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Effective Vendor Lifecycle Management is a key aspect of the entire Procure-to-Pay processes, allowing for enhanced collaboration between vendors and organizations, from the onboarding process to day-to-day management.
In this post, we’ll talk about vendor lifecycle management, what it is, key elements and its benefits.
Vendor Lifecycle Management refers to the onboarding and management of vendors, allowing organizations to gain full control and visibility over their vendor information, processes and manage vendor relationships.
It ensures the structured and secure onboarding of vendors at the beginning of the procurement process, and allows businesses to monitor and approve future changes, enhancing communication and collaboration between businesses and preferred vendors.
Vendor Lifecycle Management is essential for businesses that deal with multiple vendors, ensuring total control and visibility over the procurement process, whilst fostering stronger relationships.
There are some key stages that take place in the Vendor Lifecycle Management process, as discussed below.
At the beginning of the Vendor Lifecycle Management process, vendors are invited to onboard themselves through a portal, where they are instructed to complete onboarding forms and attach additional documentation as specified by the organization.
Once vendors have completed the onboarding process, a member from the organization’s compliance team will either approve or reject the application. Sophisticated Vendor Lifecycle Management software use AI-enabled third-party verification of key information such as tax, VAT, TIN and bank details.
Following approval, vendors have continued access to vendor lifecycle management portals, where they can make any changes to key information such as address, bank details or regulatory documents. Internal compliance teams can continue to monitor and approve vendor details, ensuring control and visibility over the process.
The SoftCo Vendor Lifecycle Management (SoftCoVLM) platform is designed to transform how businesses manage and interact with their vendors by simplifying vendor data management, ensuring strict compliance with business processes in addition to adherence to industry and geographical specific regulations.