Supplier Onboarding & Qualification
On-boarding and qualifying new suppliers can be a highly transactional process. It is vital to capture all supplier requirements up front to effectively operate downstream systems and drive strategic processes such as: risk management, supplier performance, spend analytics, and compliance with global and local requirements. HICX assists customers by supporting the transactional processes of collecting, validating, and carrying-out due diligence for large volumes of suppliers. Then your organization can refocus on strategic aspects like risk, performance, and exceptions identified during the qualification process.
Browse Our Supplier Onboarding & Qualification Offerings:
Supplier Data Collection
Collecting information from suppliers, whether online or manually, can be time consuming. In most cases suppliers are reluctant to perform requests in a timely manner, especially when they are already engaged in business. Once the required data is obtained, it still needs to be filed appropriately or entered into the system of record.
HICX can execute the transactional aspects of your data collection process by:
- Sending out requests to collect the appropriate information
- Providing ongoing follow-up with suppliers to collect responses quickly
- Updating and maintaining all documents and data in the relevant systems
- Informing and updating stakeholders on progress
Supplier Data Validation
Having high quality, consistent data is a key enabler for efficient operations. Rather than having to clean up data retrospectively, HICX ensures that collected information adheres to the proper standards and is consistent with internal guidelines.
HICX ensures data validation by:
- Reviewing all received data and information to ensure compliance with appropriate data standards and quality standards
- Ongoing follow-ups with suppliers to correct or clarify as required
- Periodic update and maintenance of all systems to ensure data and information have not been corrupted
Supplier Due Diligence
Over the past few years, the due diligence requirements for suppliers has increased drastically, driven by regulatory requirements (Anti-Bribery and Sunshine Acts), internal policies (social and environmental responsibility), and standard good practices (quality, cost, and financials). Due diligence poses a huge challenge for many organizations as resources are diverted to complying with the vast number of requirements rather than focusing on delivering cost savings.
HICX can execute the transactional aspects of your supplier due diligence process by:
- Collecting information from suppliers to drive due diligence requirements
- Processing, scoring, and assessing the information to determine if further follow-up is required
- Vetting suppliers, whether against public databases, manual searches, phone screening, or bank checks
- Coordinating follow-ups between suppliers and internal stakeholders
- Maintaining all documents and data within the applicable systems
- Informing and updating stakeholders on progress
Value Proposition
HICX Data Collection, Data Validation and Due Diligence services help customers reduce their internal transactional efforts and optimize and transform their supplier onboarding processes. We provide experienced analysts, economies of scale, and program management. The result is dramatic cost and time savings, plus an increased level of data quality and reassurance that comprehensive due diligence has been carried out. Our tailored offering eliminates reputational risk and supply disruptions, at a significantly lower than tackling these problems with internal resources.
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