The procurement of goods, services, and information can be a full-time job and – for the uninitiated – potentially confusing. The use of different acronyms doesn’t help.
For many procurement professionals and managers, RFP RFQ and RFI are lumped together as part of the same process, using the same language to get the same outcome. But, broken down and properly understood, the three R’s of procurement mean very different things. Moreover, when used in the correct context, they create different outcomes that make the job of procurement easier, faster, and more productive. Here we explain the difference between an RFI RFP and RFQ.