Request Multiple Quotes from Economics Suppliers and Manufacturers

The challenge

The solution

The outcome

Requirements

• Define scope and demand
• - Clarify required economics services, outputs, geographies, timelines, and volumes
• - Identify stakeholders, use cases, and decision criteria
• - Separate strategic, recurring, and one-off needs
• Build sourcing strategy
• - Decide buy, build, or hybrid model
• - Segment spend by category, criticality, and risk
• - Set sourcing objectives: cost, quality, speed, innovation, compliance
• Create evaluation criteria
• - Technical expertise in relevant economics domains
• - Industry, regulatory, and geographic experience
• - Methodology quality, data capabilities, and analytical rigor
• - Capacity, responsiveness, and continuity of service
• - Price model, total cost, and commercial flexibility
• - Reputation, references, and conflict-of-interest controls
• Market scan and shortlist
• - Identify qualified suppliers through market research and referrals
• - Screen for capability, financial stability, and legal/compliance fit
• - Reduce to a competitive shortlist
• RFP and due diligence
• - Issue clear requirements, deliverables, and evaluation weights
• - Request sample work, team bios, and case studies
• - Validate credentials, certifications, and security controls
• - Review data handling, confidentiality, and IP terms
• Evaluate and select
• - Score proposals against predefined criteria
• - Conduct supplier interviews and technical presentations
• - Check references and past performance
• - Compare total value, not just price
• Negotiate contract
• - Define scope, SLAs, milestones, and acceptance criteria
• - Agree pricing, change control, and payment terms
• - Include confidentiality, IP ownership, data rights, and audit rights
• - Add termination, dispute resolution, and performance remedies
• Onboard supplier
• - Assign owner, contacts, and governance cadence
• - Align ways of working, reporting, and escalation paths
• - Share required data, templates, and access protocols
• - Confirm compliance, training, and kickoff plan
• Manage performance
• - Track KPIs, quality, timeliness, and stakeholder satisfaction
• - Hold regular reviews and issue-resolution meetings
• - Manage scope changes and renewals proactively
• - Maintain a preferred supplier list and continuous improvement plan

Best practices

• 1. Define the business decision the economics product or service must support.
• 2. Set clear success metrics before evaluating vendors or solutions.
• 3. Verify the provider’s methodological rigor, assumptions, and data sources.
• 4. Match the offering to your use case, industry, and transaction type.
• 5. Assess total cost of ownership, not just purchase price.
• 6. Check the provider’s ability to integrate with your existing systems and workflows.
• 7. Validate data quality, coverage, refresh frequency, and historical depth.
• 8. Review scalability for future business units, geographies, and volume needs.
• 9. Confirm compliance with legal, regulatory, privacy, and audit requirements.
• 10. Evaluate transparency in models, pricing, deliverables, and limitations.
• 11. Require pilot testing or proof of concept before full commitment.
• 12. Compare multiple vendors using the same evaluation criteria.
• 13. Ensure the service includes training, documentation, and ongoing support.
• 14. Build internal ownership for governance, usage, and performance monitoring.
• 15. Negotiate flexible contract terms, including exit clauses, service levels, and renewal conditions.