We have looked into the process of vendor selection. Every year millions of dollars and hours of mulling are spent on this and there may still be no guarantee that it may work. There are now several software in place to help make your vendor selection easier and perhaps more accurate. The trouble is there are now so many of these vendor selection products that it is almost as time consuming and challenging deciding on one as it may be in selecting the vendor itself.
However there are several criteria that would help to make the selection of such software easier.
According to Vyom Bhuta at ganthead.com the six evaluation criteria, in alphabetical order, would be cost, flexibility, functionality, implementability, stability and usability.
These criteria, however, should supplement and not supersede the criteria recognized by your particular company.
A free utility that can assist you in your selection of an outsourcing vendor has been released by Outsourcing Mentor.
You will first be required to answer a questionnaire which will help you identify and prioritize your requirements. Then a graph illustrating the importance of the quality, risk, strategy and cost for you will be made for you.
Once you have studied the graph you will find it simpler to narrow down your list of prospective vendors and to make a selection from them.