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What's an RFI, RFQ, and RFP [Examples and Differences]

Subscribe to our Newsletter: https://worldofprocurement.substack.com/ Check out the article: https://www.udemy.com/course/contract... Take our Contract Management for Beginners Course here: https://www.udemy.com/course/contract... The video discusses the differences between RFI, RFQ, and RFP in procurement. An RFI is used to gather information from a wide range of suppliers, while an RFQ is used to purchase off-the-shelf products or services. An RFP is used when a specific outcome is needed, and suppliers are asked to propose solutions. The video notes that technology makes the RFI process less necessary and that RFPs can be time-consuming. It is important to note that the video highlights the pros and cons of each type of request. RFI and RFQ can be fast, taking days or weeks, while an RFP can take longer due to its complexity and the need for suppliers to propose solutions. The video suggests that procurement professionals should learn more about digital procurement, as technology is expected to simplify the procurement process, potentially making RFI less necessary. Overall, the video provides useful information for procurement professionals or anyone interested in understanding the different types of procurement requests and their purposes. #procurement #sourcing #supplychain 00:00 Introduction 00:15 What's an RFI 02:20 What's an RFQ 03:48 What's an RFP 05:31 Summary of RFI, RFQ, RFP 05:56 How long they take 06:34 Summary