The below Playbook is a set of instructions that can be used to select a great vendor. It also lists links to templates and forms that can be used in the process.
1. GOAL ALIGNMENT
What is your overall goal in hiring the vendor?
What makes a vendor a great vendor for you? (you may refer or expand on the success criteria section)
2. DOCUMENTATION & REQUIREMENTS
What challenge do you need to solve?
If you have a specific project for a vendor in mind. What is it?
What are the priorities within this project?
Who are the stakeholders?
What do the stakeholders need?
Who are the team members that should be included in this process and why?
Eliminate vendors that do not meet set criteria (e.g. price)
Shortlist to about 3-5 vendors
Reach out to above vendors with the RFP/ RFI
8. EVALUATE RFPs / RFI / RESPONSES
Evaluate the responded based on the overall criteria and the evaluation framework
Note that aspects like responsiveness, follow ups and attention to details in those follow ups are great indicators of future behaviour of the vendor and should be taken into consideration.
A suggested evaluation scorecard can be found here.