Reading Time: 4 minutes Technology vendor selection is a critical process for organizations because of the implications of making a wrong decision. The vendor selection process
For many organizations the success or failure of IT initiatives is based on the selection of the appropriate technology vendor. Despite the critical nature of this process, many organizations underestimate the time and effort it takes to make a well-informed decision.
One of the most important factors which can help you in successfully running a business is the relationships you forge with your vendors. Selecting an ideal vendor is one of the most important decisions a business can make. It is not as simple as choosing a vendor who is nearby or is providing services at a low cost, since the ideal vendor should meet all the vendor selection criteria and methods.
While outsourcing any service, many businesses choose the lowest quoted service provider without giving much of a thought to the rest of the criteria. Analyzing a particular vendor from all the perspectives leads to successful vendor selection.