What is the purpose of a Request for Information (RFI)?

The purpose of a Request for Information (RFI) is to collect information on supplier capabilities. An RFI is typically used in the early stages of the procurement process, allowing an organization to gather insights into the market, potential suppliers, their products or services, and their ability to meet specific requirements. By issuing an RFI, organizations can better understand the solutions available and the qualifications of various suppliers without requesting formal proposals or bids. This information can then guide further decision-making, including whether to proceed with a Request for Proposal (RFP) or other procurement steps.

The other options describe processes or documents related to procurement but do not accurately capture the primary purpose of an RFI. Inviting suppliers to submit competitive bids is more aligned with the RFP process. Finalizing contract details and outlining delivery schedules pertain to later stages in supplier selection and contract management, well after initial information gathering has taken place.