What is the first step in the process of supplier selection and contracting for purchasing?

The first step in the process of supplier selection and contracting is to gather information about potential suppliers, which is effectively accomplished through a request for information (RFI). An RFI allows an organization to solicit detailed information from potential suppliers, helping them understand the capabilities, qualifications, and offerings available in the market. This foundational stage is crucial as it provides the necessary insights that inform later decisions in the selection process, such as crafting specific requests for quotations or proposals that can be evaluated for finer details on pricing and terms.

This initial stage is about exploration and understanding the landscape of available suppliers, rather than making commitments or assessing specific proposals. Gathering this information helps ensure that when the organization moves on to more involved steps like requests for proposals or quotations, they do so with a clearer understanding of what suppliers can offer and how they can meet the organizational needs.