Looking to run an RFI process? Our RFI page provides all the resources that you might possibly need to run a successful RFI process.
From RFI templates to hints and tips and suggestions for running a first-class request for information process, our RFI resources page tackles every question you might possibly have.
What is an RFI
An RFI is also known as a Request for Information. It is a tried and trusted method to run a market assessment and the step before running an RFP.
The RFI process aims to take a 'longlist' of potential suppliers and reduce them to a 'shortlist' that are worth a closer inspection.
Request for Information processes take many forms and the number of vendors can differ depending upon the potential market options, and the needs of the buying team.
How many vendors do you include in an RFI
An RFI is designed to facilitate a broad market assessment. The RFP is designed to select a preferred vendor from a shortlist of options. As such, the RFI can assess as many vendors as a business may wish to consider for a given requirement.
The number of vendors considered in the RFI will be dependent upon the size of the marketplace and the bandwidth and appetite of the procurement team.
What is a Rapid RFI?
A Rapid RFI (RRFI) is a streamlined approach to a traditional RFI. The intention is to quickly assess the marketplace for suitable vendors. In the RRFI process, we use a problem statement approach and group together elements of the RFI cycle to shortcut the timelines.