An RFP (Request for Proposal) and RFI (Request for Information) are documents used in the procurement process to invite vendors to submit offers or price quotations. They are important tools in ensuring the most cost-effective and advantageous procurement of goods, services, and works. An RFP outlines the requirements and specifications in detail while an RFI allows businesses to gather information from potential suppliers before submitting an RFP. Both types of documents allow businesses to compare different vendors on things like quality, cost, timeline, and more. Engaging vendors through an RFP/RFI process is a critical step in achieving value for money in the organization’s procurement process.