Home > Blog > RFI, RFQ, RFP & RFT : What do they all mean ?

Whatever your Oracle Financials project, be it an R12 Upgrade , an R12 reimplementation, or a fresh greenfield Implementation.  It is important that you select the right partner and this starts with the RFI, RFQ, RFP & RFT documents.

So what are they ?

  • RFI - Request for Information
  • RFQ - Request for Quotation
  • RFP - Request for Proposal
  • RFT - Request for Tender
RFI – Request for Information
This document is the starting point in the procurement process.  You have identified a wide list of suppliers that you think can provide the product or services you require and need to qualify them through to the next stage of the procurement process. The purpose is simply to understand and qualify the potential suppliers, not the specific solutions.  As this is the initial document it does not need to be a long one. Aim for 5-6 pages.
 
The RFI should include:
  • Company background and overview
  • High level explanation of
    • Requirements giving rise to the RFI ( ie. Products or services giving rise to the RFI )
    • Current systems and issues
    • Where you want to be once the project has been completed. 
RFI Should not include
  • Details of other suppliers the RFI has been submitted to. 

What the customer wants from RFI Response
What the supplier wants from an RFI
  • To gain a general understanding of the competition in the market.
  • Provide enough information for pre-qualification by procurement department.
  • Provide the basis of short listed vendors for the next phase.
  • Supplier references.
  • To Qualify you as a customer.
  • Understanding of your business, its current issues and what you want to achieve from the project.
  • Specifics on what products and technology the customer is interested in.
  • Estimate of project budget.

 A sample RFI Template document for free download can be found here. 

http://www.orafinapps.com/knowledge-sub-categories.php?KTID=5&KCID=17

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