Peer to Peer Magazine

36 The Vendor Product Evaluation and Selection Process B Y C A I T L I N P E T E R S Worth the Time As law firms increasingly focus on innovation in knowledge management and practice support coupled with the fast pace of change in the legal industry, it is critical that cross-functional teams identify and select the best legal technolo to meet specific goals. With the recent surge in new vendors and products, it is difficult to stay up to date with the market, and very tempting to buy the shiny new tool rather than the product that solves a problem. While the formal vendor evaluation process is not a new process, it is increasingly important to perform extensive due diligence before purchasing and implementing a new tool. With time, resource and budget constraints, it is easy to rush through the formal evaluation process, especially when a product champion is putting pressure on you to act fast, or when a vendor does a great demo or offers you incentives for early adoption. However, following a structured and thorough practical process to select a vendor and its tool is essential to ensure a successful experience. In the end, upfront commitment will save time and money, create trusted vendor relationships, and ensure that you have selected a viable product that will be adopted because it fits your needs. The Process At a high-level, the vendor product evaluation and selection process involves formally documenting requirements, moving into a Request for Information, holding product demonstrations against a weighted requirements matrix, and ultimately leads to formal Requests for Proposals that will enable you to produce a recommendation. Keep in mind, these processes should be flexible and reflect the right level of formality for the type of process that it will support. The real value- add though comes in not just following the overarching process, but in the details of each step. A Practical and Proactive Plan to Select the Right Product

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