Identifying Vendor Candidates

STEP 1. Compile Vendor List

You want this list to be as complete as possible so you don’t have to start over with a new vendor while you’re deep into the process with your initial list.

Ask colleagues for additions Review recent sponsor lists at industry events, like MURTEC, NRA and FSTEC and check the RTN Member List. Check online vendor databases such as G2 and Capterra for a wealth of options. Consult your LinkedIn network, ask connections for recommendations. Round-table within your department/company Identify specialties and non-starters Ask vendors you know and respect for recommendations

STEP 2. Understand Your Core Needs

At some stage, you will need to perform detailed analysis if the system warrants a full RFP. This is often done with the help of a select vendor; however, to avoid bias early in the process it is important to understand the core needs prior to your vendor-assistance discussions.

Consider creating an RFI (prior to the larger-requirements) to capture mission-critical strategic requirements. This provides vendors an opportunity to submit messaging around their product/service, which can narrow down vendor scope.

The following questions should be asked without the help of a vendor:

Which systems are currently in place that will require integration? (See ‘General Business Integrations’) What are the current pain points in the organization driving the initiative? What current workflows must be addressed by the new solution? What requirements absolutely must be met for the initiative to be a success? (Eg. If you use a particular accounting system, any new BOH or order management system must integrate with that system.)

STEP 3. Share Internally

Once the core needs analysis is done, circulate it to a large selection of potential options through a simple email outreach with the expectation and clear communication that if there are misalignments at this early stage, you will disengage.

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Speak with existing vendors and ask which suppliers’ clients are using for a similar use case. This is a fast way to understand who has a proven relationship with at least one of the systems you are currently using.

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With a good preliminary analysis, ‘letting the vendor select you’ in this way can take a pool of options from a few dozen to a handful very quickly.

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While the process requires more work up-front by the evaluating team, it enables vendors to bow out early without any further discovery and wasted time.