Streamlining Vendor On-boarding
Vendor On-boarding can be a very labor and document intensive process. While the process of signing up new vendors to do business with your organization may seem fairly simple and mundane, it actually has many important components any of which could cause your company problems if not done correctly.
Is the company in question a “real” company that can be verified by the IRS? Does the company posses the necessary licenses and permits that may be required to safely and legally do business with you? What about insurance, do they have the policies and coverages in force required? Are they a foreign owned entity? Does your organization require the collection of diversity information for your suppliers?
These are just a few of the issues that companies must address when setting up a new vendor, besides the obvious information like remittance addresses, business contacts, etc. And as you can no doubt tell, this process can be very information and document intensive with the need for you to provide documentation to your prospective vendors and for them to provide a myriad of internally and externally generated documents to you, i.e. insurance policies, tax resale certificates, product data safety sheets, W8′s, W9′s, etc.
The process of delivering and receiving documents and information, managing expirations of policies and licenses, managing supplier contracts, changing business information, and verifying critical information requires many parties to get involved.
ICG has developed a comprehensive solution to assist companies in the Vendor On-boarding and Administration process. This vendor portal based solution is fully configurable to fit the unique needs and requirements of any company or industry. You have an opportunity to streamline and automate all those manual processes and workflows and allow real time collaboration between AP, procurement, risk management, legal, diversity and many other stakeholders. Please, contact ICG if you have any questions or would like more information.