New Supplier Registration Process – E-Sourcingwp_admin
What is a Vendor Registration Portal?
Vendor Registration Portal provides an easy and online way of collecting needed information from Prospective and Existing suppliers.
As part of the Supply Chain Management, an important task of the sourcing team is to identify and Onboard new suppliers regularly.
On-boarding a new supplier could be a time consuming task. Many information need to be collected and recorded for future reference and evaluation. Look at the type of information normally needed to onboard a supplier.
- Company Information – General information about the company like Name of the company, Corporate web site
- Contacts – Who are the key contacts whom you will be dealing with. Their phone numbers, email address, designation etc.
- Addresses – Where are the physical location of the vendor you will be dealing with. Are these locations manufacturing units or corporate offices?
- Legal Information – What is the type of the business. Is it Partnership or Individual or Corporation
- Legal Documents – Tax Registration details document, W9 registration forms , other documents like Business Certification etc
- Minority Business Documents – If the vendor is a Minority Owned Business, supporting documents
- Product Details – Categories of products and services provided by the vendor
- Catalogs and Product details – Detailed list of products and catalogs if available
- Commercial Details – Bank account details. Payment terms. Preferred method of payment
It might be easier to collect all these information through a collaborative portal rather than through emails and paper documents. This is where a vendor portal like TPSynergy Souring Platform helps.
Vendor Self Registration Portal
A prospective vendor can be invited to register and provide all the needed information through a portal. The portal is a self guided process that helps suppliers to review all the needed information and provide the same.
As can be seen from the above image, the vendor registration is through a guided process of step by step navigation.
As part of the process, suppliers will be able to securely upload business documents like tax registration, business insurance certification etc. These documents will be needed in future also for any audit or verification. Using the vendor portal makes it available in one place for any future reference.
Advanced Features of Vendor Portal
In addition to just collecting the vendor data, a vendor portal like TPSynergy Supply Chain Solution can provide more features
- Electronic Bidding – Collaborating with suppliers for RFQ, RFP, RFI
- Evaluation of Proposals – Scoring of the quotation by weighted scoring methods
- Team Scoring – More than one person can score the supplier proposals. Team score results can be computed to evaluate the proposals
- Forward Auctions – Let the buyers bid for the highest price. Bidders can view the current highest bid and keep revising their bids till the auction is closed
- Reverse Auctions – Let the suppliers bid for the lowest price. Bidders can view the current lowest bid and reduce their bids.
- Two stage Tenders – Segregate technical and pricing aspect of the proposal. This will help the buyers to have an unbiased selection of the proposals first on technical merit and then finally open the price bid to select the best source
- Manage contracts – Electronic repository of contracts for suppliers to review and sign