Our Vendor Onboarding Solutions
Get a faster and easier way to request, receive, validate and approve information from your prospective vendors. A vendor portal (supplier portal) can help expedite, standardize and streamline your vendor onboarding processes by gathering and managing vendor data and documentation in a secure, collaborative, vendor self-service environment. No more manual vendor packets to send out!
Allowing vendors to register and submit documents and data electronically is optimal for both the vendor and the buyer. You can also configure the system to allow buyers or operations to “invite” specific vendors to register and onboard with your company.
How it works:
We understand that the processes and tasks associated with vendor onboarding and ongoing administration is often a complex, multi-step process that spans several departments and requires a solution that facilitates time-sensitive collaboration. The vendor onboarding process generally requires data and document input from vendors followed by review and/or approval from relevant stake holders like procurement/purchasing, risk management, legal, finance, logistics, accounts payable, field operations or others.
ICG’s vendor onboarding (supplier onboarding) solutions provide back-end workflow components to insure that documents and data are getting to the right people for review and/or approval. We can also integrate our vendor onboarding solution to an existing workflow or business process management (BPM) system. And due to the collaborative nature of all of ICG ‘s portal based solutions, you can communicate and collaborate seamlessly and in real-time 24×7 with vendors and prospective vendors anywhere in the world. No more manual construction and collection of vendor packets or phone calls and emails to answer questions and clarify information.
A useful component of ICG’s vendor onboarding solution is the ability to integrate with internal systems (ERP, financial, data management, supply chain, etc.) to update vendor masters and validate information as well as external systems, i.e., TIN Check, D&B, etc. to take advantage of third party resources to establish credit worthiness, validate TIN and SSN numbers of prospective vendors and ensure any suppliers do not appear on government or industry watch lists.
Once the vendor is onboarded and doing business, there are also on-going maintenance activities that must take place (such as insurance renewals, licensing and compliance tracking, sales & use tax, etc.). The ICG Consulting onboarding solution supports all of the ongoing maintenance activities needed to keep vendor information up to date and your supplier in compliance. ICG’s vendor portal based vendor and supplier onboarding solutions can also provide automatic notifications to you and your vendors when critical expirations are approaching, such as insurance policies, licenses, permits, and other regulatory certifications. This allows you to be proactive and insure your critical suppliers remain in compliance and keep your risk low.
The Benefits of an ICG Vendor Onboarding Solution
- Vendor Self-Service
Save money by allowing vendors to electronically submit documents and information for approval and easily update their contact and payment information. No mare manual, paper based vendor packets to send out. - File Uploading & Web Forms
Allow vendors or suppliers to upload files and submit web forms that you need as part of the process, i.e W9’s, W8’s, Tax Certificates, COI’s, Licenses, etc. - Integrated Workflow Management
The solution provides a workflow component to route documents to obtain approvals from others in your organization. Alternatively, the information can be fed into a workflow system you may already have to leverage technology already in place. - Automatic Notification & Escalation
Built in notifications to let you know when critical licenses, certifications, or insurance coverages are about to expire. ICG’s vendor onboarding solution will generate automatic escalations to both buyer and supplier resources to prompt corrective action ahead of any disruptions. - Configurable Forms & Requirements
You may need more detailed information from your suppliers than just the basic tax, payment and contact information. At ICG, we can tailor the vendor onboarding process with configurable drop-down menus and questions to provide vendor information that is integral for your business. Our vendor onboarding portal is completely configurable so you can capture the information you need for your business. - Data Validation
Validate and approve data in real-time. Automated TIN Matching & Validations, validation of diversity status, and other critical data validations. - Search Results
Easily viewed and built on the fly using ICG’s extensive search engine, buyers internal users can search vendor results and information in seconds and download that data to build custom reports. - Security
Provide stringent information and data security for you and your vendors. - Third Party Punch-outs
Interfaces with third party systems to perform validations and insure your perspective vendor is who they say they are and in good standing.
Contact ICG Consulting today to speak with a representative or schedule a free demo.
You can also watch a short video of ICG’s business process solutions Solution Video.