As a corporate video production company, we receive a variety of RFPs, RFQs, and RFIs on a regular basis. It is important to recognize the differences between these three requests, and which best suits the needs of your company/organization.
What are the differences between RFPs, RFQs, and RFIs?
RFP: Request for Proposal
RFPs are beneficial when you’re looking to produce a specific project, as they allow the client to outline exactly what is needed from the vendor. This, in turn, affords the vendor the opportunity to provide the necessary information and resources suited to the particulars of the project. Effective RFPs typically reflect the strategy and short/long-term business objectives, providing detailed insight upon which suppliers will be able to offer a matching perspective.
- informs suppliers that an organization is looking to procure and encourages them to make their best effort.
- requires the company to specify what it proposes to purchase. If the requirements analysis has been prepared properly, it can be incorporated quite easily into the Request document.
- alerts suppliers that the selection process is competitive.
- allows for wide distribution and response.
- ensures that suppliers respond factually to the identified requirements.
- is generally expected to follow a structured evaluation and selection procedure, so that an organization can demonstrate impartiality – a crucial factor in public sector procurements.
When it comes to video production, RFPs allow vendors to not only highlight their strengths in relation the requested project but also to present/pitch ideas and concepts as well.
RFQ: Request for Quotation
RFQs deal specifically with pricing or bidding for a particular project. In these cases, a client may outline their project details and merely require a breakdown of the cost associated. To receive correct quotes, RFQs often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service. Logically, the more detailed the specifications, the more accurate the quote will be and comparable to the other suppliers.
RFI: Request for Information
RFIs are the most general of the three varieties, used mainly to gather information about the supplier/vendor. RFIs provide the client with the most information possible, which can be very beneficial to aid in the progression of the project. By understanding the vendor’s previous experience, work ethic, offered services, references, samples, pricing, timelines, staff, etc., the client is able to receive a more comprehensive view of the company. In terms of video production, RFIs can help clients determine exactly what the production company’s strengths are, and the scope of their work. This can be helpful for partnering with vendors that are beneficial within a multitude of styles, project types, and budgets. It is important to understand that an RFI, however, is not an invitation to bid, is not binding on either the buyer or sellers and may or may not lead to an RFP or RFQ.
#RFPs, #RFQs, and #RFIs serve different purposes, and when used properly can be a great asset to those companies looking to partner with a production company. Contact Key West Video today if you’re interested in our response to your RFPs, RFQs, and RFIs.