When it comes to technology company partner selection for hotel technology projects, requirements planning is crucial! The real key to success is taking the time to define and understand your own unique requirements and documenting them properly!
Spending the time at this point will save you and any technology company considerable time and energy. Even if a partner company is not successful, your effort will be appreciated and they will be more likely to participate in future project bidding processes.
Make sure the requirements are categorized and explained in simple bullet points using a ‘Request for Proposal’ (RFP) document.
The same RFP can be sent to similar providers, ensuring that you receive their solutions to your requirements in a fair and controlled manner. It has the added advantage of revealing partners showing strengths and weaknesses against the various requirements set in the RFP.
Partner selection can be a lengthy process covering a range of areas, however the time will be well spent.
Here’s our top 10 list of important steps:
1. Conduct internal meetings (with detailed meeting minutes taken) to define requirements, and to select suitable companies to approach.
2. Internal preparation of ‘Request for Proposal’ (RFP) document.
3. Scheduling initial meetings with selected partners/ vendors to discuss requirements.
4. Define a suitable period for selected partners/ vendors to evaluate the RFP, and prepare their proposal for submittal. Enforce the deadline to avoid giving some an unfair advantage.
5. Schedule partner/ vendor proposal presentations and discuss proposal documents (including financials).
6. Technical evaluation with respect to RFP conformance, and financial comparison between submitted proposals.
7. Select partner/ vendor based on technical evaluation, and financial considerations.
8. Signing agreements and arranging billing cycles.
9. Implementation of selected solution.
It’s important to avoid creating vague assumptions during the requirements definition phase of the process! If this occurs, it’s unlikely that your expectations will be met!
Remember! Your time and the time of others is precious, so invest the time (each time), in a well thought out RFP! It is a win-win for everyone involved!