A Request for Proposal, or RFP, is a public document released by a company, agency or other organization seeking proposals from vendors related to a specific project. Once proposals are submitted, the entity that released the RFP chooses a vendor to supply the requested service and procures its services.
The RFP process has become a primary function through which corporate and government entities alike procure needed services, establishing a competitive environment designed to compel bidders to offer the highest-quality services at favorable prices.
Methods of comment management vary by organization, but can generally be broken down into two categories: manual and automated.
An RFP generally includes details about the requested services, asks for information about a bidder’s background and capabilities, establishes parameters or restrictions for the bidding process, and sets a timeline by which proposals must be submitted.