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Supply chains can be complex in the sense that any given supplier may work with sub-suppliers. Due to the vast number of people involved in a supply chain, it’s important to know the capabilities and limits of the personnel involved. Here are reasons to develop a highly structured and transparent supplier onboarding management system with automation software.
Traditional onboarding involves using paper, spreadsheets, email and the phone to organize supplier information and training processes. The main problem with the traditional process is that it’s time-consuming and can lead to disorganization if not managed carefully. Leaving it up to each vendor to manage its own information can lead to inconsistencies and errors. Using onboarding software to streamline the process will help save time and money, as well as eliminate mistakes.
Supplier onboarding process
By choosing up-to-date supplier documentation solution, you can manage supplier information in one centralized place. This solution allows you to evaluate and select suppliers, monitor activities and initiate due diligence. It will allow your management team to make more informed decisions about which suppliers to trust that can meet your company policies.
Instead of contacting each supplier by phone or email, a more modern supplier onboarding process can speed up communication with automatic alerts and notifications. All the supplier information is documented in a profile stored in a central database so that it’s easy to research the company. You will have instant access to information about the vendor’s reliability, insurance and corporate social responsibility. The system integrates with industry sources for verification purposes.
Supplier Management System Benefits
Automation is the core technology that makes a supplier management system seamless and efficient. The system’s ability to send the right alerts to the right people is the key to speeding up tedious tasks. Instead of various sources keeping individual records that may differ, this system keeps data in one place to avoid errors and confusion. It allows suppliers to use self-service capabilities instead of middle men responsible for collections. This solution reduces problems such as duplicate checks while delivering more accurate and faster insights.
You will be able to collect master data that can be accessed throughout different branches of the company within your enterprise resource planning (ERP) platform. Automated records will be created across all systems without the fear of duplicated records. By restricting supplier profiles to be created at a single point of control, you will maximize compliance. Part of the beauty of this system is that it doesn’t require technical knowledge or IT assistance.
One of the biggest advantages to automated supplier onboarding is that it reduces the problem of miscommunication within the supply chain. Not only does it allow for better collaboration between partners, it improves communication with easy ways to update workflows. The system generates powerful analytics that allow you to pinpoint where bottlenecks call for adjustments to speed up productivity. It also gives you multiple ways to communicate with suppliers, such as leaving notes or uploading attachments.
Using an automated supplier onboarding system can streamline your business so that information on suppliers will always be at your fingertips. The more you know about your suppliers, the more you can control the quality of your business. The software integrates with your existing ERP system, reducing the need to manually enter data.