RFIs: Request for Information
What is an RFI?
RFIs are information gathering documents. Before a company goes as far as to solicit a Request for Proposal (RFP) or a Request for Quote (RFQ), they may first solicit a Request for Information (RFI). Unlike a Request for Proposal (RFP), which is an open-ended form of solicitation on behalf of a company, a Request for Information (RFI) asks for basic, general information about a company, vendor, product, or service. By collecting the same information from many different companies, RFIs make it easy for a requester to compare information. Responding to an RFI is not binding for either party. It is almost like submitting a resume to a job opening!
RFI v RFP
Unlike an RFP, which solicits bids and seeks to hire a vendor, RFIs are issued to a broad base of potential suppliers so that the issuer can familiarize themselves with the norms of a certain industry. The information collected by an agency upon receiving RFIs also helps them strategize the development of an RFP. A Request for Information, or RFI, is often used by government entities (states, municipalities, agencies, etc.) when the solution to a particular problem isn’t immediately apparent. Thus, the difference between an RFI and an RFP is, an RFI is published solely in order to gather information from potential vendors on how a particular issue might be solved, while an RFP is looking to hire someone to solve it.
What Do I Need to Know Before Responding to RFIs?
RFIs ask for basics: What is your company’s history? How many employees do you have? What services do you offer? RFIs normally follow a structure that can be used for comparative purposes, so it is important to:
- Create a comprehensive organizational structure that communicates strong leadership and definition of roles and responsibilities of all employees.
- Be ready with recommendations to accommodate your list of services offered.
- Remember that businesses who provide quality, useful responses to an RFI will be essential to creating the RFP!
RFI Response Strategy Tips
As a vendor, you need to be strategic, price-sensitive and focused when building your bid. Contract terms can last up to multiple years without the option for renegotiation until the terms have expired. So, it helps to have some back-pocket tips to keep in mind when building your response:
- Do not make outright sales pitches in the response. Vendors who provide clear solutions and demonstrate strong capabilities will help direct the agency towards utilizing their response suggestions.This is not an appropriate time to include pricing discounts or bundled offers.
- Do not skip the RFI because it’s not an RFP. More often than not, vendors who are aware of an upcoming project because they responded to an agency’s RFI stand a better chance of winning a contract than those who chose not to respond! And, with an increase in contracts coming to bid throughout the year, vendors should take every opportunity to get ahead of their competition if they do decide to compete in this sector.
How Do I Hire an RFI Writer?
No matter the good or service your business provides, chances are that the government and larger corporations are actively procuring it. So, it could be very lucrative to incorporate RFI opportunities into your revenue growth strategy. Firms in software development, construction, manufacturing and many other fields are well-placed for a robust RFI strategy by taking our bid experts’ advice.
The Bid Lab helps companies, like yours, perfect their RFI response to feel confident in their product and/or service offering. Whether you are completely new to the process, or would like to stay current on best practices, our proven solutions are here to drive your business to success! So, reach out to us today and schedule a free consultation.
Why Us
Positivity. Anyone can do the job. Only we do the job with the right attitude, even when deadlines are tight.
Flexibility. Every firm has its own way of doing things. Our RFP writers will work around your people, processes, and schedules.
Reliability. Our team has never missed a deadline, and we don’t plan on starting anytime soon.
Quality. Our 4-eye review process ensures that even the smallest of errors are caught before work is submitted.
Transparency. Have any questions during the process? Call us and we will share the status of your bid at any time.
Our Clients Love Our RFI Responses
We are absolutely committed to our clients, and strive to serve as an extension of their teams. We are more than consultants, we are partners. But, don’t just take our word for it. See what our clients have to say below!
”This was my first RFP and The Bid Lab went above and beyond for me. We got compliments from other departments on how well we did. Everyone walked out of this with a positive experience.”
-Becky Oswald
TravelWyoming.com
”When we won the first bid we ever did with them, I knew we made the right choice using The Bid Lab, and redoubled our investment to continuously bid on future proposals. Working with The Bid Lab is the gift that keeps on giving. And we continue to expand our business!”
-Cal Hutson
Quality Transcription Specialists
“The return exceeded the investment for sure and it is already paying dividends. We are enormously impressed with how you were able to customize your service to our needs.”
– Kevin Hayde
Wispact
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