How Do I Decide Which RFX Type to Use? What are the Differences Between Them?

Different RFx cater to different request types that ultimately lead to slightly different outcomes depending on your business’s expectations.

RFI
Used typically to obtain more information from vendors. This is usually followed by an RFQ or RFP.

RFQ 
Used typically when you know what you want, but need information on how vendors can meet your requirements and the costs involved.

RFP 
Used primarily when you know that you have a problem, but lack the expertise in finding a solution. This is normally a formal type of request including strict procurement rules, timelines and vendor responses; given that this type of request is not a recurring part of your procurement process.

RFT 
Used primarily when you know what you want to achieve and need information from vendors on whether they can meet those requirements and pricing.

RFA
Used in the bidding process for projects. Suppliers that are invited for an Auction usually have participated in a prior RFI, RFQ, RFP or RFT.