--- title: How to Create an Effective Business Intelligence (BI) RFP --- # How to Create an Effective Business Intelligence (BI) RFP Last Reviewed: March 18, 2026 9 min read [1 comment](https://www.selecthub.com/business-intelligence/business-intelligence-rfp-template-guide/?noamp=mobile#comments) [ ![Ritinder Kaur](https://www.selecthub.com/wp-content/uploads/2021/06/cropped-Ritinder-Kaur-v2-1-96x96.png) ](https://www.selecthub.com/author/ritinder-kaur/) [Written by Ritinder Kaur](https://www.selecthub.com/author/ritinder-kaur/) Sr. Technical Content Writer [ ![Hunter Lowe](https://www.selecthub.com/wp-content/uploads/2023/11/cropped-Hunter-Headshot-96x96.jpg) ](https://www.selecthub.com/author/hunter-lowe/) [Edited by Hunter Lowe](https://www.selecthub.com/author/hunter-lowe/) Content Editor Table of Contents Explore the Business Intelligence Hub What's your top priority today? * [Learn](#) * [What is Business Intelligence?](https://www.selecthub.com/category/business-intelligence/) * [Types of BI Tools](https://www.selecthub.com/business-intelligence/key-types-business-intelligence-tools/) * [Excel for BI](https://www.selecthub.com/business-intelligence/excel-for-bi-tool-using-replacing/) * [BI Software Features](https://www.selecthub.com/business-intelligence/critical-business-intelligence-features/) * [BI Software Benefits](https://www.selecthub.com/business-intelligence/business-intelligence-software-benefits/) * [BI Software Examples](https://www.selecthub.com/business-intelligence/business-intelligence-examples/) * [Microsoft BI Tools Guide](https://www.selecthub.com/business-intelligence/microsoft-business-intelligence-tools/) * [Plan](#) * [BI Software Requirements](https://www.selecthub.com/business-intelligence/top-business-intelligence-requirements/) * BI Software RFP * [What Is an RFP?](#What%5FIs%5Fan%5FRFP "What Is an RFP?") * [What To Include In an RFP](#What%5FTo%5FInclude%5FIn%5Fan%5FRFP "What To Include In an RFP") * [The Process](#The%5FProcess "The Process") * [Define Your Requirements and Criteria](#Define%5FYour%5FRequirements%5Fand%5FCriteria "Define Your Requirements and Criteria") * [Import Requirements Into a Formal Document](#Import%5FRequirements%5FInto%5Fa%5FFormal%5FDocument "Import Requirements Into a Formal Document") * [Share the RFP With Target BI Vendors](#Share%5Fthe%5FRFP%5FWith%5FTarget%5FBI%5FVendors "Share the RFP With Target BI Vendors") * [Review Vendor Proposals](#Review%5FVendor%5FProposals "Review Vendor Proposals") * [Negotiate and Sign the Contract](#Negotiate%5Fand%5FSign%5Fthe%5FContract "Negotiate and Sign the Contract") * [What Is an RFI?](#What%5FIs%5Fan%5FRFI "What Is an RFI?") * [What Is an RFQ?](#What%5FIs%5Fan%5FRFQ "What Is an RFQ?") * [Next Steps](#Next%5FSteps "Next Steps") * [Compare](#) * [Best BI Tools](https://www.selecthub.com/business-intelligence/best-bi-tools/) * [Best Free BI Tools](https://www.selecthub.com/business-intelligence/free-business-intelligence-tools/) * [Best Open-source Reporting Tools](https://www.selecthub.com/business-intelligence/pros-cons-open-source-reporting-tools/) * [Best Data Visualization Tools](https://www.selecthub.com/business-intelligence/data-visualization-tools/) * [Best Dashboard Software](https://www.selecthub.com/business-intelligence/businesses-need-dashboard-software/) * [Tableau Competitors](https://www.selecthub.com/business-intelligence/tableau-competitors/) * [Power BI Alternatives](https://www.selecthub.com/business-intelligence/power-bi-alternatives/) * [Power BI vs. Tableau vs. Qlik Sense](https://www.selecthub.com/business-intelligence/tableau-and-qlikview-and-microsoft-power-bi/) * [Looker vs. Tableau](https://www.selecthub.com/business-intelligence/looker-and-tableau-bi-tools/) * [Tableau vs. Domo](https://www.selecthub.com/business-intelligence/tableau-and-domo/) * [Tableau vs. Excel](https://www.selecthub.com/business-intelligence/tableau-and-excel/) * [Power BI Pro vs Premium](https://www.selecthub.com/business-intelligence/power-bi-pro-and-premium/) * [Launch](#) * [BI Software Implementation](https://www.selecthub.com/business-intelligence/business-intelligence-implementation/) * [BI Software Integration](https://www.selecthub.com/business-intelligence/business-intelligence-software-integration/) Negotiating a contract and finalizing a [BI software](https://www.selecthub.com/c/business-intelligence-tools/) vendor depends on how well you match suppliers to your requirements using a request for proposal (RFP). How is a business intelligence RFP different from an RFI and RFQ? Do you need all three, and in what order? This article discusses these documents and how an RFP supports preliminary vendor outreach. [Get our BI Tools Requirements Template](https://pmo.selecthub.com/bi-requirements-template-site-vers/) ![Business Intelligence RFP Guide]() ## What Is an RFP? A request for proposal is a formal, structured document to solicit proposals or bids from vendors, suppliers and service providers. A BI request for proposal invites submissions from BI software and service vendors. ![RFP Definition]() It’s an early step in procurement, and you should have a BI requirements checklist ready by this time. However, requirements aren’t the only item in this document. * It offers information about the company that might