Written by Sharon Loosman.
Vendor onboarding has been transformed into a strategic value driver for procurement operations at NC State. Through this strategy, we have ensured accurate and timely vendor records to mitigate risks associated with outdated or incorrect data.
Back in 2021, the Procurement and Accounts Payable teams in the Finance Division evaluated the established vendor onboarding process, which exposed manual methods for collecting vendor data. This practice often led to risks of fraud, lost time, and poor data management.
To reduce data security risks and enhance operational outcomes, we adopted PaymentWorks, a secure portal for vendor onboarding. This portal centralized the process and allowed vendors to enter and maintain their data. This shift minimized manual errors and provided a secure way to handle sensitive vendor information such as banking details and addresses. By removing the need for manual updates to vendor banking information, we reduced the risk of fraudulent payments.
Increasing the transparency of the onboarding process allowed the procurement team, the department business staff and the vendors to track the progress of vendor setup. Vendor onboarding is now a strategic process that impacts risk management, efficiency and cost savings.
By making it a central part of the NC State procurement operations, we have reduced the risk of fraud, improved transparency and enhanced relationships with vendors. To learn more about Vendor Onboarding at NC State, visit the Supplier Center webpages.