Quantitative Vendor Comparison Technique for RFP or RFI
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Overview: Clients are looking into the marketplace more often nowadays to buy a product or solution, rather than building it on their own. So it is extremely important for clients to follow an effective and efficient vendor selection process. In this article, I have presented a quantitative methodology to determine the best-fit vendor based on numerical scoring of vendor’s response to a RFP or RFI. In this approach, a total score in “vendor points” is assigned to the overall RFP which is distributed to the RFP categories, subcategories and RFP questions based on their relative importance. Based on vendor’s response, client evaluators will rate the RFP questions using predetermined qualitative choices. These will then be converted into a numerical score which will be summed up to determine overall vendor score. Analysis of vendor scores will help clients determine the best-fit vendor product or solution.