interest vendors when submitting a proposal. * Additionally, it includes project details, proposal submission guidelines, selection timelines, evaluation criteria and contract terms. * Fine-tune the requirements using inputs from data teams and people who’ll use the BI system. * Clear evaluation criteria encourage healthy vendor competition and assure unbiased assessment. Consultants, procurement and project managers are most likely to write a BI RFP. [Get our BI Tools Requirements Template](https://pmo.selecthub.com/bi-requirements-template-site-vers/) ## What To Include In an RFP Write a professional-looking request that includes the following sections. You can omit any areas that aren’t applicable. **1\. Title Page:** It should include your company’s name, document title, the issue date and a serial number. **2\. [Change Log](https://oboloo.com/blog/what-is-a-change-log-definition/):** It’s a table to record the date of change and version number as the RFP undergoes revisions. **3\. RFP Overview:** This section briefly describes the required BI system’s functionality and features. **4\. Company Overview:** It includes information about your organization’s values, mission, vision, industry, size, location and company-specific details pertinent to the required BI system. **5\. Project Scope and Requirements:** It’s the most crucial section explaining your organization’s needs regarding BI functionality and budget. **6\. Proposal Submission Guidelines:** This section includes details on submitting a proposal, including the following points. * Proposal submission date and time. * Mode of submission — email or website. * Acceptable file size, format and type. * Mandatory sections. * Steps to get clarity on the submission process. * Deadline to submit queries, if any. * An explicit confirmation that the RFP isn’t a contract and is subject to change and alteration. * A tentative date range for product demonstrations. * The date of decision. * The date of finalizing the contract. * The planned deployment date. **7\. [Evaluation Criteria](https://www.responsive.io/blog/rfp-evaluation-criteria):** Use this section to inform vendors about how your evaluation team will assess the submitted proposals. Include a pointwise breakdown of product evaluation parameters so vendors know which areas to focus on when forwarding a proposal. Functionality, support, pricing and deployment assistance are primary considerations. Describe how you’ll decide the final ranking and whether demos and [proof-of-concept](https://www.projectmanager.com/blog/proof-of-concept-definition) will garner extra points. Product demos help you learn about the [BI platform’s features](https://www.selecthub.com/business-intelligence/critical-business-intelligence-features/). Ask for references and testimonials in this section. **8\. Terms and Conditions:** Mention that you’ll invite the highest-ranking vendor for contract discussions and what happens if you can’t finalize the contract. Detailed specifications improve the chances of receiving precise and relevant proposals. Our [Procurement RFP](https://www.selecthub.com/eprocurement/procurement-rfp/) article provides an excellent example of what to write in an RFP. ## The Process A request for a proposal benefits buyers and sellers as all the info is available in one document, helping them decide if one can fulfill the requirements of the other. ![Steps to Create a BI RFP]() ### Define Your Requirements and Criteria Assign a person or team to manage the request process and engage key stakeholders in requirements gathering. Does your organization need a [big data analytics tool](https://www.selecthub.com/c/big-data-analytics-tools/) or a [reporting platform](https://www.selecthub.com/c/enterprise-reporting-system/)? * Cloud deployment, data warehousing, [big data integration](https://www.selecthub.com/big-data-analytics/big-data-integration/), [enterprise reporting](https://www.selecthub.com/business-intelligence/enterprise-reporting/reporting-tools-features-requirements/) and dashboards are features common to [BI platforms](https://www.selecthub.com/business-intelligence/key-types-business-intelligence-tools/). * [Data management](https://www.selecthub.com/big-data-analytics/data-management/) is a significant component of business intelligence software. * In addition to ease of use and integration abilities, BI software shoppers need tools to handle the amount and type of data their system will process. * You’ll need to find a vendor that can connect to your company’s databases, pull data from third-party programs and seamlessly mesh with your current data infrastructure. ![SelectHub RequirementsHub]() Define your unique business needs with our Requirements Hub. Use our [requirements checklist](https://www.selecthub.com/business-intelligence/top-business-intelligence-requirements/) to build and prioritize your desired BI features, or get free access to our [Express App](https://pmo.selecthub.com/bi-software-analyst-report-site-vers/) to generate a feature-by-feature comparison scorecard of your preferred products. What else do you need? * Get acquainted with your company’s vision, values, mission, and stakeholder pain points and expectations. * Determine the procurement timeline from senior management and the budget