What is an RFI (request for information)?

The request for information (RFI) is the most versatile of procurement documents. Learn how both buyers and sellers can use it to their best advantage.

What is a request for information (RFI), and what are RFI procurement documents used for? We’ll go over their uses, essential elements, and more.

RFI meaning for procurement.

What is an RFI in the context of procurement? An RFI can be used to gather information about products or services that a buyer needs. Additionally, a seller or contractor can use it to get additional information for a bid.

Now that you know the meaning of RFI in procurement, let’s explore RFI in business.

What is an RFI in business used for?

A request for information in business is an organized and formal request for the information necessary to complete a purchase or fulfill a contract. They can be paper or electronic, but they’re nearly always electronic documents in today’s business world. This information helps organizations make informed decisions, evaluate potential vendors, and establish the groundwork for successful business transactions.

Essential elements of RFI procurement documents.

During the procurement process, there are always questions. The request for information is a procurement document used to ask and track questions and answers. Templates for electronic RFIs are available online, or you can design your own — if you do, be sure to include all the needed information.

To get what’s needed for a procurement project, be sure to include the following in your RFIs:

• Name of your company or organization
• Requestor’s name and contact information
• Project name, if the information needed is for a specific project
• Detailed explanation of the necessary information
• Description of any dependencies or work that cannot proceed until the information is received
• Due date for the required information
• The date and signature of the requestor

Managing request for information (RFI) documents.

When working with a request for information or any procurement document, it’s essential to use a secure e-signature tool to streamline your contract management processes. Discover everything you can do to create electronic signatures and make security, signatures, and workflows easier.