This checklist outlines the steps required to manage vendors effectively, ensuring compliance, performance evaluation, and proper documentation throughout the vendor lifecycle.
Determine the specific needs and requirements for the vendor selection based on the project or service needed.
Conduct market research to identify potential vendors that meet the requirements established.
Send out Request for Proposals (RFPs) to selected vendors and set a deadline for submissions.
Review and evaluate the proposals received based on criteria such as cost, quality, and compliance with requirements.
Schedule interviews with top candidates to further assess their capabilities and compatibility.
Make a final decision on the vendor selection based on evaluations and interviews.
Negotiate terms and conditions with the selected vendor, ensuring clarity on deliverables and payment terms.
Set up regular communication channels and reporting schedules with the vendor for ongoing management.
Regularly assess the vendor's performance against agreed-upon metrics and provide feedback.
Maintain records of all communications, contracts, and evaluations for future reference and compliance audits.