- Universal Use Case
Business Partner Onboarding
How Profisee can help accelerate and streamline onboarding and ensure compliance
Onboarding new business partners – suppliers, customers, agents, distributors or vendors – is often a complex process that requires rigorous checks and balances. Necessary vetting, verification and compliance checks often require manual and time-consuming research, data adjudication, ad-hoc collaboration to complete the onboarding process, and can lead to errors and omissions creating compliance risk.
Data Domains
Customer, Supplier, Reseller, Distributor
Business Problem
Slow, error-prone, redundant processes
Teams Impacted
Procurement, Sales, Finance, Compliance
MDM Impact
Rapid on-boarding done right the first time
Business Problem
Data Strategy
Outcomes Business Problem
Slow, Costly and Risky Onboarding
- Redundant Processes: Existing business partners (or their subsidiaries) may be put through initial onboarding processes & vetting unnecessarily
- Human Error: Manually aggregating, correcting, and filling in data gaps introduces potential erroneous data, creating risk or delays.
- Onboarding Delays: Extended average onboarding time impacts all business processes dependent upon the business partner – new materials, new revenue streams, new services are all delayed
- Compliance Risk: Potential gaps or human error can lead to business partners fully onboarded that never should have been, creating exposure to compliance citations and fines
- Abandonment: Stuck in a manual, sluggish onboarding quagmire, new business partners may choose to terminate the partnership before completion
Data Strategy
Empower Teams with Comprehensive Data
- Consolidate Data Artifacts: Automate the process of assembling disparate data fragments from internal and external sources to create a more complete business partner record.
- Identify Data Gaps: Use data quality and automated workflows to identify and fill-in critical missing data elements.
- Proactively Remediate Problems: Ensure that the business partner record is both compliant and ready for distribution to downstream systems proactively.
- Eliminate Duplicative Processes: Avoid subjecting prior and existing business partners to unnecessary vetting and compliance processes.
- Reduce Manual Wrangling: Leverage powerful automation to consolidate, harmonize and validate business partner data from all available sources vs. swivel-chair and e-mail based manual data assembly.
Outcomes
Faster Onboarding Done Right the First Time
- Reduce Onboarding Time: Get new suppliers, customers, agents, distributors and vendors live and active up to 80% faster.
- Avoid System Errors: Prevent business process disruption (procure to pay, order to cash) due to business partner data that was sufficient for process initiation failing in downstream systems and business processes.
- Ensure Compliance: Leverage automation to ensure that complete and accurate business partner data has been assembled and documented to support compliance checks.
- Reduce Costs: Eliminate countless person-hours wasted on manual data remediation as part of the onboarding, vetting, and compliance steps for new business partners.
- Reduce Costs: Streamlined onboarding opens new revenue streams faster.
