What is Vendor Onboarding?
Vendor onboarding, or supplier onboarding, is the process of gathering the documents and data needed to set up a company as an approved vendor and to enable your organization to efficiently conduct business, purchase goods and services, and make payments to that company. It should offer functionality such as vetting and validation to ensure the prospective vendor is compliant with laws/regulations; diversity data, validation and tracking; W9 and W8 collection; TIN validation; insurance; and all the other data and document collection needed to do business with a supplier.
Why is it important to have a streamlined onboarding solution?
A streamlined vendor onboarding solution is crucial for accelerating business growth and mitigating risks. By automating manual tasks, reducing paperwork, and centralizing information, organizations can significantly shorten the onboarding process. This efficiency improvement allows for faster time-to-market for new products or services. Additionally, a streamlined process ensures thorough due diligence, reducing the likelihood of working with unreliable or fraudulent suppliers. Ultimately, a well-executed onboarding solution strengthens the entire supply chain and contributes to overall business success.
ICG’s Solution
ICG Consulting’s vendor onboarding solutions also provide for ongoing maintenance and administration of your vendors and suppliers by tracking and providing notification of expirations of licenses, insurance policies, and other time-sensitive compliance information.
At ICG Consulting, we provide a faster and easier way to request, receive, validate and approve information from your prospective vendors through our highly configurable vendor portals and supplier portals. ICG’s vendor portal solutions provide a comprehensive vendor self-service platform for your company to effectively and efficiently manage your suppliers and vendors.
Click here to watch a high-level demo of our Vendor Onboarding solution or request a personalized demo. Or contact us to start a conversation about different solutions that your organization is looking for.
