Consider whether a ‘state of the market report’ is of real value when they can be provided as part of a wider service. There are various markets where professional purchasing operates. All have a finite number of suppliers and in some cases the list is relatively short, e.g. buy-in providers. Getting to a short list should be a small step following an initial requirements gathering exercise.
Meets and greets
Meeting with the bidders provides an opportunity for bidders to get under the skin of the requirements through a Q&A session with stakeholders. If handled properly, this works well and carries many benefits.
Another opportunity to meet is after the bids have been evaluated and the best bidders have emerged. This is usually in the form of presentations. Site visits often help to support the process, especially for transactional services such as Pensions Administration or Flex Benefits.