To run an organization smoothly, it’s very essential to have well-structured systems for registration for every member. Suppliers and vendors of the company are just as important members as the customers. Therefore, to maintain good relations with them, organize the system well, and avail extra benefits, registration is vital. This is exactly what a vendor registration form helps us with.
However, while the form as a tool in itself is very helpful in getting the registrations, it is very much necessary to understand the significance of the vendor registration process. Above all, the vendor registration process offers two-way advantages to the business and the vendors themselves.
Let us understand all these aspects one by one.
What is the vendor registration process?
Every firm has suppliers who are not a part of the in-house team. These suppliers are the outside vendors who supply a large range of materials or services to the organization for them to carry on business smoothly.
In easy words, a vendor registration process is a procedure of gathering information from these outside vendors to create a system for better connections. For ages, this registration process was carried out on paper not just for small firms but also for large conglomerates. Sounds tedious? Well, it was.
Although, now with the widespread acceptance and implementation of digitization, this procedure and also taken a turn for the good. With the web-based registration process and tools, the process of onboarding vendors for any company has become fairly simple. We’ll learn how in the next sections.
Although, why is vendor registration so important?
Firstly, the vendor registration process helps in supplier qualification checks. This is the very first step of the process. Secondly, the vendor registration process helps the firms keep a smooth track of all the suppliers and occasionally, their supplies too. Finally, the vendor registration process helps in the final background check and licensing process for the suppliers for maintaining legal records.
The system also plays a very important part in the whole compliance requirement procedure. This is exactly what helps the suppliers to enter into the actual system of the business. Additionally, it’s with the assistance of the data this procedure provides that the firm gets a structured list of vendors for their bidding processes.
Why you should focus on creating a vendor management system?
Each and every vendor of your company contributes a lot towards your overall success. They are the drivers of growth for your business within the industry you function with. A good relationship and strong backing by your suppliers will ensure higher profits and enhanced revenues.
The procurement from and of your suppliers is without a doubt a very significant part of the process. Although, it’s a bit unfortunate to see how people underestimate the power of vendor management. Well, it’s either that or they just don’t truly understand the system in the first place.
Before we move on and understand the actual vendor registration process, let us first understand what makes it so significant. Mentioned below are a few reasons why vendor management system is so vital:
- Mitigation of risks: The vendor management system helps you reduce supplier-related risks effectively. These risks may include operations, sudden costs, regulatory compliance, etc. To curb these unforeseen issues, you need the visibility of your suppliers. A vendor management system by means of registration, helps you do exactly that.
- Performance optimization: The enrollment of your suppliers in the vendor management system is very important. The data that you collect from the vendor registration form plus additional data, helps a lot here. In short, this data helps you track vendor performance reports and signals systematically at regular intervals. With that kind of system at your disposal, you will be able to optimize their performance in no time.
- Reduction of costs: A vendor registration system further helps to have a transparent system of supply. When you’re able to monitor the supply process so closely, you are able to observe the extra costs. Therefore, this provides you with an opportunity to avoid those costs.
- Loyal supplier relationships: If you have excellent suppliers by your side, consider yourself lucky. But just that won’t suffice. You have to constantly work your way through to get to the good side of your suppliers. This will require you to strengthen your relationship with them. A vendor system helps you do just that. Above all, it helps you maintain and build a close relationship with your suppliers.
- Improvise administration efficacy: The record-keeping of vendor data also helps avoid duplication and repetition of information and by the vendors. Hence, this in turn helps improve the administrative efficacies of the business.
- Rise in the onboarding speed: You must have certainly heard about merchant onboarding processes on large conglomerates. This process gets speed up by the vendor registration system because of the strong records and organization. The vendor registration form helps in collecting bank details, regulatory data, etc. in a quick and mistake-free way. This helps in speeding up the process a lot.
- Protection for your brand: Any unethical act by any vendor would be recorded easily through these registration systems. These systems help you protect your brand and its image from fraudulent or rogue vendors right away.
Benefits reaped by suppliers through vendor registration systems
Suppliers undergo a rather complex system while placing Request for Quotation (RFQ). An online registration system helps the firm curb a lot of issues pertaining to the subject.
Registered suppliers are availed a lot of benefits by their respective buyers on their tenders and offerings. Registered vendors sometimes make extra money due to the availability of better quotations to them.
The vendor registration process helps the suppliers obtain competitive prices for their offerings in the marketplace. This in turn positively influences their profitability.
Listed below are some of the most common advantages reaped by the suppliers through a vendor registration system:
- Elimination of missed opportunities opens doors for more unrestricted tenders with the opportunity of rapid business growth for registered vendors.
- A lot of firms offer additional SEO and marketing benefits to registered merchants/vendors on their platforms.
- Easing of quotation prices and in costs of tender compilation.
- Out of all who apply, registered vendors stand a better of winning a tender bid than the rest.
- Better and high-quality management of purchase orders.
- Registered members also have advantages over their unregistered counterparts for items of contract and price agreement.
- All registered suppliers get free advertising from their main firm. That’s a sort of free advertising for which there are no substitutes.
- The vendors who are a part of the supplier management system of the firm get free access to the center of resources of the firm which is an additional benefit to the vendor at no additional cost.
5 benefits of an online vendor registration form for your business
- Pre-qualification and eligibility of vendors: An online vendor registration form increases your business reach. Hence, it offers better opportunities to check the qualification and eligibility of the supplier faster and better. Through a vendor registration form, you can keep a diverse base of vendors without any addition to your workload.
