The official business definition of New Supplier Onboarding Process is a set of activities that are undertaken to ensure that a new supplier is properly integrated into an organization’s supply chain. This process includes activities such as collecting and verifying supplier information, conducting a financial and operational review, negotiating contracts, and setting up payment and delivery terms. It also includes establishing a relationship with the supplier, monitoring their performance, and ensuring compliance with relevant regulations. This process is essential for ensuring that the organization is able to access the right products and services at the right price and in a timely manner. By properly onboarding new suppliers, organizations can ensure that their supply chain is efficient and reliable.
