The procurement process is crucial for any successful business, so it’s important to understand the different acronyms associated with it. RFQ (Request for Quote), RFP (Request for Proposal), and RFI (Request for Information) are all processes used in procurement to acquire goods and services. RFQ is a straightforward request for pricing and availability from vendors, while RFP requires responses to a more detailed set of requirements. An RFI is generally used to obtain additional information from vendors on goods or services they offer. With these tools, businesses can ensure they find the right partner and make the most effective purchase decision.