Vendor Onboarding & Admin
Mitigate Fraud
Validate banking and tax information and monitor government watch lists to protect your company from fraud during the onboarding process.
Vendor Self-Service
Vendors can electronically submit the information and documents needed to transact with your company in a guided, secure setting.
Streamline Processes
Onboarding new vendors using a platform dedicated to gathering and managing vendor data and documentation makes the process run smoothly.
Vendor Onboarding, Visualized
Functionality
Configurable Forms and Requirements
Configure your selection fields and conditionals to acquire vendor information beyond just the basics and obtain all of the information important to your organization.
Automatic Validations
By leveraging 3rd party tools, data validations help your organization screen vendors through government watch lists and IRS databases, as well as confirm banking information.
Ongoing Maintenance Activities
Track renewals, licensing, compliance, and more, as well as allowing for ad hoc vendor updates to support ongoing maintenance activities.
Automatic Notification and Escalation
Built-in notifications prompt corrective action on items with approaching expirations. For example, when critical licenses, certifications, or insurance coverages are about to expire.
Custom Search & Reports
Buyers and internal users can search vendor results and information in seconds and download that data to build custom reports for their respective organizations.
Why ICG for Vendor Onboarding & Admin?
Standard Benefits
Availability
Send out vendor invitations at any time. Once received, vendors can start and work on their onboarding process on their own time.
Real Time Data Requirements Enforcement
Unlike PDF forms, online forms can guide and/or require your vendors to provide complete information based on the type of vendor, goods or services provided, address information, and more. ICG works with you to design and configure a user interface that maximizes vendor compliance to your data requirements.
Collaboration Tracking
As you and the vendor work through the onboarding process, communications, updates, and approvals are fully tracked within the packet and workflow for future audit and research purposes.
Standardized Data Collection
A Portal enforces vendors to provide standardized onboarding data that meets your company’s ongoing requirements.
We have been using ICG’s solution for over 2 years and it continues to add value to our organization by helping us reduce risk associated with Vendor Onboarding/Administration. ICG validations and integrations help protect us from fraudulent banking information and also help confirm tax information aligns with IRS data all while making the process more efficient.
Relevant Blog Posts
Managing a Large Vendor Network
Many organizations rely on a diverse network of vendors to support their operations. While this diversity offers numerous benefits, such as increased resilience and access to innovation, managing a large number of suppliers can present significant challenges. From...
Tackling Vendor Onboarding Challenges
Vendor onboarding is a critical process for financial institutions, but it can also be a complex and time-consuming task. With the increasing number of vendors and regulatory requirements, it's essential to streamline the onboarding process to minimize risks and...
Future-Proofing Your Back Office
Once seen as a purely operational department, the back office has grown in importance and now plays a critical role in a company's overall strategy. Its efficiency and adaptability directly impact an organization's bottom line and overall competitiveness....
See ICG's solutions in action
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