RFI — Request for Information
Definition: An informal early-stage document buyers send to gather information about what vendors can do — before a formal RFP.
Example
A procurement team sends an RFI to 10 vendors to learn the market, then narrows to 4 for the RFP.
When you'll hear it
RFI shows up most often in board meetings, quarterly business reviews, and strategy off-sites. When someone uses it, they're usually referring to request for information — and they expect the room to already know what that means.
FAQs
What does RFI stand for?
RFI stands for Request for Information.
What does RFI mean in business and finance?
An informal early-stage document buyers send to gather information about what vendors can do — before a formal RFP.
Where will I hear RFI used at work?
RFI comes up most often in board meetings, quarterly business reviews, and strategy off-sites. It's used as shorthand for request for information, so people assume you already know the term.