- Automation of process for convenience: A virtual vendor registration form helps you streamline the merchant onboarding process for faster speed and better cost savings. The benefits of this tool are many with very less cost.
- Clearer and transparent vendor communication: The data that the firm collects through a vendor application form helps in faster and better communication. This applies to communication taking place between individual vendors or a collective and the firm. You can send emails or notifications to them in bulk or individually in less than a minute.
- The integrity of vendor data: Through the online vendor registration process you choose to reduce the risk of supplier data breach and of active monitoring of all trading records closely.
- Ample opportunities with simple login: In short, the vendor registration form allows for the firms and vendors both to take advantage of a lot of chances with just a simple login.
How to make a flexible vendor registration form for your WordPress website?
RegistrationMagic supports you in building many forms with unlimited fields for your WordPress site. These forms might go from event registration to school application forms and a lot more.
You are allowed to modify and change the fields as per your requirements however many occasions as required. This is the best WordPress plugin for enrollment, client registration, and sign-in.
Furthermore, RegistrationMagic conveys a ton of additional elements for system creation
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- A website on WordPress: Click here to start with WordPress.
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Creating a fundamental vendor application form through RegistrationMagic
Primary steps for vendor form creation:
Step 1: Add a new blank form from RegistrationMagic.
- Firstly, go to the RegistrationMagic plugin and click on “All Forms“.
- Next, click on “New Form” for building a new vendor registration form.
Step 2: Give a title to the form.
- From the window that says “Create New Form“, add a name for your form.
- In our case, since we’re creating a vendor regsitration form, that’s exactly what we’ll name it.
- We’re fashioning a very basic vendor application form here with no videos or images attached. This is not to mean that you can’t do that.
- Once done, from the ‘All forms page’, go to your new form’s ‘Fields’ section to proceed to add fields.
You’ll land on this page. This is the page from where you need to add all fields. This page is called the ‘Fields Manager’ page.
Steps for adding fields to the form
- From the image above, you can refer to the ‘Fields Manager’ window for adding all form fields.
- All the fields must be added to the form from the ‘All fields’ section. You’ll be able to find every single field you’ll require here.
- For example, text, radio buttons, checkboxes, video links, images, etc. all are present under this category.
- Just to take a look at the good, here’s a glimpse of the vast variety of categories under the ‘Fields’ section that you can use. We’re forming a basic and precise membership registration form here. However, we can’t make use of all these fields in one form.
- Hence, to understand all the functionalities of the fields section better, you can try adding fields and then deleting them as per your wish.
Step3: Adding fields to the form
Given that the form we have in mind is a very basic and open one, we won’t make it extra refined. Therefore, we’ll create only a single sheet in the form. If needed, you can always build multipage forms easily with RegistrationMagic.
Let’s start to add fields to our form:
Simply go to the ‘All Fields‘ option and start clicking on the fields you’d prefer to add to your form. Firstly, we’ll add all basic fields and label them before moving on to the others.
Once a field is labeled, scroll down and click on the ‘Add to form’ option to save it.
- Email field is a default mandatory field in all RegistrationMagic forms. We won’t be able to remove it from any form and it’s a compulsory field. The field is very advantageous for email marketing.
- The first and last name fields are two different fields that we add to the form for the obvious reasons of getting the full name of the vendor.
- We use the mobile number category to get the contact number of the person before the registration. You can change and alter this according to your reach and other such specifications. This means you can add this field for international or local purposes in different formats.
- The terms and conditions checkbox is to get an affirmation from the supplier to agree to the business’s terms and conditions.
- The radio button field allows for the vendor to select one out of the 3 gender options.
- The image upload field allows the supplier to upload their image for verification.
- Also, with the help of the file upload field, we collect the license of the supplier.
- The address field helps us collect the operational address of the supplier.
- The checkbox field allows the vendors to select multiple options from the ones given.
- The E-Signs option helps you collect the signature of the supplier towards the end of the form to finalize and confirm for submission.
With that, we’ve added all important and necessary fields to our form. You can mark which fields are mandatory to fill and which aren’t from the fields settings themselves.
Additionally, you can also beautify the form by changing the aesthetics as much as you want through RegistrationMagic.
Step4: Publishing the form
Copy the shortcode of the form to a new page
Go back to the ‘All forms’ section. Copy the shortcode of the form
Now go to the ‘Pages’ option of the website backend. Click on ‘New page’
Add the main title of your form in the ‘Title’ blank and paste the shortcode in the ‘Main body’ of the page and click on ‘Publish’
With that, the full form publishing process is complete. However, if you wish to add this to the main menu of your website frontend, you can go to the ‘Appearance’ option on the website backend options and add this form to the menu and save it there.
Frontend view of our WordPress vendor registration form sample
This is how your vendor registration form sample will appear to the visitors of your website frontend.
Your business can certainly rely on RegistrationMagic in doing the right job for you. All you are required to act out on is adding the fields and rest assured about the efficiency and effectiveness of your form.
Try RegistrationMagic for Free.
Even better, RegistrationMagic is a plugin that blends with the theme of your website without having to make any additional customization.
Likewise, ProfileGrid is the premium plugin that will not only manage the user profiles but also manage memberships, member groups, and communities.
EventPrime is a single plugin that can efficiently take care of all your events upcoming and recurring in one place. You can get registrations, get live seats, passes, and tickets bookings all at once and in one place from this plugin.
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