Explore the 6 Stages of Vendor Management

Onboarding Stage

The vendor onboarding stage happens once the contract is signed, and allows you to gather all necessary documentation and data to properly establish the vendor in your procurement and accounts payable systems. More importantly, a good vendor onboarding process enables you to effectively integrate the vendor into your operations and set the stage for a successful relationship.

ACTIVITIES INCLUDE

BUILDING THE VENDOR PROFILE

The first step in the vendor onboarding process is to centralize all of the information you collected during the procurement and contracting stages, and create a central profile of the vendor relationship. This is best handled through a vendor management system which allows you to centralize basic data such as vendor contacts, TIN, DUNS, classifications and regulatory oversight requirements.  You should also organize and store documents collected during the procurement and contracting stages such as the legal contract, audit reports, SOC 2 reports, insurance certificates and risk assessment questionnaires.

Vendor Centric can help you streamline this process through our cloud-based, vendor management platform which allows you to collect and store all of this information (and more) in a central, secure system. Additionally, if you want to have us do the profile building for you we can take all of the administrative work off your hands and help you maintain complete and compliant vendor information.

Looking for onboarding help?

Schedule a free consultation by filling out the form below.

DEVELOPING VENDOR OVERSIGHT PLAN

This part of the process is where you set up you and the vendor for success. When developing the vendor oversight plan, you will establish roles and responsibilities for all stakeholders involved in the vendor management process. This ensures there is clarity about the oversight activities required and who will be responsible for performing them.

 

Oversight activities can include managing deliverables and contract performance, managing service level agreements (SLAs), overseeing regulatory compliance and ensuring vendor reporting requirements.  While many vendors don’t require an oversight plan, it’s a critical component for those vendors that are more strategic and have higher levels of risk associated with the relationship.

 

We can help you create a standard, repeatable vendor oversight planning process, and can also augment your stakeholders by facilitating your planning meetings.  We’ll bring outside perspective and best practices into your planning process to ensure risks are identified, activities are appropriate for the vendor relationship, and responsibilities are assigned to the right people throughout the length of the vendor relationship.  We can also interface with your vendors to ensure they are coordinated, understand their responsibilities in the ongoing oversight process, and are ready to hit the ground running when their contract is rolled out to staff.

 

 

INTEGRATING THE VENDOR INTO OPERATIONS

The last step in the onboarding process is to introduce the vendor and set expectations for a successful relationship.  Depending on the type of contract, this can include formally communicating the new vendor relationship to staff, posting FAQs about how to work with the vendor and even holding an open house with the vendor to allow staff to meet them and ask their own questions.

If you need support with your roll-out process, we’re here to help.

Learn more about emerging trends and best practices in vendor management programs. ​

Download our latest eBook now.

Contact Us

9841 Washingtonian Boulevard Suite 200 Gaithersburg, Maryland 20878

 

(240) 813-1170

 

info@vendorcentric.com

Follow Us

  • Vendor Centric Facebook
  • Vendor Centric Twitter
  • Vendor Centric LinkedIn

Subscribe to our

Rethinking Vendors Podcast

Vendor Centric Podcast

Copyright © 2018 Vendor Centric. All rights reserved.

Quick Links

Subscribe to our newsletter