Trident – Interesting Client Project – Vendor On-Boarding
Bringing a new vendor into your organization requires a series of activities. Most companies have a checklist of items they require (NDA, W-9, Certificate of Insurance…) before they can do business together. The process is manual and prone to errors or incomplete documentation. We thought it should be easier and made it as simple as a click of a button.
Department: Vendor Management/Compliance
Challenge: Bring new vendors into your organization with complete documentation, in a consistent process, and with minimal effort.
Solution: From a click of a button (Send Vendor Information Form), an email is sent to the new vendor. The email explains your vendor on-boarding process and in order to do business together they need to click the link and complete Vendor Information Form. The Vendor Information Form is a list of all due diligence questions that are required (Description of Service, DUNS #, Insurance Requirements, Supplier Diversity…) and provides an “Attach Documents” area to add the supplemental documentation (W-9, D&B Report, COI…). Once the details are completed and documents attached, the new vendor simply hits submit. The data is automatically updated within the Poseidon vendor record, the documents are attached, and the Vendor Manager is notified that the process is complete.
Benefit: The same set of complete data and documentation is collected from every new vendor. Audit readiness, compliance, and significant time savings are the primary benefits.
