After performing a preliminary screening, the next step is to start comparing among vendors at the solution feature level using a vendor evaluation scorecard. This can be done by assigning scores to each of the vendors on the basis of the dexterity of the features presented in the RFP.

Once the scores are assigned, the next step is to assign weights to the vendors. The rationale being, weights help the evaluating committee shortlist the vendors much more objectively, and also understanding which vendor has scored better against key features that are extremely crucial to the business.

An objective way of scoring could be done based on the following methodology:

4: If the requirement is readily met
3: If the requirement can be met via customization
2: If the requirement can be met with a future release of the software
1: If the requirement can be met by partnering with 3rd party solution
0: If the requirement cannot be met

For instance, if a business’s objective is to achieve short-term forecast accuracy then, the weight assigned against the same metric will have a higher weightage as opposed to the others.

Below is a sample representation of a weighted scorecard for final vendor evaluation.

Sample: cash forecasting automation vendor evaluation weightage scorecard

From the above scorecard that vendor 3 has scored 378/400 which is better than all the other vendors; making vendor 3 the most suited cash forecasting automation solution vendor.