Vendor Onboarding
Hyperbots Vendor Management Co-pilot automates vendor onboarding by verifying identity through two-way or three-way matching with W-9, contracts, and system records.
Key Features
Streamlined vendor onboarding process
Automates the end-to-end vendor onboarding process, reducing manual effort and ensuring consistency in data collection and verification.
Automated identity verification
Verifies vendor identity through two-way or three-way matching between the W-9 form, contract, and vendor records entered by procurement staff.
Document validation
Ensures all necessary documents, such as W-9 forms, contracts, and bank account details, are validated for completeness and accuracy.
Real-time status updates
Provides real-time onboarding status updates to procurement staff, allowing for faster resolution of issues.
Vendor information accuracy and consistency
Standardizes and ensures the accuracy of vendor data to prevent errors during future transactions.
Audit trail for onboarding actions
Maintains a detailed record of all onboarding steps, including document uploads, validations, and approvals.
Integration with ERP systems
Synchronizes verified vendor data with the ERP system, ensuring seamless use of vendor information across procurement and finance processes as needed
Spend optimization due to vendor rationalization
Co-pilot helps in spend reduction by consolidating suppliers, enabling bulk discounts, reducing administrative costs and improving procurement efficiency
Vendor onboarding effort
AI-enabled automation in vendor information capture and W-9 form verification significantly reduces vendor onboarding time by streamlining data entry, ensuring compliance, and minimizing manual errors.
Realtime status update
A vendor portal benefits vendors by providing real-time visibility into purchase orders, invoice processing, and payment statuses, enhancing transparency and trust
VALUE PROPOSITION
Why Hyperbots Vendor Management Co-Pilot?
Hyperbots Vendor Management Co-pilot streamlines vendor onboarding, identity verification, and collaboration while automating tasks like data uploads and real-time communication, ensuring efficiency, compliance, and transparency in vendor relationships.
Before and After Hyperbots Vendor Management Co-Pilot
FAQs: Vendor On-boarding
How does the Co-pilot automate the vendor onboarding process?
The Co-pilot automates vendor onboarding by capturing and validating vendor information against required documents, such as W-9 forms and contracts, and system records. This reduces manual effort and ensures consistency in data collection.
How does the Co-pilot verify vendor identity?
Vendor identity is verified through two-way or three-way matching of documents, such as W-9 forms, contracts, and vendor records entered by procurement staff, ensuring accurate and secure onboarding.
Can the Co-pilot handle incomplete or incorrect vendor documents?
Yes, the Co-pilot validates all submitted documents for completeness and accuracy, flagging any mismatched or incomplete data for correction by the vendor or procurement team.
How does the Co-pilot keep procurement staff updated during onboarding?
The Co-pilot provides real-time status updates, notifying procurement staff of progress, such as successful validations or any issues requiring resolution, ensuring faster and smoother onboarding.
Does the Co-pilot integrate with ERP systems for vendor data management?
Yes, the Co-pilot synchronizes verified vendor data with the ERP system, automatically updating vendor master records for seamless use across procurement and finance processes.
How does the Co-pilot ensure transparency and compliance in onboarding?
The Co-pilot maintains a comprehensive audit trail for all onboarding actions, including document uploads, validations, and approvals, ensuring transparency and compliance with company policies and regulatory requirements.
Why Hyperbots Agentic AI Platform?
Finance specific
Hyperbots Agentic AI platform specializes exclusively in finance and accounting intelligence, leveraging millions of data points from invoices, statements, contracts, and other financial documents. No other platform has such large pretrained models on F&A data.
Best-in-class accuracy
Hyperbots achieves 99.8% accuracy in converting unstructured data to structured fields through a multimodal MOE model integrating LLMs, VLMs, and layout models. With contextual validation and augmentations, the platform ensures 100% accuracy for deployed agents.
Synthesis of unstructured and strutured finance data
Hyperbots agents emulate finance professionals to autonomously perform F&A tasks by reading and writing data like COA, expenses, and vendor masters from core accounting systems and integrating it with unstructured data from financial documents such as invoices, POs, and contracts.
Pre-trained agents with state of the art models
Hyperbots' Agentic platform, pre-trained on millions of financial documents like invoices, bills, statements, and contracts, ensures seamless integration, high accuracy, and adaptability to any accounting content, form, layout, or size from day one.
Company specific inference time learning
Hyperbots' Agentic platform employs state-of-the-art Auto ML pipelines with techniques like reinforcement learning to enable inference-time learning for tasks such as GL recommendation and cash outflow forecasting, ensuring continuous improvement and adaptability.
