Both serve to formalize the procurement process, ensuring fairness, transparency, and competitiveness. However, RFPs and ITTs differ significantly in their application, evaluation criteria, and flexibility. In this blog, we’ll delve into what an RFP is, how it contrasts with ITTs, and why it’s critical to understand when to use each in business.
What Does RFP Stand For?
RFP stands for Request for Proposal, a process through which organizations solicit detailed proposals from suppliers when they need a solution to a specific problem but are open to multiple approaches. In an RFP, the buyer doesn't just seek a price; they also ask suppliers to outline how they would achieve the project’s objectives, considering their expertise and resources. This approach allows for creative solutions and gives suppliers an opportunity to differentiate themselves based on factors beyond cost.
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