figures to include in the request document. * Prepare detailed proposal submission guidelines and get approval on them. Ask your manager which contract terms to include. Though [not all RFPs are legally binding](https://oboloo.com/blog/is-an-rfp-legally-binding-and-why-is-it-important/), any contract terms or language discrepancy can incur liability, so pay special attention to the language and review it carefully before sharing the document publicly. [Get our BI Tools Requirements Template](https://pmo.selecthub.com/bi-requirements-template-site-vers/) ### Import Requirements Into a Formal Document Once you’ve established and ranked your BI requirements, integrate them into your formal business intelligence proposal. Create a professional-looking request document that includes your project goals, an intro to your organization, and your outlined requirements. An [RFP platform](https://www.selecthub.com/professional-services/software-selection-services/) assists in creating the request document through guided workflows and ensures you include all components. ### Share the RFP With Target BI Vendors Make the document public via a web page or email. Or opt for RFP software to manage document creation, vendor management and BI proposal evaluation. As in the request-building process, a BI proposal tool will help organize vendors and keep you on top during the vendor contact process. Capture and organize the received BI proposals in a separate folder for record purposes. ### Review Vendor Proposals Once you share your request for proposal with your chosen business intelligence vendors, they’ll respond with the details of available features, user support options, pricing and implementation procedures. They may also have questions. You can reply to each vendor immediately or wait until after the submission deadline. Either way, immediate responses help avoid delays in the selection process. The screening process can involve scoring vendors on a number-based scale or internal discussions to clarify technical details, identify mistakes or discuss vendor quotes. ![Compare Vendors with SelectHub RequirementsHub]() Compare and shortlist vendors with our ranking system. After reviewing all the responses, you’ll want to move forward with the BI vendors that best meet your criteria. Getting proof-of-concept and demos would be an excellent next step if you’re still deciding between a few vendors. A proof-of-concept allows you to see the software in action and assess its ability to complete specific tasks. ![Vendor POC in SelectHub RequirementsHub]() Ask for a demo to see the product in action. Real-life examples of system capabilities will help you imagine the software in your everyday work, facilitating a final decision. [Compare BI Software Leaders](https://pmo.selecthub.com/bi-software-analyst-report-site-vers/) ### Negotiate and Sign the Contract Once you’re satisfied with a vendor’s demo and proof of concept, add them to our shortlist. Shortlist up to three vendors for pricing and contract discussions. Pricing can be a significant differentiator for software buyers. Even if a vendor offers all the necessary features, implementation isn’t possible if it doesn’t fit your budget. If you have already chosen a vendor, hash out the contract details and terms of agreement with them and finalize the implementation details. You can create a plan for bringing the software into your organization and discuss how the vendor will assist. Many vendors offer installation support and training with the product package. ## What Is an RFI? A request for information (RFI) is a formal document used to gather information before issuing a request for proposal. An RFI may be helpful to businesses that need a new system but aren’t aware of a solution. * An [RFI](https://snov.io/glossary/request-for-information-rfi/) is a preliminary step to sending a formal request for proposal and has no fixed format. It’s non-binding, unlike a request for proposal. * A request for information isn’t as detailed as an RFP and includes basic company details, a request to the vendor to enter information about their product and a confidentiality agreement. * Requests for information usually consist of requirements with little knowledge of helpful features. ## What Is an RFQ? A request for quote (RFQ), called an Invitation for Bid (IFB), is a document a buyer sends to potential vendors requesting detailed pricing information for specific goods or services. As a BI software buyer, you’ll use an RFQ when you clearly understand the product or service you’re getting and want to obtain competitive pricing from various suppliers. An RFQ/IFB contains essential information, including product or service specifications, the required quantity, delivery and payment terms, evaluation criteria and submission timelines. You can send an RFQ before an RFP, with it, or separately to existing suppliers for new orders. An RFQ is a standard document companies send when the product quantity and deliverables are known. On the other hand, a request for a proposal is helpful when seeking new suppliers and projects when you aren’t aware of the deliverable quantity and the pricing terms. [Automate RFI/RFP Creation with the Decision Platform](https://www.selecthub.com/decision-platform/) ## Next Steps It’s