Written on 18th March 2021 - < 1 minute

The Five Steps to Vendor Selection; Vendor selection strategies

Five steps to Vendor Selection

Request for Proposal (RFP) response evaluations will help you to find the best vendor for your next project. These five steps are an evidence-based approach to vendor selection.  It is a transparent and collaborative model that helps the evaluation teams to objectively examine the proposals and so select the best one.
Following these steps will allow you to choose the best partnership:

  1. Assemble Team   Create a diverse team of experts from relevant departments for objectivity
  1. Review proposals  Independently review and evaluate submitted proposals to eliminate group biases
  1. Demos   Choose vendors for demos or presentations based on input from your whole team
  1. Final evaluation   Minimise policies and objectively evaluate to select the best vendor for your RFP
  1. Award contract  Discuss and prepare for negotiation as a team for increased buy-in and alignment

We hope you found these vendor selection strategies helpful, in addition to this process, there are three key areas companies use when considering a new vendor. Find out what these are by downloading the “How to Select a Vendor” White paper by Bloor today.

Click here to download Bloor Research White Paper on vendor selection today.

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