5 steps to select the right partner
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The document outlines the key steps in the vendor selection process: 1. Define requirements - Gather requirements, conduct interviews and define what product/service is needed. 2. Search for vendors - Compile a list of potential vendors, send requests for information (RFIs) to shortlist vendors. 3. Send RFPs/RFQs - Write requests for proposals (RFPs) or quotations (RFQs) defining submission details, requirements, and selection criteria. 4. Evaluate proposals - Review proposals, score vendors based on requirements, and select the winning vendor. 5. Negotiate contract - Finalize the contract by defining priorities, risks, deliverables and other terms
5 steps to select the right partner
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- 3. 1 Analyse the business requirement Define, in writing, the product, material or service that you are searching for a vendor 1. Assemble an Evaluation Team 2. Define the Product, Material Gather data or Service Perform interviews 3. Define the Technical & Have meetings Business Requirements 4. Define Vendor Requirements 5. Publish a Document
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- 5. 2 Vendor Search Look around, Ask, scout, screen & short-list 1. Compile a List of Possible Vendors Send RFI (request 2. Select Vendors to Request for information) to More Information From select vendors 3. Write a Request for Information (RFI) 4. Evaluate Responses & Create a "Short List" of Vendors
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- 7. 3 RFP & RFQ Write a crisp request for proposal or a request for quotation 1. Submission Details 2. Executive Summary The P’s & Q’s of 3. Business Overview & vendor selection Background are very important! 4. Assumptions & Constraints 5. Terms and Conditions 6. Selection Criteria
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- 9. 4 Proposal Evaluation & Vendor Selection Take a decision in the best interests of all stakeholders 1. Preliminary Review 2. Record Business Requirements Be objective. Keep and Vendor Requirements emotions & politics 3. Assign Importance Values at bay. 4. Calculate a Total Performance Score 5. Select a the Winning Vendor
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- 11. 5 Contract Negotiation You have to "partner" with your vendor and not take them to the cleaners. 1. Rank Your Priorities 2. Know Your Bottom Line Be reasonable. 3. Define Any Time Constraints But also be firm. and Benchmarks Define deliverables. 4. Assess Potential Risks 5. Confidentiality, non- compete, dispute resolution
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