Vendor Onboarding & Admin

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Mitigate Fraud

Validate banking and tax information and monitor government watch lists to protect your company from fraud during the onboarding process.

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Vendor Self-Service

Vendors can electronically submit the information and documents needed to transact with your company in a guided, secure setting.

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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 and tax 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.

Security and Compliance

ICR employs various security measures and compliance certifications to protect your data, including vendor screening, fraud checks, role-based access, data encryption, and secure data centers.

Audit Trail and Compliance Records

ICG’s onboarding procedures automatically log all actions and changes for audit readiness and compliance.

Why ICG for Vendor Onboarding & Admin?

Enhanced Bank Validation

ICG is able to validate both domestic and foreign banking information without sending the vendor user to a third-party site.

Customizable

Vendor packets are configurable to meet your data capture needs. If product information isn’t relevant to your business, the section will not be a part of your packet. If you have specific information that you need collected, new sections can be added.

Integrations

Interface or integrate your vendor portal with your ERP and other relevant systems to update vendor masters and validate information.

Interfacing with 3rd party systems and using 3rd party resources is crucial to establishing creditworthiness, validating TIN and SSNs of prospective vendors, and ensuring vendors do not appear on government or industry watch lists.

Consultative

ICG will never dispatch an out-of-the-box vendor onboarding solution for your organization. Instead, ICG digs into your process, problems, and technology to make suggestions on what vendor onboarding functionality may benefit your organization.

Years of Experience

ICG has been providing vendor onboarding solutions for over 10 years. The solutions we provide are more than just out-of-the-box technology. With each client we work with, we bring our know-how and experience, and continue to learn and adapt our technology to new problems, technology, and more.

Pay-As-You-Go Model

Your organization will only pay for what you use. ICG’s solutions are customized to your organization’s needs, and you will never have to pay for functionality your team doesn’t need, as is common in out-of-the-box solutions.

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.

Krystal

Master Data Supervisor

Relevant Blog Posts

Tackling Vendor Onboarding Challenges

Oct 8, 2024

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

Sep 10, 2024

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....

The Importance of Vendor Compliance

Aug 7, 2024

Vendor compliance is a cornerstone of a well-managed business, and keeping a close eye on your vendors to ensure compliance at all times is crucial to limiting your organization's risk. What is Vendor Compliance? Vendor compliance is the process of ensuring your...

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