We recently walked you through the first phase of conducting a vendor search. Phase 1 covered the preparation portion of conducting a full search. In Phase 2, we focus on the analysis portion of the search.
Phase 2: Analysis (Steps 3, 4 & 5)
STEP 3 - Solicit for proposals
- Send RFP to prequalified vendors
- Set clear expectations from the outset on deadlines, response submission format, and how vendors should communicate with you throughout the process
- Determine the proposal evaluation criteria, consider a comparative scorecard
- Analyze the response, keeping in mind the objectives of the search
- Determine if finals presentations are necessary, if not, move to Step 5
- Select finalists from the candidate pool that best address the plan’s unique objectives and overall circumstances
STEP 4 - Choose vendor finalists and conduct final presentations and analysis
- Notify finalists
- Coordinate finalist presentations and/or site visits
- Request sample materials
- Check vendor references
- Negotiate preliminary fees and service standards with all finalists
STEP 5 - Select Vendor
- The Vendor Search Committee should use the finalist presentations as an opportunity to interact directly with the vendor’s service team and ask specific questions about their proposal
- Choose and notify selected vendor
Be on the lookout for our blog covering phase 3 in the coming weeks.
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