Onboarding a new vendor is a crucial first step to building a lasting business relationship. It can mitigate risk by standardizing multiple industry- or corporate-specific compliance, vetting and validation steps that help bypass problematic vendors.
The process involves a series of complex tasks spread across the entire enterprise. How can you ensure a prospective vendor is compliant with laws, regulations and corporate standards? Review VendorInsight®’s infographic “Stick the Landing — Best Practices and Guidelines for Effective Vendor Onboarding.”
Understanding the Complexities of Onboarding a Vendor
Vendor onboarding can be a complicated process. It’s crucial to think through all of the steps necessary to ensure the vendor takes off smoothly — compliant, with proper security measures and clear expectations.
Various departments are involved in the collaboration, review and approval process:
- Risk management
- Accounts payable
- Human resources
The enterprise-wide goal is to evaluate vendor cost, risk and capabilities.
It can be laborious to develop efficient workflows and communication. However, without a structured process and plan you risk losing vital business and profit margins. Establishing a consistent checklist prepares you for potential obstacles and ensures that the right vendors are brought onboard.
A designated point person within your company can overcome mistakes that stem from miscommunication. It’s their responsibility to verify each item on the checklist. Automating processes when possible can make for a less overwhelming experience. The point person can also make sure an onboarding checklist has enough flexibility to adapt to individual vendors and the services they provide.
VendorInsight®’s Robust Onboarding Review Package
VendorInsight® aids customers in performing comprehensive due diligence reviews of a new vendor. Often, this is time-critical and must be completed quickly.
VendorInsight® streamlines the collection and assessment of necessary data in a timely fashion with reviews, analyses and reports included in the Onboarding Review Package and VendorEval™ reports. In addition to these reports, VendorInsight® includes a one-page vendor summary.
You can also outsource your organization’s onboarding process with VRM Pro™. The outsourcing service will provide your project team with the required documentation to quickly review and approve or reject potential vendors.
Download our infographic to learn how VendorInsight® helps ensure vendors are healthy and in compliance with your organization’s requirements.
Request a demo today to learn how VendorInsight®’s powerful features and tools can ensure compliance and reduce risk during the onboarding process of a new vendor.