COEPD – Center of Excellence for Professional Development Happy Learning
On day to day encounters in B2B business, we are accustomed to receiving request for proposal (RFP) from client interested in product of service.
RFP ia a document which is an overview of offerings and costs from several bidders at once.
If a bidder participates in RFP it answers questions about the products methodology costs and services which will fulfill the companies needs.
By not adhering RFP we as a company alienating the very the business that could best serve our needs.
One must have a clear distinction between RFP and RFQ ( Request for Quotation).
In this case RFQ is a detailed document that drills down the exact specifications required by the company unlike RFP, which allows flexibility of the vendor to establish the document/requirement using stipulated specifications.
RFQ specifically requires specific points to the vendor to assess it’s ability to meet the goal.
Example: Say for example, The Indian Railways issues a request for proposal for financing, maintaining , operating, constructing and designing a high speed railway networking . Interested parties would submit proposals meeting the requirements outlined the guidelines of RFP.
