How to write an RFP for information products.
Information Outlook › Vol. 10 Nbr. 6, June 2006
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Summary
Information Business - Requests for proposal - Cover story
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How to write an RFP for information products.
Once upon a time, an international company's fledgling information department was tasked with buying online content to provide appropriate economic and financial news and company information. Although the information manager was an experienced researcher, he had not purchased information products before and did not know about the RFP process.
[ILLUSTRATION OMITTED] The information manager identified a number of potential suppliers and arranged for trial subscriptions to test the online databases, both from a content and functionality point of view. At the same time, he talked to a number of stakeholders within the company to ascertain what their requirements for business intelligence would be. It emerged that although price was important, in-depth coverage of the company's potential markets in Eastern Europe was one of the most important criteria. Without any tools to help him compare the content, functionality, and pricing structure of the online products, the information manager struggled to compare different products and reach a decision about which supplier's products were most suitable. After reaching a decision, the supplier sent its standard contract, terms, and conditions. The information manager then realized that the standard contract would not be acceptable to the company and sought advice from two colleagues--one who was an experienced negotiator, the other who was a qualified lawyer. It took several months of negotiating before the contract terms were acceptable to both parties. Had the information manager known about the RFP (or request for proposal) process, it would ...See the full content of this document
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