The request for information (RFI) or request for quotation (RFQ) process is an essential part of procurement management in order to make informed decisions about potential suppliers. An RFI is used to gather information about potential suppliers and their capabilities, while an RFQ is a concrete request for quotation (a solution proposal and a price). The first step of the RFI is to identify the company's internal requirements. This includes clarifying the required information, such as specific characteristics, quantities and delivery times. An RFI document is then created that clearly defines the background, specific questions and desired response formats. This is followed by the selection of potential suppliers who are able to provide the required products or services. The RFI is sent to the selected suppliers, who then submit their responses. These are carefully analysed to assess suitability and potential for future collaboration. If necessary, further questions are asked or additional information obtained. Based on the responses received, a shortlist is drawn up with the most relevant suppliers who are eligible for further steps. The suppliers are informed of the result of the RFI and receive feedback or an invitation to the next phase. In the case of an RFQ, the company specifies its requirements and documents in detail the desired goods or services, the conditions, delivery deadlines and evaluation criteria for the selection of offers. The RFQ document is then sent to the previously identified potential suppliers, who are invited to submit a quotation. The bids received are evaluated based on the specified criteria. The supplier that best fulfils the requirements is then selected. If necessary, contract terms, prices or delivery details are negotiated. After the final selection, the contract is awarded to the supplier, formalising the business relationship. Finally, an official purchase order or contract is drawn up, setting out all the relevant terms and conditions. This structured and transparent process enables companies to make informed decisions, minimise risks and ensure efficient collaboration with suppliers. https://www.linkedin.com/in/mariobuesch/