Before we dive into what makes them different, let’s talk about what RFPs, RFIs, and RFQs have in common: They all help companies, government entities, and organizations find vendors that will provide the best services or products, for the right price. (Of course, there’s a little more to it than that. But for the purposes of this blog, we’re going to keep things basic.)The major difference here is the length, the type of information, and level of detail you’ll need to provide in your response.An RFQ — or request for quotation is all about the bottom line. When an organization sends out an RFQ, they know they want certain products or services delivered over a certain time period — and they’re looking for a vendor who can provide those products or services for the best price. Note: an RFQ is essentially the same as an IFB, or “invitation for bid” — don’t let the names throw you off. They’re asking for the same thing.An RFI — or request for information — is like a mini-RFP. Organizations often put out RFIs as a way to gather big-picture information and answer questions that will help them refine their search, more clearly define their needs, and vet potential vendors. The RFI process is a little like speed-dating in that it offers a quick, no-commitment way for organizations and potential vendors to get a feel for each other, decide if they want the same things, and figure out if there’s potential to take things to the next level. At this stage in the game, it’s all about the big picture. If your organization receives an RFI, you’ll probably be expected to provide the following information: [ul][li content=' A company overview that includes things like how long you’ve been in business, any certifications, licenses, or awards you’ve received, and your areas of expertise '][li content=' A company org chart, plus bios and/or resumes for your key personnel '] [li content=' A general budget/cost estimate'] [li content=' References and/or case studies from similar jobs and clients '] [ul_close] An RFI response is typically much shorter than an RFP response — and in some cases, there may even be a maximum page count. Responses should be clear, concise, well-written, and not too wordy. An RFP — or “request for proposal” is the largest, most detailed, and most comprehensive of the three. A typical RFP combines elements of an RFQ and an RFI, plus specific information about the scope of work (SOW) and the vendor’s ability to perform the work or provide the services outlined in the SOW. When you respond to an RFP, you should be ready to answer detailed questions about everything from your company’s hiring and staffing processes to technology and security measures to your financial standing.In addition to answering questions, you’ll likely need to provide documentation such as: [ul][li content=' A letter of credit from your bank '] [li content=' Proof of insurance coverage '] [li content=' Employee training materials and documentation '] [li content=' An implementation plan and a transition plan '] [li content=' Case studies and/or letters of reference from previous or current clients '] [ul_close] Depending on the organization issuing the RFP, your response could vary in length from 50 pages to well over 100. In addition to ensuring that you’ve answered every question and responded to every item on the RFP, you’ll also need to make sure that you follow formatting instructions to the letter and leave yourself time for proofreading and fact-checking before the deadline.Note: In many cases, the issuer of the RFP will require that vendors send a letter of interest (LOI) before responding to an RFP. An LOI is a simple, to-the-point letter that formally announces your intention to prepare and submit a proposal.