RFP DevelopmentA Request For Proposal, or an RFP, is an invitation for suppliers, often through a bidding process, to submit a proposal on a specific commodity or service. A bidding process is one of the best methods for leveraging a company’s negotiating ability and purchasing power with suppliers. The RFP process brings structure to the procurement decision and allows risks and benefits to be identified upfront. The RFP purchase process is lengthier than others, so it is only used where its many advantages outweigh any disadvantages and delays caused. The benefit of input from a broad spectrum of experts ensures that the solution chosen will best suit the company’s objectives. The RFP may dictate, to varying degrees, the structure and format of the supplier’s response. The creativity and innovation that suppliers chose to build into their proposals may be used to judge supplier proposals against each other. Effective RFPs typically reflect the strategy and the short/long-term business objectives of the supplier.
Let Higgins & Welch help you develop a comprehensive and successful RFP.