What is an RFI in Procurement & Sourcing?
An RFI, or Request for Information, is a crucial first step in procurement and sourcing. It’s used to gather detailed insights into potential suppliers' capabilities, offerings, and strengths.
Think of it as a "get to know you" phase, where you assess what each supplier can bring to the table before diving into any agreements.
By using an RFI, you can evaluate and compare suppliers effectively before moving to the formal bidding stage.
This ensures you’re only considering the best-fit vendors, saving time, reducing risk, and setting the stage for successful and profitable partnerships.