International Media Company Slices Supplier Onboarding Times by 70%
International media giant automates data validations, simplifies global compliance, and speeds up onboarding with Graphite.
From Traditional Media Giant to Global Streaming Powerhouse
This media company has rapidly evolved, shifting from a focus on traditional media to global streaming. With this change, procurement has been forced to adapt.
The leader of the Procure to Pay (P2P) division oversees a global team that stretches from America to Europe to Australia. With 80 full-time employees and a handful of temporary resources, the P2P group is tech-savvy and always looking for smarter, faster ways to onboard suppliers and process payments.
Challenge: The Global Supplier Puzzle
Over more than 10 years of managing various financial systems at the company, their P2P leader recognized that the current tech stack needed to be improved for onboarding global suppliers.
A Tangled Manual Maze
As a result of the company’s complicated tech stack, the P2P team was bogged down with tedious manual processes, which consumed valuable time and resources. Although the company was onboarding an average of 1,200 to 1,400 suppliers each month, the setup took at least 30 days due to all the steps involved.
The Daunting Task of Banking Verifications
Reaching out to suppliers to verify bank details was another massive task. The team used various methods, from checking websites to recording confirmations via Zoom calls. If banking information changed, each update had to pass through multiple queues, often stretching the timeline to a week-long wait, especially if there was an oversight or someone was away.
Facing the Rising Tide of Fraud
“A single fraudulent payment meant a full week’s worth of work, countless meetings, and revisiting our entire process,” says their P2P leader. “We needed a fool-proof process that either eliminated or drastically minimized these risks.”
With bank fraud rising, the company took steps to be proactive and find an immediate and robust solution. The P2P team sought a tool to validate banking details while alleviating some workload.
Solution: Why Graphite Stood Out
After exploring many solutions, a technical team member familiar with Graphite suggested procurement ask for a demo.
The team knew right away Graphite was the right choice. “We were looking for a solution for validating bank details and found much more with Graphite,” says their P2P leader. “Graphite could address our global needs, considering different countries’ unique rules and regulations. Graphite said, ‘We can tailor the workflow. Let us show you how.’ Honestly, bank details became secondary. Our top priority became their capacity to accommodate the different business requirements worldwide.”
Ticking all the boxes
Graphite stands out as a tool and a comprehensive solution tailored to the company’s unique needs. By validating bank details, Graphite reduces manual tasks and ensures verified information flows smoothly into Enterprise Resource Planning (ERP) systems. Graphite’s adaptability and global approach address the company’s worldwide operations’ complexities, ensuring every detail is noticed.
Streamlined global onboarding
The platform enables this media company to dynamically adjust supplier questionnaires based on specific country regulations. This ensures a standard but region-specific approach to onboarding new suppliers, enhancing efficiency.
Flexible workflow design
An adaptable workflow allows the company to easily tailor processes to its unique needs. This customization leads to faster supplier interactions, ensuring a smoother onboarding process for the P2P team and suppliers.
Activities that were once handled manually are now automated with Graphite. This speeds up operations and significantly reduces the chances of human error, ensuring accurate and streamlined data collection and verification.
Rigorous data validation
Once suppliers are in the Graphite network, their data is rigorously checked for accuracy. This commitment to thorough checks ensures faster decision-making and a reduced risk profile.
Information security and compliance
The Graphite platform initiates automated security checks and compliance reviews based on regulations in the supplier’s country. These automated checks boost stakeholder confidence and ensure smooth operations, with all onboarding documents securely housed in one central location.
As a result, the P2P team can now swiftly onboard suppliers, verify banking details, and handle payments with fewer manual steps and greater efficiency.
Results: A Dramatic Shift in Supplier Onboarding
This media company grappled with extensive onboarding times, endless escalations, and the monumental task of data validation. Their P2P leader recalls, “Before Graphite, a significant portion of my day was consumed by constant fire-fighting and handling inquiries about vendor setups and delays.”
However, the introduction of Graphite marked a significant turning point. Onboarding times were slashed by 50 to 75% depending on the region and type of vendor, a testament to the platform’s efficiency. This didn’t just speed up the process; it also freed up vital resources and dramatically reduced internal inquiries.
The company’s ERP system seamlessly integrates clean, accurate data without errors or repetitions. Production teams, from Europe to South America to North America, agree the onboarding process with Graphite is a game-changer.
Their P2P leader’s endorsement is clear: “For an effortless supplier onboarding experience, look no further than Graphite. Their process, tools, and team truly stand out as the gold standard in the industry.”