Implement a Proactive and Consistent Vendor Selection Process
Formalize your process to eliminate bias and maximize value.
- 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
Implement a Proactive and Consistent Vendor Selection Process
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.
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.
9.5/10
Overall Impact
$22,114
Average $ Saved
8
Average Days Saved
Client
Experience
Impact
$ Saved
Days Saved
Fleet Feet Sports
Guided Implementation
10/10
$12,395
5
Bauer Hockey LLC
Guided Implementation
10/10
N/A
20
National Council on Aging
Guided Implementation
10/10
N/A
N/A
DATASENSE
Guided Implementation
10/10
$7,778
10
XGen Pharmaceuticals DJB, Inc.
Guided Implementation
10/10
$26,103
10
Onsite Workshop: Implement a Proactive and Consistent Vendor Selection Process
Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.
Module 1: Establish Vendor Selection Process
The Purpose
- Document and refine your vendor selection process.
Key Benefits Achieved
- Formalized vendor
selection process.
Activities
Outputs
Map current process.
- Documented current vendor selection process
Identify gaps in current process.
- Gap analysis of current vendor selection process
Amend and document process.
- Formalized and amended process
Module 2: Gather Requirements
The Purpose
- Write a project plan and gather requirements.
Key Benefits Achieved
- Gathered and prioritized requirements.
- A clear project plan.
Activities
Outputs
Write a project plan.
- Proposal Evaluation Tool
Gather and prioritize requirements.
Write your scenario and use cases.
- Scenario Template
Module 3: Write and Assemble RFx Package
The Purpose
- Learn about
different RFx options and draft a successful RFx package.
Key Benefits Achieved
- Complete RFx package.
Activities
Outputs
Review different RFx options.
Draft RFx.
- RFx package
Make a plan for soliciting feedback and publishing the RFx.
Module 4: Perform Due Diligence
The Purpose
- Perform due diligence on candidate vendors.
Key Benefits Achieved
- Crucial information and data points
gathered about candidate vendors
- Due diligence completed.
Activities
Outputs
Customize a vendor reference script.
Reference Script Template
Review the due diligence checklist and key activities.
- Due Diligence Checklist
Module 5: Evaluate Candidate Solutions
The Purpose
- Evaluate your vendor proposals.
Key Benefits Achieved
- A selected vendor to recommend to
management with a formal presentation.
Activities
Outputs
Calculate TCO.
- TCO Calculator
Evaluator’s Guidebook
- RFP Vendor Response Template
Prepare final evaluation.
- Proposal Evaluation Tool or Pugh Matrix
Prepare presentation for management.
- Vendor Recommendation Presentation
About Info-Tech
Info-Tech Research Group is the world’s fastest-growing information technology research and advisory company, proudly serving over 30,000 IT professionals.
We produce unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. We partner closely with IT teams to provide everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
What Is a Blueprint?
A blueprint is designed to be a roadmap, containing a methodology and the tools and templates you need to solve your IT problems.
Each blueprint can be accompanied by a Guided Implementation that provides you access to our world-class analysts to help you get through the project.
Need Extra Help?
Try Our Guided Implementations
Get the help you need in this 3-phase advisory process. You'll receive 9 touchpoints with our researchers, all included in your membership.
Guided Implementation #1 - Establish and formalize process
- Call #1 - Map current process
- Call #2 - Identify gaps in current process
- Call #3 - Amend and document process
Guided Implementation #2 - Gather requirements and write RFx
- Call #1 - Write a project plan
- Call #2 - Discuss and prioritize gathered requirements
- Call #3 - Review your RFx before publication
Guided Implementation #3 - Evaluate and select vendor
- Call #1 - Select evaluation method and framework
- Call #2 - Review due diligence activities
- Call #3 - Review and validate vendor selection
Contributors
- Deepak Bansal, Director Vendor Performance Relationship Management, Willis Towers Watson
- Donald H. Hopkins, Adjunct Assistant Professor, Wright State University in the College of Business
- Daniel J. Enneking, Founder, Strategic Procurement Partners
- 2 anonymous contributors