Vendor onboarding is a process of gathering all the data and documents needed to set up a company as an approved vendor. As a company when you want to on board a company as a vendor there will be a standard operating procedure with various checklists that need to be carried out. This process requires a lot of documentation and data collation.
To know if a company can be qualified as a vendor, the company must first collect all data pertaining to that vendor. They need to do a proper credibility and background check to avoid and problems in future. Proper certification and standardization checks needs to be conducted. Payment modes and credit periods needs to be discussed and documented. Shipment details and product handling issues need to be detailed out and documented as well. Things to be done in case of unforeseen situations needs to be discussed and checked.
Thus as we can see onboarding a vendor is complex procedure with multiple steps to it. Hence as a company you need to have proper manpower allocated for this task alone. A person who has the right knowledge to perform this task. But the only concern with hiring a full time employee for this purpose is, wasting of resources and money. How ? Vendor onboarding is not a process or function that happens on a daily basis. It happens based on the business needs, may be once or twice a year depending on the scenario. The other times the employee hired for the job, has no work and is a case of improper resource utilization.
The solution to this problem is, companies must look at hiring temp staff. Yes temp staff is the new and smart way of utilizing manpower as per your business needs. So when a company plans to on board new vendor, they can hire the suitable employee for that duration. Once the task is completed the company can release the staff. Thus ensuring proper resource utilization and effective ways of cost cutting. This way the company gets the job done and is paying only for the job done. Also as vendor on boarding requires a lot of documentation and attention to detail, who better than temp staff to do the job. As temp staff have only one job to focus on and there are not stressed with other responsibilities. Thus they prove to be more effective and beneficial for the company hiring them. Temp staffing is the most economical and profitable solution for vendor on boarding process.