Vendor onboarding software for faster onboarding and automated due diligence
Seamless vendor onboarding software with built-in vendor due diligence for faster, compliant onboarding
Vendor onboarding platform trusted by 200+ leading enterprises
Vendor onboarding software for flexible workflows & automated verification
The seamless onboarding experience your vendors truly deserve
Invite vendors to Procol
Send vendors a personalized invite to join Procol’s platform and kickstart the onboarding process seamlessly.
- Built-in tools to send, track, and manage invites efficiently.
- Custom instructions for an easy onboarding process.
- Monitor invite status to ensure timely follow-ups.
Collect vendor information
Gather critical vendor data, including PAN and TAN details, through an intuitive portal to verify suppliers and ensuring compliance
- Create dynamic forms to suit diverse data needs.
- Notify vendors of incorrect information & resubmission.
- End-to-end encryption on vendor data for compliance and security assurance.
Run supplier due diligence automatically
Leverage advanced automation to verify suppliers’ TAN, PAN, and MSME registrations directly from government databases. Ensure vendors meet tax compliance and mitigate risks of fraud or tax evasion.
- Auto-validate vendor certifications with regulatory databases.
- Flag discrepancies or incomplete data instantly for resolution.
- Send real-time updates to vendors during the validation process.
Approve, score, and onboard
Streamline approvals and onboard reliable vendors for robust supply chain risk management and smooth operations.
- Evaluate vendors with vendor scoring based on compliance, reliability, and risk.
- Dynamic approval workflows to approve valid vendors.
- Build a robust supplier database for seamless operations.
Award-winning vendor onboarding software trusted by industry leaders
Ranked as #1, Vendor due diligence software for robust and secure vendor onboarding
Recognized as a leader in procurement software
Recognized as industry leader in vendor onboarding and vendor due diligence software by G2
Featured in leading publications
FAQs about Vendor Onboarding Software
Everything you should know about onboarding and due diligence
What is vendor onboarding?
Vendor onboarding is the process of empanelling or integrating a new vendor or supplier within a company supply chain process after conducting vendor due diligence. The first task in vendor onboarding for a procurement team is to verify suppliers. This follows a myriad of tasks that come under vendor due diligence such as cost discussion, quality check, compliance with company standards of production and so on. Thus, vendor onboarding is an intricate process that is done as part of procurement.
What is the best vendor onboarding software?
One of the best options for vendor onboarding software is Procol. It is a supplier onboarding software that many businesses prefer to use as it enables complete control of the vendor lifecycle, from onboarding to performance monitoring. Additionally, it is a seamless vendor onboarding software that reduces approval time by almost 80% with its pre-developed workflows. With Procol’s vendor onboarding software, you can ensure that you incorporate efficiency and make your processes completely error-free.
How do I onboard a new supplier?
Some mandatory steps that must be followed during vendor onboarding are conducting vendor due diligence which includes vendor verification, collating important documents, evaluating compliance with regulations and clear communication of expectations. Due diligence can be done using vendor due diligence software which guides businesses with all the steps to be followed. Once vendor onboarding is done, vendor managers usually explain all processes to the vendor and train them on existing procurement platforms used by the company. This pretty much sums up all the steps followed in the vendor onboarding process.
How do you verify a supplier?
Supplier verification or vendor verification is an important step that procurement teams usually follow. It helps in doing a holistic assessment of the supplier before deciding to onboard them. Most businesses use vendor due diligence software to cross check all details provided by the vendor. However, some easy steps that any business can follow to do an initial round of verification include checking business license and registration details, verify tax information and inquire their other clientele about the goods offered by them.
What is vendor due diligence?
Vendor due diligence refers to the process of thoroughly evaluating a vendor before deciding to finalise and onboard them for procurement needs of a company. This includes the usage of vendor due diligence tools to verify suppliers, assessing their financial health, evaluating compliance and identifying any potential risks that might be associated. Some companies also prefer running background checks as part of their vendor due diligence process for vendor verification.
What are the 3 P’s of due diligence?
The three P’s of vendor due diligence are People, Process and Performance.
1. People: It focuses on the human resources of the company. This includes the senior leadership, all employees, a record of their capabilities and talents which can be used for the benefit of the company.
2. Process: This focuses on the internal functioning of the company, including its processes and its compliance with regulatory standards.
3. Performance: This focuses on the company’s market reputation, financial health and gives an overview of the company’s performance.
What are the risks of not performing vendor due diligence?
Not conducting the vendor due diligence process thoroughly can lead to problems for the business later. Some of these risks are financial losses, procurement of low quality goods, delay in delivery leading to shortage in inventory and overall operational disruptions. However, the most damaging repercussion is data breach which can affect business as usual (BAU) activities of the company. This is why supplier onboarding tools that help companies undertake detailed vendor verification are in high demand.
Why is vendor due diligence important?
Vendor due diligence is important as it helps companies evaluate and verify suppliers thoroughly before onboarding them and beginning work. Due diligence, done with the help of vendor onboarding platforms, helps companies prospective financial and reputational risks, if any. Vendor due diligence services also enable companies to assess suppliers’ compliance with regulatory standards so companies can be sanguine about the procured goods
When to do vendor due diligence?
Vendor due diligence should be done to verify suppliers much before the stages of negotiation and contract development. Companies should take ample time in supplier verification to ensure that all suppliers that are being onboarded are safe to work with. This helps in avoiding any issues at a later stage once work has begun. Some such issues are delayed deliveries, questionable quality of work and loss of finances.
What are 7 steps of supplier evaluation?
The seven steps of supplier evaluation that is done as part of vendor due diligence are:
1. Understanding needs of the business
2. Conducting market research to stay updated
3. Evaluating prospective vendors
4. Making a contract
5. Negotiating terms of the contract
6. Approvals and signing to seal the deal.Hereafter, the two parties i.e. the company and the vendor begin working while abiding by the terms of the contract.
