RFIs: The Simple Guide to Writing a Request for Information

Have you been tasked with developing an RFI for a large company project? With so much riding on finding the right vendor or solution, getting your RFI right is crucial. In this guide, we‘ll walk you through everything you need to know, including what an RFI is, how it works, and how to write one that gets results.

As an expert in procurement with over 15 years of experience, I‘ve seen firsthand the difference a well-crafted RFI can make. Follow the advice in this guide and you‘ll be well on your way to success.

What is an RFI?

An RFI, or Request for Information, is a formal document used to collect written information about the capabilities of various suppliers. But it‘s much more than just a formality.

A well-written RFI is a powerful tool that can help you:

• Identify potential solutions and suppliers
• Understand the current market landscape
• Uncover new and innovative approaches
• Inform and refine your procurement strategy
• Reduce costs by increasing competition

When used effectively, an RFI can be a valuable first step to find the best possible solution or vendor for your needs.

RFI vs RFP vs RFQ

If you‘re new to procurement, you may be wondering how an RFI differs from other solicitation methods like an RFP (Request for Proposal) or RFQ (Request for Quote). While they may seem similar, each serves a distinct purpose:

Solicitation	Purpose	Key Characteristics
RFI	Gather information	– Early stage of procurement cycle – Broad, open-ended questions – Typically not binding
RFP	Solicit detailed proposals	– Middle stage, after RFI – Specific project requirements – Structured response format
RFQ	Obtain price quotes	– Late stage, ready to purchase – Clearly defined specifications – Focus on cost & terms

An RFI comes early in the procurement process as a way to gather a wide range of information and ideas from potential suppliers. This initial market research helps inform your strategy before you commit to a specific path.

How does an RFI work?

Now that you know what an RFI is, let‘s walk through how the process typically works:

1. Define goals and information needs – Clearly articulate what information you need to gather and why. What are your project goals? What information gaps do you need to fill?

2. Develop RFI questions – Brainstorm a list of open-ended questions designed to elicit the information identified in step 1. Keep things high-level at this stage.

3. Create the RFI document – Formalize your questions into an RFI document, including background information, submission requirements, and timeline. More on this in the next section.

4. Distribute the RFI – Send your RFI to a broad list of potential suppliers. Cast a wide net to get diverse perspectives.

5. Review responses – Carefully review the RFI responses you receive, looking for insights, innovative ideas, and potential solutions. Compare responses to identify top contenders for an RFP.

6. Follow up as needed – Reach out to respondents with strong potential for more information. Begin to narrow your list and refine your requirements.

The information gathered through this process provides a foundation for the rest of the procurement cycle, so it‘s important to be thorough.

How to Write an RFI

Now let‘s dive into the nuts and bolts of actually writing your RFI document. Follow this step-by-step guide to ensure you cover all your bases.

1. Provide Background Information

Begin your RFI with relevant background information about your company and the project at hand. This gives potential respondents helpful context for tailoring their responses. Include things like:

• Company/organization overview
• Project goals and objectives
• High-level scope of work
• Stakeholders involved
• Key deadlines or milestone dates
• Evaluation criteria

However, avoid going into too much technical detail or providing restrictive specifications – the goal is to keep things fairly open-ended at this stage to encourage diverse ideas and solutions.

2. Develop Focused Questions

The meat of your RFI will be the list of questions you ask respondents to address. Your questions should be designed to fill specific information gaps and guide respondents to provide the details you need. As you brainstorm questions, keep these tips in mind:

• Align questions with your project goals and information needs
• Ask open-ended questions that encourage detailed responses
• Limit to 10-15 essential questions – save more granular questions for the RFP
• Use clear, specific language to avoid confusion
• Include a mix of high-level and more targeted questions

Here are some example RFI questions:

• What is your experience with similar projects in terms of size, scope and complexity?
• How would you approach this project and what methodology would you use?
• What are some key risks or challenges you foresee with this project and how would you mitigate them?
• What are some best practices or innovations we should consider?
• How does your solution compare to competitors? What unique value do you offer?

3. Specify Submission Requirements

Clearly explain your expectations for how responses should be formatted and submitted. This is important for leveling the playing field and ensuring you can easily evaluate and compare responses. Include guidelines like:

• Required response format (Word doc, PDF, etc.)
• Page or word count limit
• Specific questions to address or sections to include
• How to submit (email, web portal, etc.)
• Submission deadline

Many organizations find it helpful to provide a response template that respondents can use to organize their submissions. This streamlines the process and ensures you get the key information you need in a standardized format.

4. Set Clear Expectations

Finally, be transparent about your RFI timeline, evaluation process and next steps. Let respondents know:

• When they can expect to hear back from you
• How responses will be evaluated and weighted
• Anticipated timeframe for next steps (RFP, demos, etc.)
• How many respondents you intend to shortlist for an RFP
• Any other pertinent information or disclaimers

Setting expectations upfront demonstrates respect for respondents‘ time and effort and helps build trust in the process.

RFI Best Practices & Pitfalls to Avoid

As you develop your RFI, keep these expert tips and best practices in mind:

• Focus on the essential – Keep your RFI lean and mean. At this stage, only ask for the information you truly need to inform your decision making.
• Allow ample response time – Give respondents enough time to digest your RFI and provide thoughtful replies. 3-4 weeks is typical for most RFIs.
• Maintain open communication – Be responsive and available to answer respondent questions in a timely manner. Make sure all respondents have access to the same information.
• Respect confidentiality – Assure respondents that their information and ideas will be kept confidential. Only those directly involved in the RFI process should have access.
• Follow through – Don‘t let RFI responses sit untouched. Review them promptly, follow up with top contenders, and communicate next steps to all respondents.

Additionally, watch out for these common RFI mistakes:

• Being too vague or general with your questions
• Using overly restrictive language that limits responses
• Failing to provide enough background information or context
• Waiting too long to follow up after the submission deadline
• Ignoring or not documenting information provided outside of the official submission

The Benefits of RFIs Done Right

When developed thoughtfully, an RFI can yield significant benefits for your procurement process and outcomes:

• Better vendor discovery – 84% of organizations report that RFIs help them identify and evaluate new vendors. (Source)
• Clearer requirements – The insights gathered from RFI responses help procurement teams refine their project requirements and create a more targeted RFP.
• Reduced costs – Organizations that use RFIs report 15% lower costs on average compared to those that don‘t by increasing competition. (Source)
• Stronger vendor relationships – Vendors appreciate the opportunity to share their capabilities and expertise through a fair and open RFI process.
• Faster procurement cycles – With the right information gathered upfront through an RFI, the rest of the procurement process tends to move more quickly and smoothly.

An RFI may be an extra step, but the time invested pays off in the long run through better outcomes.

Putting it All Together

RFIs may seem straightforward, but there‘s both an art and science to getting them right. By following the steps and best practices outlined in this guide, you‘ll be well-equipped to develop an RFI that delivers the insights and information you need to drive better procurement decisions.

Remember – an effective RFI:

• Aligns with your project goals and information needs
• Asks clear, focused, open-ended questions
• Provides relevant background information for context
• Specifies submission requirements and sets clear expectations
• Respects respondents‘ time and confidentiality

With this formula, you‘re sure to get the quality information and responses you need to move forward confidently. While an RFI may feel like an extra step now, you‘ll thank yourself later when you have a wealth of vendor intelligence to inform the rest of your procurement process.

So get writing and stay tuned for the next installment of this series where we‘ll look at how to develop a winning RFP!