Simple vendor onboarding, registration and authentication in as little as 15 minutes. Triggered by your buyers via Maextro MDG, email notifications for registration are sent to your business partners. Easy onboarding and registration of admin users within your partner's business. Once registered, approvals happen to give further control and a notification back to your partners for data enrichments and validation. API services are used in run time so vendors cannot get their data incorrect. attachments can be requested, sent to each legal entity, and controlled in a delightful UI. Questionnaires and certificate functionality is available as a framework for customising via low code Maextro & integration into Qualtrics.
All data submitted via your business partners will be held within Maextro's powerful frame work for further enrichment and approvals.
Business Partners can log in and change their details themselves.
This then leads to a change request being created in Maextro for review/approval.
Intelligent Document Information Extraction locates and retrieves text from an uploaded image, making the process of digitising invoices and other documents a pain-free experience. By utilising Machine Learning, the document data extraction software continually refines and improves its invoice matching, displaying confidence levels in an elegant UI. Use D.I.E to reduce manual data entry, side-step avoidable errors and free up staff to focus on strategic tasks.
New to Handshake, Digital Product Catalogue transforms relationships between brand manufacturers and their distributors. DPC was designed as a one-stop solution containing deep technical info for packaging. Quickly generate XLS. sheets for customers from their requirements. Getting distributors, the information they need effectively speeds up the time it takes to get your products on their shelves. DPC acts as a tool to combat uncertainty and increase productivity between you and your distributors.
REDUCE ONBOARDING TIME BY 88%
Supplier onboarding processes are riddled with complexities, which all add up and slow onboarding down. With the global economic market facing uncertainties, agility in onboarding new vendors and maintaining vendor relations has never been more important. Typical onboarding procedures take up to two days if done manually and are prone to errors from manual data entry. Handshake automates onboarding so efficiently, it can be completed in as little as 15 minutes.
BUILD TRUST WITH VENDORS
Strong vendor relationships are built on dependability, communication and agility. Handshake helps vendors build trust with through a collaborative workflow where vendors have their own log-in and change their details as needed. This helps to increase the productivity of the relationship and helps to define and manage expectations.
AVOID ERRORS & DISRUPTIONS
The vendor onboarding process in SAP is set up to ensure that the supply risk to your business is minimised. Failure to include through governance here can have financial, reputational and even legal consequences for a business. Handshake utilises AI document data extraction and in-built data governance to prevent errors from entering a data landscape. This leaves businesses with added confidence in their vendor data processes which contributes to productivity.
TAILORED STRUCTURES FOR YOUR BUSINESS
Handshake can be configured for any type of business. No matter how large, Handshake can map onboarding models to suit high-complexity governance. All data submitted via your business partners will be held within Maextro's powerful framework for further enrichment and approvals and seamlessly integrated into SAP ECC or SAP S/4 HANA
Vendor onboarding is a process flow consisting of collecting, approving and maintaining client information needed to register them as a vendor or supplier to a business. Having these details readily accessible makes purchasing, maintaining communications and making payments to the vendor simple and productive.
The goal of onboarding a vendor is always to make processing data and purchase/ payment requests as simple and accurate as possible. These two goals do not hand in hand when approached manually, making good onboarding complex for many businesses.
To achieve a smooth onboarding process, a business should consider the following best practices:
• A vendor onboarding policy
• A comprehensive and consistent vendor onboarding form
• Always research the market for vendors
• Collect data diligently and fully
• Develop a set of rules for maintaining relationships and keeping details correct
• Deploy a business processing solution, like BPX to uphold data governance save up to two days of data processing
There are many factors which can affect the time it takes to onboard a vendor. It can vary due to policy, research, preparation, risk assessments, and completing vendor onboarding forms and communications. For larger companies using traditional onboarding techniques, the wider vendor onboarding process can take up to six months but always at a minimum of one month.
Focusing on the actual onboarding procedure concerning data transfer, if there are no approvals on day 1, this can take up to a whole day, with an extra day for approvals. Using Handshake, the actual onboarding procedure involving data entry never takes more than 15 minutes, ensuring a speedy and compliant onboarding that saves up to two days of work.
There are several ways onboarding a vendor can go wrong quickly. These mistakes are often avoidable and occur due to being overlooked or underestimated. The following mistakes are essential to avoid with vendors if you are looking to build a good, effective relationship to better your business:
1. Wrong vendor information entered
2. Unverified TAX no, company code or IBAN (Bank information) entered into system
3. Duplicate vendor onboarded
4. Unnoticed vendor information change (Lets say Vendor updated their contact person mobile number, but forgot to notify us)
These mistakes can all be avoided using a vendor onboarding solution like Handshake, which can automate a lot of the data entry, enforce data governance and request regular approvals.
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