imperative for companies using business analytics to master the art of creating effective business intelligence RFPs. A BI request document initiates an open dialogue between businesses and potential vendors and sets the foundation for a successful, long-term partnership based on mutual understanding and aligned goals. Need help? Automate RFP/RFI creation with our [Decision Platform](https://www.selecthub.com/decision-platform/) to maximize your data technology investment. Acquire and deploy software cost-effectively with detailed cost-of-ownership reports. Would you like to share your successful BI request processes? How do you ensure a transparent software selection process? Let us know in the comments. [ Previous BI Software Requirements ](https://www.selecthub.com/business-intelligence/top-business-intelligence-requirements/) [ Next Best BI Tools ](https://www.selecthub.com/business-intelligence/best-bi-tools/) ### Trending Topics #### [Business Intelligence](https://www.selecthub.com/category/business-intelligence/) [The 5 Best Statistical Software Tools of 2026](https://www.selecthub.com/business-intelligence/statistical-software/) [Wouldn’t you jump at the chance to get things done faster? 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Big Data, data mining, data… ](https://www.selecthub.com/business-intelligence/key-types-business-intelligence-tools/) [ ![Bergen Adair](https://secure.gravatar.com/avatar/b9985f5202fbae2efa5a566d409354bbe99c18f8fd579991494c86a2c184dc2b?s=96&d=mm&r=g) Bergen Adair ](https://www.selecthub.com/author/bergen/) Mar 18, 2026 Originally published in June 2021 and last updated in March 2026\. Contributions from Ritinder Kaur, and Hunter Lowe. ## About the Contributors The following team members helped research, create, and review this content. [ ](https://www.selecthub.com/author/ritinder-kaur/) Written by [Ritinder Kaur](https://www.selecthub.com/author/ritinder-kaur/) Sr. Technical Content Writer Ritinder Kaur is a Senior Technical Content Writer at SelectHub and has ten years of experience writing about B2B software and quality assurance. She has a Masters degree in English language and literature and writes about Business Intelligence and Data Science. Her articles on software testing have been published on Stickyminds. [See Full Bio](https://www.selecthub.com/author/ritinder-kaur/) [ ](https://www.selecthub.com/author/hunter-lowe/) Edited by [Hunter Lowe](https://www.selecthub.com/author/hunter-lowe/) Content Editor Hunter Lowe is a Content Editor, Writer and Market Analyst at SelectHub. His team covers categories that range from ERP and business intelligence to transportation and supply chain management. Hunter is an avid reader and Dungeons and Dragons addict who studied English and Creative Writing through college. In his free time, you'll likely find him devising new dungeons for his players to explore, checking out the latest video games, writing his next horror story or running around with his daughter. [See Full Bio](https://www.selecthub.com/author/hunter-lowe/) Bergen AdairThe Best Business Intelligence Systems and the Different Types * ‹ * › ### Conversation (1) ![Avatar](https://secure.gravatar.com/avatar/281d3616cf761f3582c0d76c23517846?s=32&d=mm&r=g) Write a response [Cancel reply](https://www.selecthub.com/business-intelligence/business-intelligence-rfp-template-guide/#respond) Your message Your name \* Your email \* Website Save my name, email, and website in this browser for the next time I comment. Δ * ![Avatar photo](https://secure.gravatar.com/avatar/7d480ea830f9054352c56087394069e205dca0b1b990da7ef39bc11bd958adc9?s=96&d=mm&r=g) #### **Timothy Chilson** \- June 16, 2017 I am a BI professional (MBA/IT) contemplating whether to work for a traditional company implementing BI, a straight up BI company or a BI consulting company that assists in the implementation process. I feel my advantage is that I have lived the business ‘and’ the IT world so I know what it takes to come up with super BI solutions. So, no matter where I end up, the idea of a Business Intelligence RFP Template and Guide will be more than beneficial. I’m always looking for tools/ideas to get ahead in this fabulous BI game! **[Reply](#comment-5490)** [ Go to mobile version ](https://www.selecthub.com/business-intelligence/business-intelligence-rfp-template-guide/?amp=1) **Tier 1:** Fully/moderately supported out-of-the-box allowing for quick and easy deployment. Fully or moderately supported out-of-the-box with industry-leading capabilities and is immediately available after installation without needing any add-ons, integrations, or custom development. **Tier 2:** Supported with workarounds or add-ons that may require additional costs. Not directly available in the software, but can be accomplished using other built-in features, workarounds, or add-ons/products from the vendor with or without any additional cost. **Tier 3:** Requires partner integrations or custom development that is often at an additional cost. Requires additional integrations, plugins, marketplace applications from a third-party vendor, or custom development using the APIs, libraries, extensions, and development framework supported by the software, with or without any additional cost. 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