eRFX

eRFX or electronic request for [x], wherein [x] stands for information, quotation, proposal, or tender. It is used by procurement professionals to gather quantitative and qualitative data from potential suppliers through procurement software.

Traditionally, suppliers used to share such information over the phone, spreadsheets, email, or fax, which made it difficult for companies to compare and standardize across business verticals and categories. On the other hand, eRFX software enables companies to define their RFX workflows through customized templates and independently compare submissions quickly.

Types of eRFX

Request for Information (RFI)

RFIs or Requests for Information are the process for gathering information on desired goods or services from potential suppliers. The document features specific answers as per the procurement requirements of the organization. This helps in developing strategies and maintaining a database of collected responses.

Request for Quotation (RFQ)

Request for Quotation is the process of requesting a quote for desired goods or services from a supplier, which includes details like payment terms, price per item, contract tenure, type of material, and quality standards, among others.

Request for Proposal (RFP)

A Request for Proposal (RFP) is a formal document that an organization issues when it wants suppliers to submit proposals for providing goods, services, or solutions during an ongoing project. The purpose of an RFP is to invite multiple suppliers to compete by presenting their plans, pricing, and terms.

Request for Tender (RFT)

RFT is a formal invitation for suppliers to submit competitive bids, often through an eAuction platform. RFTs typically have a broader scope than RFPs and are designed to comply with all legal requirements, helping organizations select the most suitable supplier from the pool of participants.