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Business EconomyPosted at: Oct 28 2020 9:15PM


Icertis launches supplier onboarding & Diversity compliance application

Kolkata, Oct 28 (UNI) Icertis, the contract intelligence company that pushes the boundaries
of what’s possible with contract lifecycle management (CLM), announced today a new
application built on the Icertis Contract Intelligence (ICI) platform that provides hassle-free
supplier onboarding and support for supplier diversity compliance.
The Icertis Supplier Onboarding and Diversity Compliance application allows organizations
to quickly evaluate suppliers and rapidly onboard them, while providing collaboration capabilities
to ensure suppliers are compliant with organizational and customer policies, including supplier
diversity initiatives and environmental sustainability programs.
Supplier onboarding has traditionally been cumbersome and time-consuming, and rapidly
changing regulatory environments have added complexity to the compliance process.
Fragmented onboarding practices can result in limited supplier information capture and poor
visibility into whether suppliers meet a company’s diversity, sustainability, and regulatory
obligations.
Further complicating the onboarding process is a lack of collaboration capabilities and
integration with existing systems, which can become a hurdle in adoption, usage, and
compliance.
“Whether during business as usual or times of crisis, companies need not only agility to
access badly needed supplies and services, but also a framework that mitigates risks,”
said Nick Heinzmann, Research Analyst, Spend Matters. “A fully effective solution should
link initial information collection with ongoing maintenance and compliance against the terms
of an agreement. Because onboarding is ultimately just one step in a longer process of
managing a supplier relationship, the most effective organizations will deploy a solution
that addresses both the external risks brought by third parties and the range of potential
events that could occur over the course of a relationship.”
To improve communication and accelerate time to value, the Icertis Supplier Onboarding
and Diversity Compliance application provides a seamless way to collaborate with suppliers.
A self-service onboarding process coupled with rule-based routing allows organizations to
rapidly evaluate a large number of suppliers.
Additionally, integration with third-party data sources like Dun & Bradstreet and supplier risk management software allows organizations to cross-reference supplier information, enabling
informed qualification decisions. Other features include the ability to automatically add clauses
related to Disadvantaged Business Enterprise (DBE) programs; define supplier policies,
documentation and data requirements to ensure compliance; and integrate with major business
applications like sourcing, ERP, P2P, and more.
“Being able to effectively manage the supply chain is vital to an organization’s long-term
success, and the importance has only increased as the COVID-19 pandemic disrupted
assured supplier relationships, resulting in a rush to identify new suppliers and onboard them
quickly,” said Neal Singh, COO, Icertis.
“This application helps companies struggling to conform to multiple supplier management
policies and protocols, such as required documentation, diverse supplier commitments,
environmental sustainability plans, and contract evaluations. Because the ICI platform gets
smarter with every transaction, companies can now leverage their contract intelligence to
capitalize on new opportunities and rapidly respond to challenges today and long after
the current crisis has passed.”
UNI BM SJC
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