Implement a Proactive and Consistent Vendor Selection Process

Vendor selection is politically charged, requiring Procurement to navigate around stakeholder biases and existing relationships.
The process is time consuming and often started too late. In the absence of clarity around requirements, it is easy to default to looking at price instead of best fit.

Our Advice

Critical Insight

Rooting out bias is essential. Establishing a robust, ruthless, but reasonable process is vital to making unbiased vendor selections.
Price comes last, requirements come first. Spend time up front to make sure that your key requirements are complete before proceeding with vendor selection.
Differentiate business needs from wants. Comparing proposals against each other leads to confusion. Features matter – just not all of them. Matching solution capability to organizational needs matters more. Know your true minimum mandatory requirements vs. nice-to-have features, and compare proposals against your RFP instead of against each other.
Price is not cost. Calculate TCO when considering internal and external cost.

Impact and Result

Design a procurement process that is robust, ruthless, and reasonable.

Take control of vendor communications: set and enforce clear guidelines around contact.

Gather a solid set of requirements and make sure they remain the primary focus.

Implement a Proactive and Consistent Vendor Selection Process Research & Tools

Start here – read the Executive Brief

Read our concise Executive Brief to find out why you should optimize your vendor selection process, review Info-Tech’s methodology, and understand the four ways we can support you in completing this project.

Implement a Proactive and Consistent Vendor Selection Process – Executive Brief

1. Establish and formalize process

Map your current vendor selection process, identify gaps, and then amend and document the process.

2. Gather requirements and write RFx

Begin a specific vendor selection by writing a project plan, then gathering and prioritizing requirements. Next, select, write, and publish your RFx.

3. Evaluate and select vendor

Select your evaluation method and framework, then perform due diligence and evaluate pricing. To finish, select and recommend a vendor.

Member Testimonials

After each Info-Tech experience, we ask our members to quantify the real-time savings, monetary impact, and project improvements our research helped them achieve. See our top member experiences for this blueprint and what our clients have to say.

Client

Experience

Impact

$ Saved

Days Saved

Testimonial

Bauer Hockey LLC

Guided Implementation

10/10

N/A

There were no worst parts to my interaction with Steven today. Steven & Colin understood my objective and time restrictions and gave me a practical... Read More