Product Development Vendor Selection

THE CHALLENGE

A global healthcare technology company was embarking on a new way to bring solutions to market. They sought to develop a new product targeting commercial operations customers in Life Sciences companies. In addition to solving several unmet customer needs, the new product offering intended to change both the makeup and health of our client’s balance sheet. Our client was in search of external partners to increase the diversity of thinking and speed of software development for the new product.

OUR APPROACH

Vynamic drove a three phased vendor selection program to identify the ideal partner for development and launch of the new product. In addition to ensuring a sufficient number of vendors entered the selection program, Vynamic managed vendors through “pitch” sessions. These pitch sessions were critical in that they tested for many things including vendor team dynamics, cultural fit and each vendor’s ability to realize our client’s product vision. The pitches themselves were carefully designed to demonstrate proven vendor solutions through the use of joint application design, rapid prototyping and live interactions between the vendors and our client stakeholders.

THE RESULTS

Using our own proven tools, templates and approach, Vynamic rapidly prepared and issued the RFP to vendors in the first week of the project. Vynamic then successfully managed vendors through each phase of the unique vendor selection process culminating with the selection of the winning vendor.

Some specific results achieved include:

• Sent RFP to 15 qualified vendors with various expertise in order to gain diversity of responses
• Total of 5 vendors worked with Vynamic and the company to discuss proof of concept requirements in joint design sessions and develop and demo final proof of concept products
• Due diligence conducted on top 2 vendors prior to selecting top vendor for partnership