Shorten Cycle Time to Onboard Supplier
Streamlining the onboarding process to accelerate time to value for a large multinational manufacturer
In today’s competitive market, every organization is looking for ways to reduce their operating costs while maintaining high-quality standards. One way to achieve this is by streamlining the supplier onboarding process. In this case study, we will explore how 319 InSight helped a large enterprise shorten the cycle time to onboard a supplier.
Our client is a multinational company that operates in the manufacturing industry. They have a large number of suppliers who provide raw materials and components to their manufacturing plants. Due to their extensive supplier base, the onboarding process was taking a considerable amount of time, which was causing delays in production and affecting their profitability.
The onboarding process at our client was a manual and time-consuming process that involved multiple departments, such as procurement, legal, compliance, and finance. The process involved several steps, such as collecting supplier information, conducting due diligence, obtaining approvals from various stakeholders, and negotiating contracts.
The existing process was fraught with challenges, such as:
Delayed approvals – The manual process involved multiple stakeholders, which often resulted in delayed approvals, causing further delays in the onboarding process.
Manual data entry – The existing process relied heavily on manual data entry, which was prone to errors and inconsistencies.
Compliance risks – The manual process made it difficult to ensure compliance with the organization’s policies and regulations, leading to potential compliance risks.
Our client decided to implement 319 InSight to streamline the supplier onboarding process – reducing the cycle time and improving the overall efficiency:
Streamlined process – The automated platform streamlined the entire onboarding process, reducing the cycle time from weeks to days.
Accurate data collection – The platform’s features assured accurate supplier information, reducing errors, and ensuring data consistency.
Improved compliance – The platform integrated with the client’s preferred watchlist source to provide built-in compliance checks, ensuring that all suppliers meet the organization’s policies and regulations.
Real-time tracking – The platform provides real-time tracking of the onboarding process, allowing stakeholders to monitor progress and identify bottlenecks.
The implementation of 319 InSight had a significant impact on the client’s onboarding process. The platform helped the organization reduce the cycle time to onboard a supplier by over 500%, from weeks to days in most cases. The automated platform also reduced the number of errors and inconsistencies in the data collected, improving data accuracy.
The platform’s built-in compliance checks ensured that all suppliers met the organization’s policies and regulations, reducing compliance risks. The real-time tracking provided stakeholders with visibility into the onboarding process, allowing them to identify and resolve bottlenecks quickly.
Platform319 had a significant impact on our client’s bottom line, improving profitability while maintaining high-quality standards.
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