It makes no difference what business you’re in, suppliers and vendors play a key role in your company's success. Having a formalized “procurement hub” in place to track and evaluate supplier and vendor performance is essential to the smooth operation and profitability of your company.
The main objective of many of these vendor registration processes and/or systems is to enhance transparency, fairness, equality and foster responsible practices.
It also mitigates the company’s risk factors while still retaining the competitive advantage.
Suppliers are often contracted for a specific period and preference is then given to them as approved suppliers on the company’s database.
The process to become an approved supplier can often be a long and rigorous one. Suppliers are required to complete vendor application and/or registration forms. These forms will set out the basic non-negotiable business standards as well as important and urgent practices that suppliers need to adhere to when conducting business with the company.
Many of these applications and/or registrations are done via central online portals. Once the company profile is created and the registration and/or application completed online, then all the supporting documentation is uploaded and uploaded and uploaded and uploaded!
This can be a very time-consuming process and at times frustrating process to, with all the uploading of documentation – technology is not always on our side!
Let Compliance Hub be the solution, to your company being a valued vendor!
Article By:
Tiffany Reed: HR and EE Consultant - Compliance Hub