Back Office Word of the Week 10/21/19
A vendor packet is a collection of forms and documents that a buyer sends to a potential new vendor in order to start a relationship. The packet includes all the necessary information needed to set up a new vendor for payment and compliance. Vendor packets can be relatively simple or robust depending on the industry and vendor type.
Typically, contact and company information along with tax and insurance documents are found in all vendor packets.
Collecting completed packets through dated means of fax and email can be laborious and a strain on a buyer’s resources.
ICG’s Vendor Onboarding and Management solution, automates this process through vendor self-service in a cloud based environment. Replacing vendor packets with a portal greatly reduces the time and effort involved in setting up new vendors. Ongoing vendor management, such as tracking critical expirations are done automatically ensuring compliance at every step of your relationship with a vendor.
This video gives a high level walk through of ICG’s Vendor Onboarding solution at work or schedule a time for your own demo to learn how ICG can help turn your Vendor Packet into a highly configurable Vendor Oboarding solution!