New Vendor / Supplier Checklist

Choosing the right supplier involves much more than scanning a series of price lists. Your choice will depend on a wide range of factors such as value for money, quality, reliability and service. How you weigh up the importance of these different factors will be based on your business' priorities and strategy.  Use this framework when evaluating a new Vendor / Supplier.
How often should this be used?
When evaluating a new vendor or supplier.
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New Vendor / Supplier

Vendor / Supplier Company

Check where the vendor is located.
Check where its local offices are.
Check how many employees the vendor has.
Check how long the vendor has been in business.
If the vendor is not independent, check who owns the vendor’s company.
Check who the vendor’s most important business and trading partners are.
Check what is the vendor’s understanding of and vision for your industry.
Check what horizontal or vertical market the vendor focused on.

Vendor / Supplier Offerings

Check the products the vendor offers Ask the vendor to provide specific information.
Check the services the vendor offers Ask about training, maintenance and support.

Vendor / Supplier Customers

Determine how many customers the vendor currently serves.
Check how many customers use the proposed vendor solution.
Check if there are any customers available as references for the solution the vendor is proposing.
Check how many of the vendor’s customers are in your industry and comparable in size and business requirements to your organization.

Vendor / Supplier and Your Company

Check if business visions and company cultures are compatible.
Check what level of professionalism and responsiveness your vendor employees display.
Check how credible the vendor’s claims about the suggested product or solution are.
Detemine whether the vendor can assist you in measuring return on investment and total cost of ownership for the solution.
Determine what makes this vendor a good fit with your organization.
Determine what distinguishes this vendor from the competitors you reviewed.
Determine if the vendor be around in 5 or 10 years.

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