Part of Tecnova's RFP evaluation series -- helping businesses address vendor selection with confidence
This blog is the first in Tecnova's series on effectively evaluating proposals and selecting a quality, reputable electronic engineering or manufacturing vendor. The series outlines key indicators business leaders can use to evaluate a vendor’s ability and performance, and then choose an engineering or manufacturing partner that can address the project’s budget, scope, and complexities and deliver desired results.
This first blog addresses a key indicator that can be simple to ascertain, but can yield tremendous information: The number of years in business. This is important for many reasons.
Longer means more mature processes
The longer a company has been in business, the more mature and proven their processes. They have had the time to invest in their procedures, refining and fine-tuning them with each customer. As a result, they’re able to use that knowledge for creating comprehensive proposals, executing projects, and ensuring success. It is unlikely you will be a test subject for procedures and equipment they’ve never used, putting you at risk for added costs and time.
Longer means more experience
With time naturally comes experience, which results in qualities that are essential for project success. Among these qualities are:
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Judgment – knowing what information is needed to make the best decision and the ability to get that information
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Initiative – being alert and imaginative to bring up issues that might not be in an RFP and presenting solutions to those issues
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Integrity – being truthful, honest, and sincere about deadlines, budget, challenges, and outputs
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Organization – bringing order and structure to processes to better control project quality, budget, and specifications
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Perseverance – the ability to commit to projects and see them through to the end
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Competitiveness – understanding that the solution must deliver more value than competitors can and having the skills and materials to ensure this happens
Longer means greater reputation. “Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them.” This quote from W. Edwards Deming, a renowned American engineer and management consultant, defines this point succinctly. A vendor’s years in business are a testament to its ability to stand by its work and build referrals and repeat business from satisfied clients.
Companies that do not consistently deliver results that meet or exceed project expectations simply do not pass the test of time. Companies that do meet client expectations are able to not only stay in business, but also showcase their work to attract more clients. Their expertise is revealed in client testimonials, industry reviews, case studies, and direct referrals.
Conclusion
Number of years in business is just one KPI that can help business leaders confidently select an engineering or manufacturing partner. For more insights on evaluating RFPs in engineering or manufacturing, download our RFP Evaluation Guide.
