Accelerate and simplify supplier onboarding, improve supplier compliance, and optimize performance with the Icertis Supplier Onboarding and Diversity Compliance app.

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Challenges in Supplier Onboarding:

Quickly identifying and onboarding suppliers while ensuring compliance and mitigating supplier risks is critical in today’s business climate. As supply-chain upheaval due to COVID-19 disrupts long-standing commercial relationships, companies are rushing to identify new suppliers. They need to onboard them quickly, while still ensuring the suppliers comply with internal and jurisdictional rules—including company initiatives and regulations regarding diversity.

However, supplier onboarding has traditionally been a cumbersome and time-consuming exercise, impeding fast supplier onboarding and effective risk management. Common challenges include:

  • Poor user experience on supplier portals requires suppliers to fill out the same form multiple times, frustrating business partners.
  • The time and effort needed to have suppliers comply with organization rules and documentation requirements can be vexing for suppliers.
  • A fragmented onboarding process can result in limited supplier information capture and poor supplier visibility for the buying organization.
  • New suppliers struggle to conform to multiple policies and protocols, such as required documentation, diversity compliance, and contract evaluations and buyers find it difficult to keep track of supplier documentation and expiry dates of supplier contracts.
  • Suppliers are frequently in the dark about their onboarding status, making it difficult for them to track and meet compliance obligations.
  • Rapidly changing regulatory environments add complexity to the compliance process in addition to the need to adhere to diversity regulations by major corporations

Benefits of the Supplier Onboarding and Diversity Compliance:

  • Reduce risk by scaling supplier onboarding
  • Improve compliance through ongoing monitoring of new and existing suppliers
  • Strengthen key relationships with improved communication and collaboration with suppliers
  • Improve return-on-investment from existing business applications
  • Maximize visibility into DBE vendors’ information, purchase orders (POs), invoice transactional data, and total subcontract value—all in one place
  • Increase efficiency by reducing admin costs and improving efficiency with the use of in-built workflow

“Our mission at Elkem is to contribute to a sustainable future by providing advanced silicon, silicones, and carbon solutions, and adoption of new digital capabilities is a central part of our strategy. We saw a significant opportunity to compete more effectively in our global markets by connecting the data in our contracts to commercial and supply chain systems. Icertis’ advanced capabilities will drive analytics-based decision making and additional commercial opportunities as we continue to grow.”

Ole Garborg, General Counsel, Elkem

Whitepaper

Realising a Holistic Approach to Procurement Through Advanced Digital Contracting

Contractual supplier commitments are often disconnected from supplier performance data available in operational systems, which can have a significant negative business impact.

Contracts are the foundation of a company’s relationship with its suppliers, and hence they are an excellent basis for organizing a holistic procurement and supply management strategy including pricing, timeframes, specifications, SLA performance requirements and so on. To know more download the whitepaper now!