Скачать или смотреть How to choose the right vendor?

When you need to choose a contractor to complete a project, relying solely on DIY methods such as Google research or asking your network could be dangerous, especially when the potential risk is high.

You want to get the most value with the least amount of risk, so you need a more robust process to make sure you are uncovering your blind spots.

Here are 5 things to consider when choosing a vendor:
1. Mitigating risk: A robust procurement process can help mitigate risks associated with vendor selection, contract negotiation, and project execution.

By using procurement tools such as RFIs, RFQs, and RFPs, you can evaluate potential vendors based on specific criteria, negotiate favorable terms, and ensure that the vendor is aligned with your organization's values, standards, and goals.

2. Cost savings: Procurement processes can help identify cost savings opportunities, both in the short and long term.

By evaluating different vendors, you can compare pricing, quality, and service offerings, negotiate favorable terms, and build long-term relationships that yield better pricing and discounts over time.

3. Improved quality and performance: A structured procurement process ensures that vendors meet the desired quality and performance standards, as set forth in the RFP.

Through a formal evaluation process, you can measure each vendor's ability to deliver the product or service as required, as well as their experience, reputation, and track record.

4. Increased accountability: A procurement process can help to increase accountability, both for the vendor and your organization. By having a clear set of guidelines, deliverables, and expectations, both parties can hold each other accountable for their respective roles in the project.

This helps to avoid disputes, delays, and misunderstandings, and ensures that everyone is working toward the same goals.

5. Better relationships: A well-structured procurement process can help build better relationships between your organization and the vendor.

By communicating clearly and transparently, negotiating in good faith, and delivering on expectations, you can establish trust and respect, which can lead to more successful projects and a more positive reputation in the market.