Does anyone have policy/procedure for vendor selection or procurement (prior to performing due diligence)? This would include guidelines surrounding:
• documentation of vendors considered, analysis or criteria used to evaluate the vendors, and the rationale for final selection
• documentation to support if only one vendor was considered (e.g. an impressive trade-show demo)
• when RFI, RFP and scoring templates are appropriate vs. a memo
• what factors might limit a vendor from consideration, if any (e.g. a small, offshore, start-up company)
• and, which products/services or criteria would trigger these vendor selection guidelines; such as risk, cost, complexity
Any informal guidelines or feedback would be welcomed - thank you!