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Vendor Evaluation & Selection

Structured process for evaluating, scoring, and selecting vendors or service providers.

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Vendor Evaluation & Selection
Duration:1–2 weeks
Roles:Procurement Manager, Department Head, Finance Lead
Cadence:Per vendor selection
GeneralMedium

Steps

  1. 1

    Define requirements

    Document technical, commercial, and compliance requirements.

  2. 2

    Identify candidates

    Research and shortlist 3–5 potential vendors.

  3. 3

    Send RFP/RFQ

    Send request for proposal or quote to shortlisted vendors.

  4. 4

    Collect responses

    Gather and organize vendor proposals by deadline.

  5. 5

    Score vendors

    Rate each vendor against predefined criteria (price, quality, support).

  6. 6

    Reference checks

    Contact vendor references and verify claims.

  7. 7

    Negotiate terms

    Negotiate pricing, SLAs, and contract terms with top candidates.

  8. 8

    Final selection

    Present recommendation to stakeholders and get sign-off.

  9. 9

    Contract execution

    Finalize and sign the vendor agreement.

Customize this template

This template is a starting point. Customize steps, owners, deadlines, and proof requirements to match your exact workflow.

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