The RFP / RFQ Process
For the most part, the steps in conducting a RFP vs. a RFQ are very similar. The primary difference between the two being a shorter timeline for an RFQ due to the added complexity of preparing a RFP document. TCE's process for executing these engagements follows:
Define the business need and requirements: TCE will conduct discovery to document the business need, vendor/solution nominations from stakeholders and details of the solution or services being sought, including all specific required capabilities, features or qualifications.
Identify potential vendors or suppliers: In this phase, TCE will identify a slate of potential solutions/partners that meet the requirements defined in the first phase and submit to the Client for final approval.
Prepare and issue the RFP/RFQ document: TCE's RFP/RFQ documents include a description of the business need and a response template populated with questions to elicit the information needed to make the sourcing decision--as well as an overview of the process, deadlines and submission requirements. Upon Client approval of the RFP/RFQ document, it will be issued to the suppliers identified in phase #2.
Response Grading and Proposal Ranking: At the deadline for submission, all responses will be reviewed by TCE for accuracy and completeness, with follow-up, if necessary, to any respondents for clarification of a response. TCE will then grade the proposals and rank the providers.
Finalist shortlist and interviews/product demos: In partnership with the Client, a shortlist of potential solutions/partners will be created, then TCE will facilitate a series of meetings between the Client and prospective vendors to further vet the proposals and assess the respondents qualifications, experience, and ability to meet the specified requirements. At this point, TCE will communicate with respondents that were not selected to the shortlist.
Vendor Selection: Upon Client's decision on vendor selection, TCE will provide support throughout the contracting process with the prospective vendor to ensure requirements outlined in the RFP / RFQ are properly defined in contractual documents. Once the contract is signed, TCE will communicate with and provide closure to finalists that were not selected.