular suppliers.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manage-suppliers-effectively-through-a-digital-platform\">Manage Suppliers Effectively Through a Digital Platform<\/h2>\n\n\n\n<p>Digitizing RFIs and working with suppliers through an online platform reduces the need for excessive back-and-forth, and ensures information is available through a centralized database.\u00a0<\/p>\n\n\n\n<p><a href=\"https:\/\/softco.com\/uk\/solutions\/supplier-management\/\">SoftCo Supplier Management<\/a> lets you work more efficiently with preferred vendors, offering greater visibility into transactions and allowing for seamless vendor onboarding. It saves employees\u2019 time and lets vendors manage their profiles through a self-service portal. It also allows businesses to track compliance obligations for AML.<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Working with the right suppliers can help businesses unlock new opportunities and maximize profitability. To shortlist&#8230;<\/p>\n","protected":false},"featured_media":0,"template":"","alphabetletter":[8742],"class_list":["post-45839","glossary","type-glossary","status-publish","hentry","alphabetletter-r"],"acf":[],"_links":{"self":[{"href":"https:\/\/softco.com\/uk\/wp-json\/wp\/v2\/glossary\/45839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/softco.com\/uk\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/softco.com\/uk\/wp-json\/wp\/v2\/types\/glossary"}],"wp:attachment":[{"href":"https:\/\/softco.com\/uk\/wp-json\/wp\/v2\/media?parent=45839"}],"wp:term":[{"taxonomy":"alphabetletter","embeddable":true,"href":"https:\/\/softco.com\/uk\/wp-json\/wp\/v2\/alphabetletter?post=45839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}