Supplier Onboarding Tools: A Features Checklist

Getting your suppliers onboarded quickly and smoothly is more important than ever. Supplier onboarding tools save you time, improve accuracy, and ensure compliance, helping your supply chain run like a well-oiled machine. 

With so many vendor onboarding tools out there, it can be tough to figure out which features your business needs – and which it doesn’t. In this article, we’ll take a look at popular supplier onboarding tool features and learn how Graphite Connect can help take your supplier onboarding to the next level.

What are vendor onboarding tools?

Vendor onboarding tools add value to your business by streamlining the onboarding process, improving accuracy, and ensuring that all new suppliers meet the necessary standards from day 1. 

Supplier onboarding software

Onboarding new suppliers can take up to six months at large companies, even under ideal conditions.

However, it doesn’t need to. 

Supplier onboarding software is an all-in-one solution that handles all stages of onboarding from the initial assessments of potential suppliers to managing your ongoing relationships with them. By automating these repetitive tasks, supplier onboarding software frees up your time and energy, allowing you to focus on more strategic procurement processes like sourcing, tail spend management and diverse supplier programs.what matters – growing your business.

Graphite Connect’s supplier onboarding solution is designed to slash vendor onboarding time by up to 70%, so you can get new suppliers up and running in no time. With automated workflows and best-practice questions refined by leading procurement teams, you’ll see immediate improvements in how you bring new suppliers into your business. That’s the kind of efficiency you can count on.

Supplier onboarding portals

A supplier onboarding portal gives your suppliers a simple, centralized place to submit all their information and documentation — all in real time. This intuitive, self-service experience not only cuts down on time-consuming back-and-forths but also ensures that everything is done right the first time. By empowering your suppliers this way, you streamline the entire onboarding process, eliminate bottlenecks, and keep business moving at lightning speed.

At Graphite Connect, our portals feature AI-powered data validation and top-notch security checks. Your suppliers undergo two-factor authentication, identity verification, and more, ensuring that only the best and most reliable suppliers make it through. This means less worry for you and a lot more confidence in the partners you’re bringing on board.

Vendor management platforms

Vendor management platforms offer a bigger-picture solution that covers the entire supplier lifecycle, from onboarding to performance management. These platforms integrate all the key functions you need – supplier onboarding, risk management, contract management, and performance tracking – into one seamless system. This all-in-one approach gives you better control over your supplier relationships and helps you make smarter, data-driven decisions.

With Graphite Connect, your supplier profiles are continuously updated with new documents and risk assessments. This ongoing validation process helps you spot potential risks early, ensuring your business stays compliant.

Supplier onboarding software features 

Choosing the right supplier onboarding software means knowing which features will best meet your business needs. Here’s a rundown of the must-have features that can help you streamline your onboarding and build successful supplier relationships.

Automated workflows

Automated workflows are a game-changer when it comes to onboarding suppliers. They allow you to automate repetitive tasks, like sending out forms, collecting documents, and verifying supplier information. 

With automated workflows, you don’t just save time; you dramatically reduce the chance of errors and ensure that each step of the onboarding process flows seamlessly into the next. No more bottlenecks or delays – just a smooth, efficient process that keeps everything moving at top speed. 

By integrating these workflows, you’re not just keeping up with the competition; you’re staying ahead by setting a new standard for efficiency and accuracy in supplier management.

With Graphite Connect’s automated workflows, you can set the pace and create new supplier connections in just minutes. The platform’s best-practice questions and templates ensure that every new supplier is vetted quickly and thoroughly, so you can focus on driving your business forward. Add in customized topics like Modern Slavery, AI and Sustainability to easily turn your onboarding process into a digital and modern process.

Document management

Managing supplier documents is a key part of onboarding. You need a system that securely stores and organizes all the essential documents, like contracts, certificates, and compliance forms. A solid document management system ensures that everything is easy to access and review when you need it.

Graphite Connect’s document management features are enhanced with AI and Optical Character Recognition (OCR) technology. This tech scans relevant documents and checks them against existing data like TIN, EIN, and company names to catch any inconsistencies that could cause payment delays or compliance issues. This way, your onboarding process is smooth and free from costly errors.

Supplier data validation 

Supplier data validation confirms that all the information you’re working with is accurate and up-to-date. This feature lets you verify supplier data, such as contact details, tax IDs, and banking information before the supplier is fully onboarded. By validating supplier data, you reduce the risk of errors and fraud and partner with reliable suppliers.

Graphite Connect’s supplier data validation includes domain and telecom verification, secure document scans, and video validation, making it easier to catch potential fraud before it becomes a problem. Suppliers in the Graphite Supplier Network go through one of the most secure validation processes available, so you can connect with confidence.

Compliance tracking

When you operate in regulated industries or work with suppliers in different regions, keeping track of supplier compliance is essential. Compliance tracking allows you to monitor supplier compliance with various regulations, such as data privacy laws, environmental standards, and labor practices. 

With Graphite Connect’s compliance tracking feature, you can monitor supplier compliance with a range of requirements, from information security to licenses and certifications. The platform provides real-time alerts, so you can quickly address any compliance issues that arise and keep your business in the clear.

Communication capabilities

Imagine having a platform where you and your suppliers can easily exchange updates, resolve issues on the spot, and collaborate without any delays. This kind of communication capability doesn’t just keep everyone informed and engaged – it builds stronger relationships, eliminates misunderstandings, and accelerates the entire onboarding process. 

Graphite Connect offers a suite of communication features that help you maintain open lines of communication with your suppliers. The ability to invite vendors, monitor progress, and review submissions within the platform keeps the onboarding process transparent and collaborative.

Integration options 

When choosing supplier onboarding tools, you want to consider how well they integrate with your existing systems, like your ERP, project management, third-party data andERP, CRM, and procurement platforms. Seamless integrations ensures that data flows smoothly between systems, reducing errors and improving overall efficiency.

Graphite Connect offers integrations with your ERP of choice, allowing you to start doing business with the data you need right at your fingertips. The platform’s API capabilities ensure that data is synchronized across systems, providing a seamless and efficient onboarding process. With a personalized mapping process as part of your implementation, customizing the data connection to your ERP is a white glove experience.

Discover the ultimate supplier onboarding solution with Graphite Connect

Selecting the right supplier onboarding tools is essential for keeping your business moving forward. By choosing a solution with features like automated workflows, document management, supplier data validation, compliance tracking, communication capabilities, and seamless integration, you can keep your onboarding process smooth, accurate, and secure.Graphite Connect enables you to connect with confidence, cut supplier onboarding time by up to 70%, and secure your supply chain from day one. Get a demo today and experience the difference it can make in streamlining your supplier onboarding and driving your success.