We all need help sometimes
Business lingo these days is dominated by talk of the “rugged individualist” who takes on the world & manages to find a niche, research client requirements, create a product, market it successfully, wrangle investors & begin production, all by herself.
But real business professionals know that running a business is a collaborative affair and requires a lot of assistance from people who source, research & supply you with both materials & assistance. These people, or organizations in most cases, are generally called vendors.
Take some of the giants in the entrepreneurial world, such as Amazon for instance, they require an entire host of manufacturers, retailers & couriers to function. Apple & other tech companies benefit from their vendors in a similar way.
Vendors therefore are the backbone of any business & partnering with the right vendors is crucial to the success of your business.
So how do businesses usually go about the process of bringing on a vendor?
Traditional Vendor Onboarding
Suppose you’ve found the perfect vendor who checks all the boxes on your list. You’ve evaluated risk, trustworthiness, double-checked their track record & then you’ve reached out to them informally, but nothing is set in stone yet.
What do you do next?
Well, here’s how a lot of businesses would proceed.
That looks simple enough, but if you look past the surface you’ll see that it’s got a lot of problems.
Every single step in this manual & paper-based onboarding process is a pain point!
From creating paper contracts and spending long hours negotiating over them, to manually verifying every painstaking detail in your potential vendor’s documents; this process is exceedingly cumbersome, involves too much paperwork, and entails massive costs.
Businesses who work with a lot of vendors find this process even more crippling than usual and find themselves saddled with huge expenses and deals falling through because of how frustrating manual vendor onboarding can be.
Additionally, as a business, you’ve also got to consider the toll this takes on your vendors, since a slow & inefficient onboarding process leaves them with a lot of uncertainty and can also result in a strained relationship between you and your vendor.
Now since you’re sufficiently convinced of how debilitating the traditional method of vendor onboarding & contracting can be, here’s an automated alternative!
Digital is always better!
You’ve had enough of paper-based vendor contracts & manual vendor onboarding, and are looking for a way out. So what are your alternatives?
Fortunately, RegTech has come a long way and companies like SignDesk use cutting-edge technology to completely automate the way you contract & onboard your vendors.
We use –
- legally valid vendor contract templates
- Online real-time contract negotiation workflows
- Approval hierarchies
- Aadhaar & digital signatures
- Real-time stamp duty payments
- ML-based image data extraction
- Anti-fraud protocols, and
- Document verification techniques,
to digitize & expedite vendor onboarding so that it’s seamless, cost-effective, and lightning-fast.
Here’s how your new & improved vendor contracting & onboarding process will look with SignDesk’s help.
Digitizing your vendor onboarding leads directly to numerous benefits, including –
- 90% reduction in onboarding costs
- 99% reduction in TAT per vendor
- 120 hours saved per vendor
- 20% fewer drop-offs during onboarding
- Happier vendors!
So there really is no reason for you to continue onboarding vendors using outdated manual contracting procedures!
Start onboarding vendors digitally today!
SignDesk’s digital onboarding solution & electronic signatures are trusted by 350+ clients including 50+ major banks, and has been awarded the Global Banking and Finance Review’s Best Digital Onboarding Product in India for 2020.
We use only the best AI & ML technology to automate & streamline the onboarding process and ensure that all vendor details are verified and fraud is prevented.
Our solutions are customer-friendly, customizable upon request, and compliant with all major regulations.
Eager to start onboarding the right way? Book a demo with us now!