Vendor Selection & Management
The art and science of win-win partnerships
Optimizing relationships, from RFPs to renewals
Vendors are a key part of every business. How you select and manage vendors directly impacts the bottom line—especially your ability to meet business objectives and exceed customer expectations.
To succeed, you need to proactively establish expectations and hold each and every vendor to them. Infinitive’s Change Engineers are experts in vendor selection and ongoing vendor management. We combine qualitative and quantitative measures, helping clients maximize the benefits on individual deals and long-term relationships, and freeing them to focus on satisfying customers and growing the business.
We deliver a full range of services and capabilities—following the strategy, plan, execute and evaluation (SPEE) model—so you can find the right new vendors and keep existing ones working at peak levels.
Strategy
- Relationship Management: systematic and consistent enterprise approach to vendor management—strategy, processes, and due diligence on existing vendors
- Vendor Segmentation: cross-enterprise categorization and management of strategic, tactical and transactional vendors
- Needs Assessment & Business Case: business case development for vendor need, cost/benefit analysis, market analysis, identification of vendor population
- Measurable Success/Impact Criteria: definition of key metrics, quantifiable expectations and vendor success criteria, risk assessment and mitigation.
Plan
- RFP/RFI Management: high-quality request for proposal (RFP) and request for information (RFI) documents; evaluation of responses; post-mortem analysis; bid and program management
- Proposal Validation and Evaluation Criteria: due diligence on vendor proposals, cost/benefit analysis, risk assessment, and development of rating criteria
- Negotiation: negotiation strategies and best practices for maximum leverage
- Business Rhythms: define the amount of time, financial, and other resources appropriate to realize full value from the relationship.
Execute
- Software/Vendor Selection: definition of requirements and selection criteria; independent review, fit-gap analysis; reference checks; competitive prototyping
- Negotiation: definition and negotiation of terms, ensuring mutually beneficial and sustainable agreements; identification of key areas suitable for negotiation; development and refinement of the best alternative to a negotiated agreement (BATNA)
- Negotiation and Relationship Management Training: tailored courses on vendor negotiation techniques and effective strategies for ongoing management.
Evaluation
- Vendor Performance Management: metrics and target definition; development and implementation of performance assessment processes and scorecards; performance measurement, communication and reporting; setting of future goals and parameters.
