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Process Automation Supply Chain & Logistics

The Secret to Faster Vendor Integration? Automated Onboarding!

Onboarding vendor data is a routine task for supply chain businesses around the world. From small supply chain organizations looking to create new marketplaces to established brands, vendor onboarding is a key part of operating supply chain business. Vendor onboarding, the process of shifting on new vendors to your operations, is a tedious and time dragging task. That’s why it seems to be most difficult and critical function of a supply chain management process.

But, by enlisting better onboarding practices, businesses can gain maximum benefits of their customer-business relationships and can bring more leads to your business. Let’s dive into some of the key advantages of better onboarding and the reasons you can consider integrating a modern solution for streamlining your vendor onboarding.

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Challenges of Vendor Onboarding Process

1. Vendor Onboarding is Time Consuming

Time is the most valuable resource, and when vendor on boarding is done manually, it can eat up a lot of time. Also, it might cause a limitation of missing out on sales.

2. Security Risks in Vendor Onboarding

To run a successful supply chain business, it is essential to have best security practices.

Security in supply chain security as there are potential risks like system breaches which could damage, disrupt, or destroy supply chain operations.

3. Gaps in Technical Maturity

Supplier chain collaboration usually does not just end up with setting up of receiving and sending order documents. But it may have its own solutions or source a request, and even in some cases, it comes up with no solutions at all. That might lead to inconsistencies and potential risks of incorrect information that might result in delays, or fulfillment mistakes.

4. Compliance Checks

It is well known that regulatory compliance is an essential element of the business including supply chain. But in the case of keeping track of compliance among hundreds of vendors, it becomes a mind-numbing task. Also, it could cause negative consequences like disruption in supply chain operations, customer cancellations, legal mistakes, and damage reputation.

To overcome these above challenges, automated vendor onboarding is an ideal choice. With automated vendor onboarding, you’ll be able to streamline the supply chain process more and eradicate paperwork and manual tasks.

Automated Vendor Onboarding – An Overview

Incorporating an automated vendor onboarding process means:

• Your supply chain business can develop a thorough examination process to make sure that all vendors fit your criteria.

• You can instantly have real-time tracking of vendor compliance during the vendor onboarding process in the supply chain.

• Your supply chain business can store all documents in a secure online repository to enhance visibility and traceability throughout your supply chain process.

• Automation helps to accelerate the overall supply chain process which results in fewer delays in the fulfillment of vendors’ orders.

• Your supply chain business can benefit from an enhanced vendor management program and eliminates the risks which is associated with noncompliance.

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Benefits of Implementing Automated Vendor Onboarding Process

Automated solutions have reshaped the way supply chain businesses onboard new vendors and fastening onboarding process.
Here are major benefits of automating vendor onboarding process in supply chain.

1. Productivity Boost

As supply chain businesses spend the maximum of their resources managing existing distribution management operations, it becomes hard for them to enhance their productivity. However, by automating routine processes and streamlining primary integrations, they can manage their supply chain operations faster than ever. As a result, you can increase your productivity with limited resources.

2. Shorter delivery time, happier customers

Supply chain businesses undergo a lot of pressure to deliver on time to vendors. Trying to outpace strong players like Amazon makes it necessary for supply chain businesses to attain competitive advantage by adopting the latest technology. That is why you can opt for automation. With supply chain automation, you can plan highly optimized route like analysis factors like traffic, distance, and stoppages to find cost-effective routes as well as ensuring on time delivery.

3. Reduced spend and minimal work

Whether your supply chain business onboards vendors’ data in-house or via agency, it requires adequate resources. In this case, we must pay money to an agency or an internal team for managing the supply chain. However, as mentioned above, all these processes need manual data entry.

With the help of automated vendor onboarding, your supply chain business can limit your human resources and make them focus more on growth-oriented tasks.

4. Keep existing vendors happy and find new ones

One thing in supply chain business that is as important as growing fastly is attaining vendor satisfaction. Vendors go through a lot of work to share their price lists. They must meticulously craft umpteen pricelists each year. By automating vendor onboarding, you can reduce the workload of vendors and focus on creating strategic business partnerships.

5. Improving Regulatory Compliance

The supply chain industry comes with a defined set of laws and regulations that ensure safety, operating regulations, data handling, vendor interactions and other areas. By automating regulatory compliance, supply chain business can eliminate compliance risks. With automation, you enhance reporting standards and collaboration functionality. Also, you can keep track of the entire compliance process with visual representations charts and compliance monitoring in real time.

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Take Away

If you’re looking to completely transform your supply chain on boarding process, then it is essential to find a solution that helps you take entire control through automation. Automation helps to simplify vendor onboarding process and lets vendor easily connect with suppliers.

iSQUARE’s automation solution helps your supply chain businesses to streamline your vendor onboarding process. With our custom workflow automation services, you can make new supplier onboarding easy for your vendors. To know how iSQUARE can help you improve your supply chain efficiency, take a look at our website.