FAQ
Most organizations require third-party certification in order to count money spent with a supplier as part of their supplier diversity program goals. You can learn more about third-party certifications here.
Economic impact reporting refers to tracking and reporting the effects of a particular project, initiative, event, or organization on a specific area’s economy. SupplierGATEWAY’s economic impact reporting uses the US government’s RIMS II model to calculate your organization’s economic impact.
While there are many steps involved with tracking supplier diversity, data collection and organization are among the most important. This allows organizations to track critical metrics such as the amount of money spent with diverse suppliers, the number of contracts awarded, and the number of diverse suppliers your procurement team engages through RFPs.
It’s important to note that most organizations have specific requirements to track diverse suppliers, such as a supplier must have a third-party diversity certification to qualify for diversity initiatives.
Supplier diversity management software is often a suite of products an organization uses to identify their diverse suppliers, measure spend with diverse suppliers, and ultimately increase their spend with diverse suppliers. Some diversity management software includes economic impact reporting, allowing organizations to see how their local and diverse spending impacts local areas through job creation support and other metrics.
Absolutely. Our supplier onboarding software seamlessly integrates with your organization’s systems via API, guaranteeing supplier information is accurate across your entire organization.
SupplierGATEWAY is SOC II Type 2 Certified as well as ISO/IEC 27001 certified. We are proud to hold these certifications that show just how seriously we take our clients’ data security. If you want to know more about our data handling, please see our Global Data Processing Addendum here.
The onboarding process for suppliers may vary slightly from vendor to vendor, but generally speaking, the supplier onboarding process consists of the following steps:
- Collect supplier information like business details, product catalogs, pricing, compliance documents and any other important information your business requires.
- Once information is collected, a risk and compliance assessment is done to ensure that a potential supplier poses the lowest amount of risk to your business.
- Train and educate suppliers about your company’s internal processes, workflows, and tools regarding purchase orders, invoicing and payments, and more.
Supplier onboarding software helps your organization digitally collect information about potential suppliers, evaluate the information, and evaluate risk and compliance in regards to a supplier. Supplier onboarding software like SupplierGATEWAY’s Onboarding and Offboarding platform integrates with your company’s other systems, allowing supplier information collected during onboarding to be accessible across your entire organization.
None of our platforms require a special IT project or build. Our services are cloud-based and ready to launch when you are. No need for getting additional budget approvals for IT projects.
All of our platforms integrate with your current ERP/AP systems via our API, making sharing supplier information across your organization quick and easy.