5 steps to simplify vendor onboarding
Wednesday, February 4, 2015
Is your vendor onboarding process repetitive, labor-intensive and time-consuming? Manually capturing and validating vendor information, along with the necessary paper-based authorizations to stay in compliance, can be error-prone and resource-heavy. For businesses today, working smarter means finding ways to streamline manual processes. Here are some tips and tricks that you can use to speed up and streamline vendor onboarding:
1. Simplify and centralize your vendor requirements submission process
Creating a submission application that allows your vendors to submit supplier requirements in one place, using an intuitive, easy-to-use interface, will allow you to centralize your vendor information. It will also prevent critical documents from getting lost and eliminate the time and resources spent manually collecting and compiling information.
2. Validate vendor information in real time
Beyond simply capturing information, no-code forms that work directly with information from disparate line-of-business systems will allow you to easily input, modify and update your vendor information in real time, even if information on a form is being pulled from multiple systems of record. The application should also be able to check the validity of contact information and ensure that all required fields have been filled out when vendor information is submitted.
3. Automate the routing and approval process
Workflows that route vendor information to the right people, at the right time, for review or approval will save you time and money. A good workflow system should be able to route documents to multiple approvers simultaneously and include a rework option that makes it easy to send information back to a vendor if part of the submission is missing or incomplete.
4. Speed up authorizations and approvals
Allowing end users to approve or reject copy with a click of the button within their email significantly speeds up authorization and review cycles. It is also important to make sure users can review or approve requests from multiple devices, including PCs, tablets and mobile.
5. Securely store information in the right systems of record
Automatically storing your vendor information in the right system of record once all review and approval cycles are complete will keep your information secure and prevent anything from going missing. A workflow system’s ability to adopt the security of the underlying systems of record ensures that users comply with security parameters that have already been put in place.
Work smarter, build faster
K2 makes it easy to build your vendor onboarding solution to fit your company’s needs through no-code visual tools that allow you to work smarter and build faster. Once your vendor portal is up and running, you can leverage your investment to automate other business processes, such as employee onboarding, expense claims, travel authorizations, and case management and compliance. With K2, the possibilities are endless.
Check out this upcoming live webinar on February 11, 2015 or read about how IFCO Systems used K2 to automate more than 9,000 customer accounts to see just how easily you can build out a vendor onboarding app for your business.