Selecting a software vendor and solution is an important addition to help your business grow. Beacon Grace gives supply chain centers the confidence of having a partner with real world knowledge of mission critical systems from start to finish. We will guide you through making the right decision for your business.
Plan your steps to success
Phase 1: Information Gathering
Phase 1 is the most important phase to selecting the right solution for your business. There is a great deal of preparation a business needs to take before you prepare the RFP document. As a business begins this journey, there is a process of understanding needs, wants, and expectations. The information gathered during this phase is used to prepare the business, as well as prepare the RFP document.
- Identify selection team and decision makers
- Business background and overview
- Business goals and strategies
- Project goals and strategies
- Budget constraints and requirements
- Understanding related expenses and financial impacts
- Impacts assessment
- Current functional system needs
- Business process review
- Future functional system needs
- Reporting requirements
- Transactional and master data volumes assessment
- Technical requirements
- Service requirements
- Legal requirements
- Evaluation matrix and weighted by importance
- Questions for vendor
- RFP cycle milestone dates
- Key contacts
- Vendor research
Phase 2: RFP Documentation & Distribution to Vendors
Once the business is prepared in understanding the expectations and requirements, the project can move forward by preparing the RFP document and its distribution to potential vendors. Documenting formal vendor response procedures can help reduce confusion and bias.
Before the final vendor submittals are received, there will be question and answer sessions with each vendor to help them prepare their submittals. To keep all submittals on equal ground, all questions and answers will need to be distributed to all vendors. This process can be cumbersome, but Beacon Grace can easily manage this for you.
Phase 3: Vendor Evaluation – Proposal Review, Demos & Reference Checks
Once the submittals are received, the Selection Team can begin evaluating and comparing each proposal to the originally identified business needs. Meeting with vendors for a demo to see the product first hand can be invaluable in the selection process. This provides an opportunity to ask solution-specific questions and learn more about the vendors under consideration. During this phase, customer references are an important part in getting to know which vendor will work best for your business needs.
Phase 4: Vendor Selection
The Selection Team now has the honor of re-evaluating each vendor against the original determined weighted selection metrics. You will learn through this process, and may need to readjust your weighted preferences. The Selection Team takes all the information available to make a formal recommendation of which vendor and solution to select. Once the decision maker(s) approves, contract negotiations can begin.
Phase 5: Contract Negotiations & Approval
Notifying a vendor that you are ready to move forward with their solution is an exciting step. Now it is time for the executives, lawyers, and finance department to help you move forward to the next step – solution implementation.
Contact us today to discuss how we can help with RFPs and software selection.