A well-designed vendor onboarding process can help avoid expensive mistakes, including those that may put your organization at legal or compliance risk. Mistakes in vendor onboarding are typically failures related to accountability, planning, training, compliance, and follow-through. Sticking to the best practices and avoiding the following common pitfalls create substantial benefits for your company.
Shifting procurement and vendor relationships from an accounts payable function to a more strategic position in your organization creates benefits, including greater competitiveness, improved efficiency, lowered risk, stronger relationships, and a more powerful brand.
Download this ready-to-use editable vendor onboarding worksheet for some final tips before ensuring a successful vendor onboarding process. Vendor onboarding doesn’t have to be a tedious exercise. With smart planning and categorization, you'll streamline future transactions, minimize risk, and build strong vendor relationships.