Published September 28, 2021 • 3 minute read
Search for New Vendors
Searching for qualified vendors and subcontractors is often time-consuming and difficult. Several services and platforms can help you in the search, including Angi, Thumbtack, and the BCS App. We recommend looking for vendors with insurance compatible with your requirements, but recognize it isn’t always possible to determine this before actually contacting the vendor and viewing their certificate of insurance.
Onboard New Vendors
Most companies have a set system in place for onboarding new vendors that includes the collection of documentation, review of relevant information, and more. These processes can be streamlined with a centralized, cloud-based platform.
Collect Data & Documents
Working with outside parties requires thorough documentation. You’ll need to collect data on each vendor, subcontractor, or tenant, including the company’s name, specialty, contact information, and more.
Establishing a new relationship also creates a lot of paperwork. Between contracts and certificates of insurance, paperwork can accumulate quickly. The BCS App serves as a centralized location for both tracking and storing data and documents so that you always know where to find them.
Conduct Contract and/or License Reviews
With documents safely consolidated in one, cloud-based platform, it’s easy to conduct contract and license reviews to ensure your third-party contractors are compliant with the terms of your agreement. Reviewing documentation is critical to managing risks since one noncompliant or fraudulent COI could open your business up to costly lawsuits.
Perform Health & Safety Checks
BCS conducts health and safety checks, verifying EMR and OSHA data to ensure your vendors meet your organization’s standards. The results are easily accessible through the BCS App, so you can assess each subcontractor’s qualifications during the onboarding process before sending them out to a worksite.
Conduct Financial Screenings
If you work with a party with unsure financial standing and they go out of business during the course of your project, it can spell disaster for your timeline and your budget. BCS’s comprehensive financial screenings give you insight into a potential vendor’s financial stability and creditworthiness by leveraging data from multinational consumer credit reporting company Experian and international partners. Assess the vendor’s financial health at any time from the convenience of the BCS App.
While proper onboarding is essential, your work doesn’t stop there. Even if you start your relationship on the right foot, a vendor may cancel their policy, or it may expire. If you don’t continually update your documentation and monitor compliance, holes in a subcontractor’s coverage could expose your organization to unnecessary risk.
Luckily, the BCS App makes continued compliance as easy as the initial onboarding. Through automated features and easy uploading of new documents, you can ensure your vendors, tenants, suppliers, and subcontractors remain compliant for the duration of your relationship.
The BCS App is the ultimate solution for simplifying vendor onboarding. Both our full-service and self-service solutions come with access to this easy-to-use software. Connect with vendors, maintain documents, and review compliance whenever and wherever it’s convenient on this powerful, cloud-based platform.