VENDOR SOURCING AND CONTRACT MANAGEMENT PROCESS

Created by ChecklistGuro (https://checklistguro.com)

[ ] Register New Vendor Request: Create a new entry in the 'Vendor Requests' data model to initiate the sourcing process.
[ ] Retrieve Existing Vendor Data: Check the 'Vendor Master' data model to see if the vendor already exists in our database.
[ ] Vendor Research Task: Assign a task to the Procurement Officer to identify and shortlist potential vendors based on the request.
[ ] Create Vendor Shortlist: Create entries in the 'Sourcing Opportunities' data model for each shortlisted vendor.
[ ] Request RFPs/Quotes: Assign a task to reach out to shortlisted vendors to request proposals and pricing.
[ ] Retrieve Vendor Proposals: Fetch the submitted pricing and service details from the 'Vendor Proposals' data model.
[ ] Calculate Average Quote Price: Aggregate the 'Price' property from all retrieved proposals to find the average market rate.
[ ] Calculate Price Variance: Calculate the percentage difference between the highest quote and the average quote.
[ ] Vendor Selection Review: Assign a task to the Department Head to review the aggregated data and select the winning vendor.
[ ] Update Vendor Status to 'Selected': Update the status of the chosen vendor entry in the 'Vendor Master' data model.
[ ] Contract Drafting: Assign a task to the Legal Team to prepare the contract based on the agreed terms.
[ ] Create Contract Entry: Create a new entry in the 'Contracts' data model containing the terms, dates, and selected vendor link.
[ ] Send Contract for Signature: Send an email to the Vendor's representative with the contract details and instructions.
[ ] Contract Legal Review: Assign a task to the Legal Compliance officer to verify the signed contract meets company standards.
[ ] Finalize Contract Status: Update the 'Contract' entry status to 'Active' once all reviews are passed.
[ ] Notify Procurement Team: Send an automated email to the Procurement team notifying them that the vendor is now onboarded and active.
[ ] Monthly Sourcing Performance Report: Generate a report summarizing total spend, vendor onboarding time, and cost savings from the sourcing period.

--- END OF TEMPLATE ---
Transform this text into a digital, automated, and trackable mobile app!
Visit: https://checklistguro.com/workflow-templates/event-planning-management/vendor-sourcing-and-contract-management-process
(Click "Install Template" to launch your digital inspection tool immediately)