Onboarding Suppliers
It is not uncommon for it to take a month to onboard a new supplier and can take up to six months at many large organizations. Whether 30 days or six months, the pain and delay stem from manual processes that buying organizations use to vet supplier data and documentation such as ISO certifications, bank account information, tax documents, and certificates of insurance.*
Key Challenge
Solution
Outcome
- Long cycle times around company information verification
- Lack of standardization across industries leads to repetitive and unnecessary tasks
- Absence of a central vendor master complicates integration with various company systems like ERP, contract management, and procure-to-pay systems
- Utilize smart questionnaires to gather the right information from suppliers efficiently
- Enable suppliers to provide real-time updates to their business information
- Track buyer-supplier relationship history using blockchain for secure and transparent versioning
- Offer a unified view of supplier details, combining self-reported information with authoritative third-party data
- Banking and diversity validations
- Streamlining the validation process through smart attribute use
- Establishing a 'Golden Supplier Record' for consistent use across all downstream applications
- Reducing supplier fatigue by only asking necessary questions at appropriate times
- Fostering better engagement with suppliers
- Significantly decreasing the effort required to compile information from various source
