A successful supplier onboarding selection and vendor onboarding process is essential for organizations to overcome the challenges in Risk and Compliance, supply delays, material defects, and pricing strategy. With the multilayer supply chain that is typical today, organizations need to ensure that their supply base is reliable, and that required verification has been done to confirm that.
OptimizeMRO provides comprehensive supplier onboarding/ Vendor onboarding services, to ensure that organizations can follow a well-structured and reliable process while bringing on a new supplier. The service also extends to periodic revalidation and refresh of supplier information to ensure the data is current and up-to-date.
Our expert team can help you with a successful vendor onboarding process, in many ways:
Vendor Master Data
A supply chain improvement initiative cannot be complete without full control over the supply base, and that means understanding the vendors involved deeply. Vendors and suppliers play a crucial role as collaborators in programs relating to strategic sourcing, inventory reduction, spend analytics, and cost reduction. Getting insight and control over vendors requires a vendor master that is clean, deduplicated, classified, and up-to-date, which Enventure delivers. Information about vendors changes constantly as a result of mergers and acquisitions, restructurings, relocations, changes in personnel, and expansions of businesses. In addition, most companies struggle to maintain accurate vendor information.
Using its proprietary processes and technology, Enventure enriches and transforms supplier data for clients’ ERP, SRM, or EAM/CMMS, resulting in measurable business benefits. Creating a clean Vendor Database also involves extracting vendor data from multiple sources and formats within an organization. Next, vendor masters need to be standardized and unified, which involves gathering information that may not be available in internal repositories. The customer’s ERP, SRM, EAM/CMMS, or other systems would be cross-referenced with this data. As well as utilizing industry standards like NAICS, SIC, or other customer-preferred schemas, vendors can also be classified based on the products and services they provide.
New vendor information is integrated into the system and the onboarding process is standardized. Updated Vendor Master Records – or New Vendor Master Records – are used for procurement and accounts payable purposes, and are integrated and presented in customer-required formats.