Mastering Vendor Selection with Spendedge: A Step-by-Step Guide

A vendor is an individual or business that provides goods or services to another organization. Vendors can range from small-scale operations, such as local farmers selling fresh produce at a market, to large corporations supplying products to major retailers. They are an integral part of the supply chain, delivering essential goods and services that businesses depend on to function. When seeking a procurement partner, IT service provider, or software vendor, the vendor selection process is vital to ensure smooth operations and successful outcomes. This process, which is a critical aspect of procurement, includes key steps such as researching potential vendors, defining the project's objectives and requirements, establishing clear selection criteria, and preparing a comprehensive Request for Proposal (RFP).