RFP stands for Request for Proposal. An RFP is a process by which a company asks other companies to submit solutions to provide services and products in accordance with a wide range of specific characteristics. There are many steps to consider, such as planning the process, developing the RFP document, sending the RFP and analyzing it, and lastly, the final selection.
As part of an RFP process, a request for proposal (RFP) is a document bringing together several questions which vendors will answer. The entire document will represent the solution offered by a vendor. The document includes many sections and will change from one company and one RFP to the other. The usual sections can include an overview of the company’s needs, the response process, the technical requirements and the scope of work. In TEM, we could also find questions about the details of the implementation, the inventory management, the support offered, etc.