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Word of the Week: Vendor Packet

What is a vendor packet?

A vendor packet is a collection of forms and documents that a buyer sends to a potential new vendor before starting 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. You can also schedule a time for your own demo to learn how ICG can help turn your Vendor Packet into a highly configurable Vendor Onboarding solution! You can also watch a short video on all of ICG’s back-office solutions.