Transform vendor management from a wearisome task to a value-add for your business with intelligent automation capabilities. Explore how here.
Vendor onboarding and continual management of vendor relationships are critical functions for CPG companies. The challenge is to maintain strong, professional relationships with vendors while controlling costs and risks.
Throughout the vendor relationship, procurement professionals must develop and assess commercial terms. This ongoing review process is traditionally manual, which makes it costly and prone to errors.
Automated vendor onboarding with Instabase’s Automation Platform for Unstructured Data optimizes costs and reduces the potential for errors. The result is stronger, more profitable relationships with vendors.
Automated Vendor Onboarding
During vendor onboarding, procurement teams receive volumes of unstructured documents from vendors. These documents include details about the vendor and its business, along with the initial contracts between the vendor and the business.
One vendor management task is to maintain a structured, organized system for the electronic storage of these vendor documents and profiles for easy retrieval. Manual processes for reviewing initial documents and placing them into a database are cumbersome and inefficient.
Intelligent document processing with Instabase greatly speeds up the process by leveraging deep learning technology. Instabase learns the particular format and language used in common vendor documents and accurately extracts and organizes the critical data you need.
With automated onboarding, you can reduce the amount of manual time required dramatically, which improves costs, accuracy, and vendor relationships. You can more easily identify risks and increase control.
Continual Vendor Management
Another aspect of vendor management professionals is the review of contracts and other documents throughout the vendor relationship. This continual process takes time and is not cost-efficient, especially in circumstances such as mergers and acquisitions, contract terminations, or periods of regulatory change.
In some cases, companies outsource the review of contract backlogs because they don’t have enough internal manpower for the job. However, outsourcing contributes even more to the high costs of manual reviews.
Instabase deploys a “diff checker” that instantly spots any discrepancies between contract versions for review. The automated review process is significantly more efficient and cost-effective compared to manual reviews. Instabase is able to learn the key data within a variable, unstructured vendor documents. Leveraging artificial intelligence, it can mimic human reviews without inefficiencies and high error rates.
Choose Instabase for Vendor Management Automation
Onboarding and continual vendor management processes are complex. Conventional manual processes for handling variable, unstructured documents, are inefficient and costly. They also demand tedious manual effort.
Instabase’s advanced deep learning capabilities help businesses overcome these challenges. You can derive real business value from your vendor management processes by speeding up your onboarding and ongoing reviews, reducing risks, and lowering costs.
Vendor onboarding and continual management are just two Instabase use cases for CPG. Download The Big Book of CPG Use Cases to find out all the ways Instabase can benefit your business.