Resource Origin: Sourcing Innovation

“RFX, which is one of the most common acronyms in the strategic sourcing and procurement landscape, is a catch-all term that captures all references to Request for Information (RFI), Request for Proposal (RFP), Request for Quote (RFQ), and Request for Bid (RFB). The RFX process is probably one of the most difficult e-Sourcing processes to define as it can range from a simple one-time RFQ to a complex multi-stage RFI / RFP / RFQ process, depending on the needs of the project. The complexity of the RFX process is determined by, among other factors, the completeness of the requirements, the number of suppliers that have been qualified, expected competition in the supplier base, inherent risk in the sourcing effort, and projected savings or cost avoidance opportunities…”

http://www.sourcinginnovation.com/glossary/RFX.php

Contributors: Open Source
Categories: Industry Articles, SIG U Resource
SRC Type: eSourcing and Tools, Procurement Operations, Sourcing