How to Select a Vendor
Do you have a sensitive and complicated project for your business that requires you to select a vendor which can provide the actual needs of your company?
Selecting a vendor is a hard task for a manager that entails assurance that the chosen vendor can supply the things being asked by a project, thus, here are the tips on how to select a vendor resourcefully.
How Complicated is Selecting a Vendor?
If you are assigned to manage a new project that requires you to select a vendor to supply its needs, it is indeed a complicated task for you as a manager to deal with. The selection process of choosing a vendor should follow a strict guideline to be able to meet the standards detailed in the new project. In fact, to lighten up this task, you can get suggestions and recommendations from your staff to make it easy for the selection process.
There are several pointers when selecting a vendor for the company’s latest project, if the selection process fails to find the right vendor, this will result to waste of time and money in the first place. To prevent this from happening, we have organized several helpful hints in selecting vendor for your company.
How to Select a Vendor Precisely?
The first thing that a manager ensures during the process of selecting a vendor is to avoid inconsistencies that may affect the smooth flow of the project. Falling to the wrong vendor will only means disappointment that influences a lot on the growth and future transactions of the company; hence it is necessary to apply a guideline on the vendor selection procedure.
- Evaluate systematically the requirements of the company’s project
- Get a list of vendor candidates
- Send RFP (Request for Proposal) to every candidate
- Pick the right vendor that fits well on the company’s criteria
This initial stage of the selection process is very crucial as it involves a deep analysis on the necessities of the business for a new vendor. The cooperation of the members of the team that handles the project is so important to make the task easier and faster. For better results, choose the employees that are knowledgeable to handle such project and assign them in the area where they excel most. Lay out the requirements, create a list of inventory and criteria then put them in documentation and make an outline of vendor requirements.
Basing on the vendor requirements, you can now make a rundown of the possible candidates for the project. The more choices you can add up on the list, the more chances you can find the right vendor. This will not limit the chance of the existing vendor of the company to be included in the choices, if you think that they are still capable enough for recent project.
This part is important to have an exact idea of how the candidates will provide their proposals based on the requirements being asked in the RFP. It is recommended to give a timeframe for the vendors in submitting their formal proposals so you and your team will have enough time to analyze all the proposals.
Once all the proposals are submitted, it is high time to select the right vendor as voted by the whole team. The winner should be notified at once so the project should start in the soonest time possible.