A vendor evaluation is often conducted to ensure that chosen firm(s) are well aligned with an organization's strategic needs and expectations.
In addition to evaluating the firm's capabilities, expertise, experience, and buyer influence, vendor evaluations can help companies identify potential risks that may result from engaging with a particular vendor. Conducting a thorough vendor evaluation enables companies to identify and mitigate these risks before they become an issue.
Including other organizational stakeholders into the vendor evaluation process can bring a range of benefits. For example:
Increased buy-in and engagement: Involving other stakeholders into the review, can increase their invested into the AR program, while helping to ensure that their needs and concerns are taken into account.
Improved decision-making: By involving stakeholders who may be impacted by the selection, Analyst Relations leaders are able to make a more informed decision that incorporates the needs and priorities of the wider organization.
Hosting a kickoff meeting at the start of the evaluation process can help set expectations for the evaluation process. Some additional benefits include:
Clarifying expectations: Kickoff meetings can help everyone involved in the evaluation process understands what's expected of them, while providing clarity on what the goals and implications are of the evaluation.
Establishing communication channels: Providing an opportunity to establish communication channels between stakeholders and the evaluation team. Empowering them to stay informed throughout the process and ensure any concerns or issues can be addressed in a timely manner.
Building relationships: Finally, the kickoff meeting give Analyst Relations specialists an opportunity to build relationships with other stakeholders. This can help to foster trust and collaboration, which is important for the success of the evaluation and overall Analyst Relations program.
In summary, involving other organizational stakeholders in the vendor evaluation process and hosting a well thought-out kickoff meeting at the start of the process can bring a range of benefits. These often include increased buy-in, a broader perspective leading to better decision-making, the setting of clear expectation and communication channels, as well as stronger relationships.
Special thanks for the below to: AR Alliance member, contributor and Analyst Relations leader of over 20 years, Paige Pace. The below templates have been provided to assist other Analyst Relations Alliance members in their vendor evaluation journey.
