If you do not use an RFI earlier, you may write it later, causing delays in project completion. RFI responses help identify strategic options, lower-cost alternatives, and cost-reduction opportunities that you can use to create further contract documents such as Request for Proposal (RFP) and Request for Quotation (RFQ). Buyers can highlight their problems and the cost-effective and efficient solution they are looking for. An RFI is a Request for Information document where buyers ask the seller for their response related to their product or service at no obligation.Īn RFI defines the requirements, product specifications, or qualifications the buyer will need. You use an RFI when you know the requirements but lack critical information. What is a Request for Information (RFI)? RFI Meaning & Definition?ĭefinition & Meaning: RFI is the process of collecting information from suppliers on a product, service, or consumable. RFIs are for informational purposes only, and no party has to abide by them. They share the available details with prospective sellers to provide the necessary information through RFI. They get this information through a Request for Information (RFI).
In this case, they need information on their requirements to proceed further.
They often lack information on the requirements, prices, and technology involved. Most projects require external support to achieve their objectives.
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