What is a Vendor Selection?
Definition
The systematic process of evaluating and choosing software vendors based on product capabilities, security compliance, implementation support, company stability, and pricing. Vendor selection uses standardized criteria to compare proposals objectively and reduce procurement risk."
Why This Matters
Switching vendors after implementation involves significant costs including data migration, retraining, and lost productivity. A systematic selection process with documented criteria provides defensible decision-making and prevents selection bias, ensuring your choice is based on capabilities rather than presentation skills.
Related Terms
Showing semantically related terms from our RFP knowledge graph. Priority connections are highlighted.
Essential Connections
Vendor Evaluation
Vendor Management & Evaluation
Comprehensive assessment of software vendors across product fit, security compliance, implementation capabilities, company qualifications, and total cost of ownership.
Evaluation Criteria
Vendor Management & Evaluation
Standardized requirements used to assess and compare software vendors including product capabilities, security certifications, implementation methodology, support SLAs, and pricing structure.
Scoring Rubric
Vendor Management & Evaluation
A weighted framework assigning numerical scores to vendor responses across evaluation criteria.
Vendor Assessment
Vendor Management & Evaluation
Systematic review of vendor capabilities including product demos, reference checks, security audits, financial stability analysis, and roadmap evaluation.
RFP Process
RFP Fundamentals
The systematic workflow for soliciting and evaluating vendor proposals including planning, document creation, vendor outreach, response collection, evaluation, and final selection.
Product Capabilities
Software Features & Capabilities
The complete functionality a software solution provides including core features, integrations, customization options, user interface, mobile access, reporting, analytics, and API availability.
Security Compliance
Security & Compliance
Adherence to security standards, certifications, and regulatory requirements to protect data and systems.
Implementation Support
Implementation & Deployment
Vendor-provided assistance during software deployment, including technical guidance, configuration support, and issue resolution.
Vendor Qualification
Vendor Management & Evaluation
The process of verifying vendors meet minimum requirements for financial stability, industry experience, customer references, security certifications, and regulatory compliance before allowing RFP participation.
Reference Checks
Vendor Management & Evaluation
Contacting 3-4 existing customers to verify vendor claims about implementation success, support quality, product reliability, and customer satisfaction.
Proof of Concept
Vendor Management & Evaluation
A limited trial or demonstration proving software can meet specific requirements in the customer's environment.
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Related RFP Templates
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