RFI Template
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Download our FREE RFI template to get started with your initial market assessment.
The RFI template is a basic version of the Rapid RFI (RRFI) that forms part of our RFI service. It includes instructions for completing an RFI for those who are new to the process or want to get started quickly.
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An RFI (also known as a Request for Information) is the commonly used mechanism to run an initial market assessment for goods or services.
The RFI is designed to communicate a requirement and solicit suggested approaches from a variety of different vendors. The RFI is usually issued to a 'longlist' of potential suppliers - the result of the process is to arrive at a 'shortlist' of options.
The RFI is a precursor to a more detailed bidding process called a Request for Proposal or RFP (here is a copy of an RFP template)
The RFI Process
The RFI is an opportunity to find different approaches and suggestions as to how to tackle a business problem. It is also the way that many companies address the challenge of finding what's available in the market. As such, for many businesses it is a really important first step before they get into the detailed vendor assessment phases.
As such, our experience is that the RFI works really well when posed as a 'problem statement'. At this point in the process, it is important to just lay out the particular issue that needs to be solved. Let the vendors propose how they would approach the challenge and use the RFI as a mechanism to cast the net far and wide. Done well, the RFI should inform the RFP process (typically the next step) and the building of that document.
The RFI should always contain the following basic details:
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Contact Information: Details of the contact persons from both the requester and the vendor.
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Project Overview: High-level information about the project or needs prompting the RFI.
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Scope and Requirements: General scope of the project, required deliverables, and any specific vendor qualifications.
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Submission Instructions: How vendors should format and submit their responses, including deadlines
How to issue an RFI
An RFI should be issued to all the potential vendors at the same time. It's also important to ensure that the participating vendors know that it is coming and why it is being issued or this may cause a number of vendors to decide to not respond (also known as 'qualifying out').
The number of vendors that you choose to issue the RFI to is open to you. It is an initial market assessment and therefore it would not be unusual to send it to perhaps 7 to 10 vendors. It is not practical to send it to more unless you use a different approach to the market assessment - for a good example of this, take a look at our Technology Matchmaker Service where we conduct a 'Dragons' Den' style approach for quick pitches and conversations.
The RFI template is designed to enable anyone who is unfamiliar with issuing an RFI to quickly build one that will bring the right vendors to your door.
An RFI is not complicated - we are just getting the information down on paper that a prospective vendor might want to know before they decide to be a part of our market assessment - otherwise known as 'qualifying in to the process'.
Our RFI template takes you through how to write an RFI document. It touches on all the main points and can be used as an RFI for ERP, an RFI for CRM, an RFI for AI....whatever your requirement, the RFI template can be made to work for your specific IT needs.
RFIs tend to be the first step in a procurement process and IT vendors are accustomed to them. Issuing an RFI document is a simple way of getting started and talking to the vendors, but where many companies come unstuck is sending the RFI to the wrong vendors!
If you send the RFI to the wrong companies - it's a wasted effort. The vendors will not respond - and those that do, will mislead your team. So getting started and issuing an RFI is a great first step - but make sure you have spoken to someone like Viewpoint Analysis to ensure you know the lay of the land and the right vendors to help you.
Before issuing the RFI there is a major step and that's researching the market. Without this step before the RFI starts, how can we know where to send the RFI?
There are a few ways to do this - looking at Google, G2, Gartner, Forrester, and other market analysts.
Another option is to work with a partner to run the RFI process for you. Companies like Viewpoint Analysis do this for a living - and we also curate a list (the Viewpoint Analysis Technology List) of all the global technology vendors - so that we can advise our clients on the options they have to choose from.
RFI FAQs
Who should build an RFI?
The RFI process and document can be built in-house (usually by the procurement or IT team) or it can be built and run by an external partner like Viewpoint Analysis.
How long does it take to run an RFI process?
Most technology RFI processes take a few months to complete. The process is usually divided into four steps:
1 - The building of the RFI requirements and document
2 - The initial contact with the vendors - researching who to send it to and making the initial contact
3 - The elapsed time between issue and response - some companies allow a month between issue and submission
4 - Analysis of the RFI responses and shortlisting decision.
Our viewpoint is that this can be prohibitively long - hence the Rapid RFI approach.
How many pages should an RFI document be?
This is down to the preference of the team issuing the RFI document. Our viewpoint is that it should be short and punchy -10 pages would be more than adequate.
Here are some RFI mistakes to avoid:
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Keep the process simple or your vendors may not want to take part. Every engagement costs them money - make it easy.
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Tell the vendors it is coming - an unsolicited RFI usually leads to a 'qualify out' decision.
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Keep things open - closed questions means a closed point of view - and that's a turn off.
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Be professional - remember that no sales person needs to respond and they don't need to work with you.
Other
Options
RFP Template
If the initial market assessment has already been completed, you might want to look at issuing an RFP (Request for Proposal).
The link below contains an RFP Template that provides instructions on how to write an RFP document to produce the very best results.
The Viewpoint Analysis 'Rapid RFP' (RRFP) is the quickest way to run an RFP process for technology requirements.
We publish a series of FREE 'Technology Longlist Guides'. Each looks at a different area (e.g. HR technology) and suggests vendors that may be worth your consideration.
If you are looking to issue your RFI but want advice on the vendors that could be useful, the Longlists might be what you need.
Whatever technology you need to find, our Vendor Selection Services will help at every step of the process - from our Matchmaker to our Rapid RFI and Rapid RFP.