The vendor selection plan is a document that contains the company's expectations for its vendors. This plan should be created before choosing any new vendors to work with. Once you have your criteria set up, it will be easy to find the best fit for your needs. 

The plan includes information on selecting vendors, what to look for in them, and how much you're willing to pay. It also needs to address the criteria that will be used when evaluating their performance against your expectations.

Benefits Of Vendor Selection Excel Plan Template

The benefits of using this template include:

• Makes sure that all decisions about vendors, subcontractors, and materials are made in accordance with your company's standards. 
  
  
• A vendor selection plan template will help you identify what kind of vendors might work best for your needs such as cost, skillset, availability, and location.
  
  
• It will also give you a checklist that allows you to see if they have all the necessary qualities needed before making your final decision.

Steps Of Vendor Evaluation Plan:

The vendor evaluation plan has the high-level steps - 

1. Put together the selection team.

2. Agree on the business KPI

3. Define the technical requirements

4. Define the requirements from the vendor

5. Define the grading process

6. Get Stakeholder confirmation

7. Compile a list of possible vendors

8. Make the first cut

9. Write an RFI document

10. Analyze the responses

11. Write an RFP document

12. Analyze the responses

13. Make the second cut

14. Request a POC from the vendors that made the cut

15. Compile a shortlist

16. Present the shortlist

17. Publish an RFQ

18. Selection

19. Contract negotiation

20. Sign the contract

21. Start the supplying process