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After graduating in 2010 from the University of Nottingham with a degree in Finance, Accounting & Management, I began my professional career at a US private equity firm. My role in Corporate Accountin...
Katy Spencer, Consultant
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Home > News & Views > Insights & News > Speeding up the selection process
Why does selecting a supplier have to take so long? You want to be sure you are making the right selection in choosing a great supplier. But does that have to mean you need to take a great deal of time? Not necessarily.
Traditional selection processes are sequential, step by step – slow. The standard way is to spend time gathering requirements, issuing RFIs and RFPs, short-listing suppliers, making final selections, asking just about anything and everything that might be relevant along the way. It is heavy on paper and light on demonstration. A process that can take months.
There is another way, one that’s more akin to agile rapid prototyping. One that takes weeks rather than months. A way that strikes a chord in our perpetual beta world, with its collaborative, iterative demo-heavy approach. The key to its value is that it is not only faster but also still gives you confidence that you are making the right selection. It’s about increasing speed without compromising quality. Good decisions made quicker – what’s not to like.
There will be times when the old sequential selection process will be most appropriate, but it’s well worth looking for opportunities to apply this new quicker approach. To help you, here are a few tips:
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