BA Technique #49: Vendor Assessment
Evaluating and comparing potential vendors or suppliers based on capabilities, pricing, and compatibility criteria
Greetings, BAs! Today, we navigate the vendor selection and evaluation landscape with Vendor Assessment, another crucial Business Analysis technique from The BABOK Guide v3. Get ready to identify, assess, and compare potential vendors for your organization's needs. By conducting thorough assessments, Business Analysts ensure the selection of reliable partners, negotiate favourable contracts and mitigate risks. Let's dive into it!
What is this technique about?
Vendor Assessment has been around for a long time and is an essential part of managing procurement and supply chains. In Business Analysis, Vendor Assessment evaluates and selects vendors who meet the organization's requirements and contribute to its overall success. It involves assessing potential vendors' capabilities, track record, financial stability, reputation, and alignment with the organization's values and goals.
How to apply this technique?
Here are some suggested steps to apply this technique in Business Analysis:
