How to Request a Quote (RFQ) and Request Information (RFI) on the ILTPP Marketplace

The ILTPP marketplace offers two key tools to achieve this: the Request for Information (RFI) and the Request for Quote (RFQ). While their names sound similar, they serve distinct purposes in your procurement journey.

What is an RFQ?

An RFQ is a formal document used to solicit competitive pricing for specific goods or services.
It provides a detailed outline of your requirements, allowing vendors to tailor their quotes precisely.
You can only send RFQs to vendors who have opted-in to this feature.
Use an RFQ when you have a clear understanding of your needs and want to compare pricing and features directly.

What is an RFI?

An RFI is an informal inquiry sent to multiple suppliers.
Use it to gather general information about products, services, pricing, or to request basic quotes.
There are no restrictions on who you can send an RFI to within the ILTPP marketplace.
RFIs are ideal for initial research or when your needs are not yet fully defined.

How to Request a Quote/Request Information

The ILTPP Marketplace offers two options for requesting quotes:

Request from a Specific Vendor:
- Find the supplier you want to request from by name and category or by browsing the supplier list.
- Look for the RFQ/RFI Icon associated with the supplier on their profile page. Clicking the icon will open an RFQ/RFI form. Fill out the form with details like your contact information, product specifications, and any special requirements. Submit the form electronically.

Create a Broad Request
- Determine the specific products or services for which you need quotes/information. Be as detailed as possible in your descriptions.
- Look for the “Create” dropdown menu in the upper right-hand corner. This option allows you to create an RFQ/RFI for a broader range of relevant suppliers.
- You can name your request, describe it, request a specific delivery date, invite specific suppliers, and give a deadline for your project. You may also leave comments for suppliers, notify others of the quotes, and attach files for suppliers.

Responding to Quotes/Information

After submitting an RFQ, suppliers will have a designated timeframe for responding with their quotes.
You will receive notification within the ILTPP Marketplace of received quotes.
Review each quote carefully, comparing pricing, terms, and conditions.

Summary

The ILTPP Marketplace’s RFQ function is valuable for obtaining competitive quotes and ensuring you make informed purchasing decisions. By understanding the two options and following these steps, you can effectively utilize the RFQ function to streamline your procurement process and save your organization money.