Digital transformation is essential nowadays for business growth and the development of an integrated organisation is undoubtedly a strategic choice. Setting up an agile system can favour the management and operational aspects, allow more effective monitoring and control of operations, minimising the risks that may impact the company’s business. In this ‘risk-based thinking’ approach, supplier onboarding processes also evolve.
In this article we will see how to implement your suppliers’ onboarding process in an effective, efficient and smart way.
A smart management architecture supports a collaborative evolution throughout the supply process and transforms the customer-supplier relationship into a real partnership, with shared objectives and investments. The adoption of digital technologies as the enablers of holistic transformation, can decisively simplify the suppliers management processes for your business.
With the increase of muddled procedures, an integrated onboarding solution allows a company to ask its suppliers to adhere to responsible practices and to evaluate them on specific criteria. There is no need to review suppliers for every job, just integrating parties due diligence and screening into one system. For procurement activities, the Vendor Rating is a pliable and essential tool as it allows:
- Better selection of suppliers
- The correction, even during the process, of any defects or inadequate performance
- An involvement of the entire organisation in the purchasing processes.
Agile processes represent a way to build flexibility for procurement, at every stage of the sourcing cycle. The introduction of an integrated supplier onboarding solution allows supplier collection of information, monitoring of performance, and risk management, all on one certified, integrated, and compliant platform.
How to implement your suppliers’ onboarding with Trakti
Based on blockchain technology, our end-to-end platform provides you with permission-based access to pre-verified supplier information to accelerate onboarding, simplify management, reduce risk and build a relationship of trust, based on transparency and oriented towards the improvement of characteristics and conditions of supply. Adopting Trakti’s Smart contracts, tracking key procurement processes such as the automation of payments, the management of obligations with suppliers, and post-award activities becomes simple and intuitive.
Trakti’s Smart contracts make suppliers’ onboarding and qualification processes transparent and faster. It is well-known that the Vendor Rating has a preventive function. From a strategic point of view, it allows to measure the supplier’s operations and quality and ensure the maintenance of the qualification and the development of the relationship with suppliers. By automating the monitoring of the Vendor Rating, the supplier’s qualification is simplified and transformed into a fluid and safe process. Complex procurement processes can harm relationships with suppliers.
Implementing suppliers onboarding becomes effective, efficient, and smart
Through Smart contracts you can optimise and make processes more efficient, favouring the sharing of data, the verification of information, improving collaboration by creating cross-functional teams, and eliminating problems related to trust by building a program for cooperation. Finding the right supplier is often an articulated process.
With Trakti you can customise your onboarding model based on how your company is structured, defining the ability of a supplier to guarantee specific goods and services and easily compare suppliers on different criteria. Our customised, multi-criteria supplier evaluation module allows you to select the best supplier, not just by price but by a full spectrum of qualitative and quantitative variables, reflecting what is truly important to your business, such as:
- Risk supply interruptions
- Regulatory requirement
- Compliance with corporate standards
You will be able to assign a weighted average to each parameter, to create a consistent assessment and monitor the metrics, on an ongoing basis, to ensure that contracts are always profitable.
Our platform also provides KYC and AML integrations with third-party software to simplify control, monitoring, audit, ID, and credit checks of suppliers to verify and validate they are compliant with company laws, regulations, and standards. You can store all the offers received and view them easily on our platform, facilitating the exchange of information within the organisation and with external auditors.
DORA and contract information management
Speaking about regulations, with the introduction of the Digital Operational Resilience Act (DORA), financial entities must maintain a register of information for contracts with IT service providers. Trakti simplifies this compliance requirement by automatically populating the register of information when financial institutions sign contracts through the platform.
This feature ensures that:
- All relevant data fields are automatically filled out based on contract details
- Financial entities meet regulatory obligations without manual intervention
- A centralised and auditable log of IT service provider agreements is maintained
By integrating this functionality, Trakti reduces compliance burdens and helps financial organisations maintain operational resilience with minimal effort.
Trakti revolutionises supplier onboarding by combining blockchain technology, smart contracts, and compliance automation into a seamless, end-to-end solution. With the latest feature addressing DORA compliance for financial entities, Trakti continues to lead in regulatory and operational efficiency.
Are you ready to find out how to implement your suppliers onboarding with Trakti?
