DIGITAL ONBOARDING
to verify their identity through additional steps , reducing the risk of unauthorised access .
“ Additionally , compliance with data protection standards such as GDPR , HIPAA or ISO 27001 ensures that onboarding processes meet regulatory requirements and reflect industry best practices ,” he says .
For Scott , the primary areas where organisations can look for an ROI in supplier onboarding are cost reduction associated with supplier management and savings opportunities gained through more efficient and timely processes .
“ With digital supplier onboarding , organisations can enable their supplier base at scale without adding headcount ,” he adds .
“ They experience reduced cycle times and processing costs across purchasing , invoicing and payables .
“ In a community environment , organisations can measure their efficiency benchmarks against their peers .
“ For example , they can view benchmarks related to supplier information management cycle time , risk management evaluation cycle time , electronic invoice processing and suppliers using digital payments . They can view how they compare to leaders and peer organisations and also receive guidance on how to improve and maximise their supplier onboarding processes .”
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