An RFI stands for "Request for Information" and is a formal process for gathering information from potential suppliers of a good or service. It is a common business process used to collect written information about the capabilities of various suppliers, and it follows a format that can be used for comparative purposes. RFIs are primarily used to gather information to help make a decision on what steps to take next, and they are often used in combination with other requests such as request for proposal (RFP), request for tender (RFT), and request for quotation (RFQ) .
An RFI is typically the first and most broad series of requests intended to narrow down a list of potential vendor candidates. It can be useful in situations where an organization has little knowledge on possible vendors and wants to reduce the time and cost of evaluating vendors. RFIs are often used in a variety of instances, such as making major IT purchases, acquiring software from vendors, and in the construction industry.
An RFI is not binding on either the supplier or the purchaser, and it is an information request used to obtain general information about products, services, or suppliers. The purpose of an RFI is to gain familiarity with the current market for a particular supply or service and to gather information in a formal, structured, and comparable way. The RFI process may help in the decision-making process by developing a well-conceived solicitation document (RFP, RFQ) and clarifying the competitive requirements.
