What is an RFP?
The request for proposal (RFP) process allows organizations to seek out vendors or contractors needed for supplies or services for a company’s project that they can not support internally. A typical RFP describes the project and specifically what the company is looking for in the bidding companies.
What is the RFP Process?
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Once the organization determines their goals and develops a strategy for their project, Project Managers will develop RFPs and distribute them to the selection of architects, general contractors, furniture vendors, IT/Security/Audio-Visual consultants, moving companies and, construction testing services, amongst others. Project Managers typically hold vendors accountable to the RFP process by constructing a schedule for bid submission and bid requirements. There is usually an opportunity to submit questions (RFI or Request for Information) to ensure that the vendors understand what the project team is seeking.
After receiving the RFP responses, Project Managers will complete a thorough analysis to level the bids and eliminate any consultants that aren’t the right fit for the project. The responses will contain details on pricing, the consultant’s scope of services, contract terms and more. Project Managers will compare the similarities and differences between each vendor’s proposal and provide a recommendation to the entire project team based on that information. If necessary, the vendor interviews will also be conducted to obtain more knowledge of what the prospective vendor can offer, who the main point of contact will be, and why their services should be chosen.
After the project team awards the appropriate party, Project Managers properly onboard the vendor to the project and puts together the applicable contractual agreement between the client and vendor. This process ensures a smooth entrance for the vendor to the project.
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