RFP provides opportunity to compare the top vendor(s), but the process is time-consuming.
The following steps will provide a guideline for a systematic and practical path for an effective RFP & Vendor selection process:
- Vision and Goal – Leadership Expectations
- Business Case review – “As Is”, “Current Challenges”, “Future State: etc.
- Identify RFP Team
- Gather Requirements
- Conduct Meeting with each of the functional team SME’s
- Perform Value stream analysis & develop process flow chart
- Functional area – Business Processes – Scenarios
- “Must have”, “Should have”, “Could have”, “Won’t have”
- Identify gaps and opportunities for improvements
- Research and Identify vendors based on the requirement
- Decide on your RFP format
- Contact – Email, Timeline and Phone number
- Construct an RFP Document
- Compile Questions for each of the Functional teams
- Collection of RFP documents: business processes, reports, labels, etc.
- Compile Pricing Template
- Compile a Scoring Matrix (points, weighting)
- Launch the RFP
- Send Vendor Invitation – Top 3 to 5
- RFP Review —
- Collect responses and select top 2 to 3 vendors
- Conduct Demo by (top 2 to 3) vendors
- Update scorecards
- Capture feedback and score card from functional team members
- Check references & capture feedback and update score card.
- Provide results of the score card to leadership
- Shortlist Presentation Meetings
- Vendor Shortlist (top 1)
- Request from selected vendor for a MSA /Contract for review
- Request from final vendor to provide SOW for review
- Pricing negotiations
- Executive Review
- Award Business
- Establish timeline, internal resource commitment, budget etc.
- Assign Project manger
- Conduct project kick-off meeting