RFP’s (and RFQ’s) can actually increase project costs and decrease the likelihood of finding the best suppliers for professional service engagements. Here’s why.
Unlike sourcing goods or equipment, when purchasing professional services, your goal should be to narrow down your evaluation to a few, well-qualified firms.
The RFP process is designed to produce the opposite. It broadly invites many firms to bid, in the name of competition, fairness, and transparency. The intended result is to ensure a job well done at the lowest possible price. Unfortunately, this is usually not achieved when tendering professional services...