RFP and procurement terminology explained

Bid Management

Bid management is the discipline of identifying, qualifying, preparing and submitting competitive bids in response to buyer-issued opportunities. It covers opportunity tracking, go/no-go decisions, response production, internal approvals and submission, typically under fixed buyer deadlines.

DDQ Software

DDQ software helps organisations respond to (and issue) Due Diligence Questionnaires used in investment management, M&A, vendor risk and regulatory supervision. It combines a question library, evidence management, annual refresh workflows and AI-assisted drafting for regulated content.

Questionnaires

A questionnaire is a structured set of questions used to collect comparable information from a defined audience. It is used across market research, compliance, vendor risk, security assessments and procurement, supported by tools that handle distribution, response and analysis.

RFP Response Software

RFP response software is a category of applications used by suppliers to respond to Requests for Proposal. It centralises an answer library, routes questions to subject-matter experts, supports collaborative drafting, and produces a complete response in the format the buyer requires.

RFX Software

RFx software is a collaborative platform where buyers and suppliers manage RFIs, RFPs, RFQs and other "Request for X" events in one workspace — buyers run structured sourcing while suppliers receive invitations, submit bids and track status through a guided portal.

Tender Management

Tender management is the procurement discipline of running competitive sourcing events end to end: scoping, publication, supplier clarifications, bid receipt, evaluation, award and contract. It applies regardless of tooling and is shaped by public procurement law in regulated contexts.