Selection of Vendors

 Selection of Vendors

1) Define and Analyse the business requirements
What type of product is needed?
What are the technical specifications?
What is the quality ?
And define vendor requirements

2) identify the vendors
Make a list of eligible vendors and request for RFI.

3) Evaluation of vendor
On a scale of 10, (whatever your calculating method) you can give ratings to the vendor
A) legal compliance
B) ISO certification
C) Health Safety and Environmental policies
D) Production
E) numbers of clients
Etc.

4) vendor briefing
Once vendor evaluation method is selected you can brief the vendor about evaluation criteria.

5) Complete vendor selection
Select the vendor based on evaluation and make sure you also have a secondary vendor as a backup option.

6) Complete the contract with the selected vendor
This include identify clear objectives, lead time (time frame), I terms, and P terms
All this must be written down in term of the contract with a vendor.