In the majority of disciplines consistency may be the hobgoblin of small minds, but it's one of the keys to success when it comes to financial comparisons. You are probably an expert already at identifying the outlandish ROI in a lineup of vendor proposals. But are the finalists even comparable? The chief information officer needs to take charge by outlining a structure for what vendors should provide, says Tom Pisello, CEO of ROI software maker Alinean. Not only will you be sure that costs, benefits and risks are addressed in the same manner, but you will also be able to see quickly if the vendor has left out a metric that's important to your company. Pisello recommends that the technology and finance departments work together to create a detailed spreadsheet to give to vendors. Your company may be hesitant about spending the time, or concerned about divulging potentially sensitive information, but in the end, the investment is worth the effort. "Look at it this way: What is the total cost of making an incorrect decision?" says Pisello.

To help you get started on your own detailed worksheet, Baseline and Alinean have created a tool that can be downloaded by clicking on the Tool icon at the top of this page. It lists the major variables to consider providing to vendors in a request for proposal. Note that though they are comprehensive at a high level, the benefits should be expanded according to the specific project you have in mind.