…And why you need a Supplier Onboarding Solution

In 2020, an already digital world was forced into an even smarter playing field due to the global pandemic.

With employees working from multiple cities, transactions with customers and vendors happening online, and in-person interactions becoming less common; successful organizations had to adopt new ways to maintain operations.

Because of these key changes, streamlining supplier onboarding has become more important than ever. However to do it right, you need to go beyond basic digitalization.

» The successful streamlining of the supplier onboarding starts with fully digitized processes and automated vendor onboarding workflows.

Optimization of supplier onboarding

What is a fully automated Supplier Onboarding workflow?

» A fully automated supplier onboarding workflow is one that permits a fully digital and frictionless onboarding. It’s one where all processes concerning new supplier notifications, information submission, follow up, document generation, onboarding status updates, etc are streamlined.

Example: Vendor Onboarding form

Vendor Onboarding Automation

How to Onboard your Supplier with Digital Forms

Automate your Supplier Onboarding in Minutes!

A fully automated supplier onboarding workflow allows a smoother onboarding. While providing the guidance the supplier needs.

» This means to say goodbye to unnecessary emails and phone calls whose only purpose is to obtain directions. 

It reduces the amount of work the vendor management department needs to do. Eliminating data-entry as it’s passed on to the supplier. He needs to write and send the information anyways; but that now is automatically routed, classified and stored.

Tasks such as notifying the supplier or requesting information are now triggered automatically. Documents are generated, if needed, automatically after the supplier submits the information.

Information and documents are automatically routed to the person in charge, classified and stored according to the rules you determine.

Fact: leading supply chain managers were 30% more likely to have structured and systematized supplier onboarding processes in place.

What is a Supplier Onboarding Portal?

» A supplier onboarding portal is a one-stop location to support the vendor onboarding process. In many cases, the supplier onboarding portal is part of a larger supplier management portal.

Companies may also choose to automate their supplier onboarding process as a standalone process. Or as a sub-process of their full vendor management process. If you handle a considerable number of vendors or suppliers, you may consider adopting a supplier portal instead.

The right system will allow you to digitize all processes related to your supplier management. Putting in place onboarding best practices.

Why is a Vendor Portal important?

Vendor Portals are platforms that allow businesses to connect and collaborate with their third-party suppliers on the internet.

Therefore, a vendor portal will contribute to the optimization of all supplier related processes.

» This is done by providing an easy and secure way for the business and suppliers to:

      • submit information,
      • track orders,
      • raise concerns,
      • communicate and,
      • store relevant data.

Simplifying communication with suppliers

Create your Supplier Portal - without coding!

Example: Supplier Portal created with digital workflows for a Healthcare Service Provider

Example Vendor Management System for healthcare provider

In this case study all business processes related to Vendor Management were automated as an Out-of-the-box solution. For this we used Virtus Flow’s digital workflows and dynamic forms features.

When does it make sense to have a Vendor Portal?

» As a golden rule, organizations that manage a considerable number of vendors will benefit from working with a supplier portal.

For example, institutions like the ones we mention below:

    • Financial institutions that look to mitigate risk and reduce fraud associated with supplier relationships.
    • Insurance companies that carry sensitive data and need to generate audit trails.
    • Hospitals and healthcare service providers.
    • Factories and manufacturers that work with resellers and many prospective suppliers.
    • Reseller companies.

» Implementing a vendor portal means to improve efficiency, reduce human error, strengthen supplier relations, and to operate faster.

These are some of the benefits of having a Vendor Portal

    • Streamlined processes, leading to speedier transactions.
    • Reduced work for your team.
    • Increased process transparency.
    • Real time access to supplier information.
    • Simplified data management.
    • Digital self-service experience.
    • Better traceability.
    • Simplified reporting.
    • Improved vendor relationships.
    • Simplified risk management and due diligence.

How to streamline your Supplier Onboarding then?

steps to streamline supplier onboarding

1- Map your process: Invite internal users that regularly work on the process to describe the process they follow.

» To learn how to map your processes read this article.

2- Optimize your process: Ask your users to describe bottlenecks and areas they feel need improvement.

» To learn how to run a business process optimization read this article.

3- Digitize your process: Automate your process end to end. Provide a self-serving and fully digital experience.

4- Review the process: Make sure you optimize the process periodically. Things change and new bottlenecks can develop. What worked yesterday may not do it tomorrow. Readjust your automated process.

Discover how to automate your Supplier Onboarding in minutes!