Choosing the right vendor is crucial to ensuring quality, reliability, and cost-effectiveness in your procurement process. With multiple vendors offering similar services or products, a well-structured evaluation tool can help you make objective decisions. That’s why we’ve created a Vendor Comparison Checklist Template for Procurement — a practical and customizable spreadsheet that streamlines the vendor selection process.
This free template helps procurement teams compare vendors based on pricing, quality, lead time, compliance, and other key criteria. Whether you’re sourcing raw materials, software, equipment, or services, this tool will ensure transparent and strategic supplier selection.
Why Use a Vendor Comparison Checklist?
- 📊 Evaluate vendors using clear and consistent criteria
- 🔍 Identify the best value supplier, not just the cheapest
- ✅ Improve documentation and audit trail of procurement decisions
- 🧩 Customize according to your industry and product type
- 💼 Ideal for SMBs, corporate buyers, procurement officers, and project managers
What’s Included in the Template?
Our Excel-based vendor comparison checklist includes the following columns:
| Criteria | Vendor A | Vendor B | Vendor C | Score (1-5) |
|---|---|---|---|---|
| Price/Cost | ||||
| Product/Service Quality | ||||
| Delivery Time / Lead Time | ||||
| Certifications / Compliance | ||||
| Customer Service / Support | ||||
| Reputation / Reviews | ||||
| Warranty / Return Policy | ||||
| Overall Score (Average) | =AVERAGE(B2:B7) | =AVERAGE(C2:C7) | =AVERAGE(D2:D7) |
You can also add additional criteria specific to your industry, such as environmental sustainability, payment terms, logistics support, or custom features.
How to Use This Template
- 📥 Download the Excel file from the link below.
- ✏️ Input vendor names across the columns (Vendor A, B, C).
- 🔢 Rate each vendor per criterion using a 1–5 scale.
- 📈 Review total scores to identify the best supplier.
- 📁 Save a copy for procurement documentation or reporting.
Download the Template
Tip: You can color-code the best scores or create charts in Excel for presentation.
Pro Tips for Vendor Evaluation
- ✅ Always evaluate more than just cost — consider reliability and service too.
- 📂 Maintain a record of vendor scorecards to improve future sourcing.
- 🔒 Use password protection if sensitive information is included in your sheet.
- 🧠 Involve multiple stakeholders when scoring vendors to avoid bias.
Tags
vendor comparison checklist, procurement template Excel, supplier evaluation tool, sourcing spreadsheet, free vendor scorecard, Excel supplier selection
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