The vendor selection plan is a document that contains the company's expectations for its vendors. This plan should be created before choosing any new vendors to work with. Once you have your criteria set up, it will be easy to find the best fit for your needs.
The plan includes information on selecting vendors, what to look for in them, and how much you're willing to pay. It also needs to address the criteria that will be used when evaluating their performance against your expectations.
The benefits of using this template include:
- Makes sure that all decisions about vendors, subcontractors, and materials are made in accordance with your company's standards.
- A vendor selection plan template will help you identify what kind of vendors might work best for your needs such as cost, skillset, availability, and location. It will also give you a checklist that allows you to see if they have all the necessary qualities needed before making your final decision.
Format: MS Excel
The vendor evaluation plan has the high-level steps -
- Put together the selection team
- Agree on the business KPI
- Define the technical requirements
- Define the requirements from the vendor
- Define the grading process
- Get Stakeholder confirmation
- Compile a list of possible vendors
- Make the first cut
- Write an RFI document
- Analyze the responses
- Write an RFP document
- Analyze the responses
- Make the second cut
- Request a POC from the vendors that made the cut
- Compile a shortlist
- Present the shortlist
- Publish an RFQ
- Contract negotiation
- Sign the contract
- Start the supplying process
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