Procurement Terms
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A Request for Information is a document or online invitation for a supplier to submit information about the goods and services they provide and any other supporting information that allows qualification about the organisation to be made. In more complex requirements, an RFI can be supplemented by a supplier communication day to provide more information to suppliers about the potential opportunity.
A Request for a Proposal is a document or online invitation to submit a proposal for goods or services. They are generally used when the purchaser needs to understand the potential solutions available as opposed to when a specific product or service is required.
A Request for a Quotation is a document or online invitation to submit a quotation for specific goods or services. They are used when the purchaser knows what they need to procure and can be definite about the requirement.
Sustainable Procurement, sometimes Responsible Procurement or Ethical Procurement, is the commitment of applying consideration to environmental, social, and governance factors (ESG) in procurement decisions. These factors should be applied across all aspects of the procurement cycle. It means that the procurement processes are compliant with environmental laws, fair labor practices, resource consumption targets and other core principles of ESG. These factors are becoming more important to overall business performance due to the increase in consumer requirements for sustainable goods and services. Due to this, sustainable factors are now a key pillar of the business requirements gathering activities.
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Reverse auctions, digitally referred to as eAuctions, are where suppliers bid to fulfill a buyer’s requirement of goods or services. Unlike forward auctions, where buyers compete and bids keep increasing, reverse auctions have suppliers competing amongst themselves. In most cases, bidding starts from the highest price and the lowest overall bid wins.
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