Build a Team – build a decision team of the right mix of people from across the organization. This team will most often include key representatives from the line-of-business and functional areas the application will support.
Set Requirements and Weights – A set of requirements is the starting point for the shortlist process. Determine the relative importance of each requirement or sub-requirement and assign weighting factors accordingly. Although specific requirements vary, they tend to fall into broad categories, such as application functionality, vendor and costs.
Create a Budget – The CRM budget process begins with a list of planned projects. You should have a priority order established, a rough business case, and approximate timing for the project of automating critical business processes such as Opportunity Tracking, Forecasts, Samples, Quotes, Support and Campaigns.
Choose a Vendor – Product functionality, Financial viability of vendor, product suite (i.e. ability to add applications, customize modules, add users, etc), product architecture, service and support, price, delivery (i.e. On-Demand vs. license) and vertical expertise.