Vendor Forms

What are Vendor Forms?

Also called vendor registration forms, event organizers use vendor forms to source for events that provide a platform for the vendors or sellers.

The form asks vendors to provide basic information, such as the legal name of their company or business, an overview of the products, services, or materials they offer, and the contact information of the company representative. Event organizers also use this information to screen the applications and prevent fraud.

There are three different types of vendor information forms, depending on the nature of your business or your purpose.

1. The vendor registration form is used to choose potential vendors for the event.

2. The vendor evaluation form, also called a vendor risk assessment form, is used to screen vendors and the value they can add to the event.

3. The vendor payment form contains the payment details of the vendors. It is used when they will be paid for their products or services. It also includes the name and signature of the authorized person processing and approving the payment.

In this article, the following points are explained:

1. Essential parts of vendor forms

2. How to create efficient vendor forms

3. The helpful use of a mobile app for vendor forms

Essential Parts of Vendor Forms

Vendor forms are of great use to small and medium-sized businesses, especially as they expand their network. They need to fill out these forms to submit their information to become subcontractors to larger companies.

To gain the attention and trust of these large companies, they need to focus on answering a few sections comprehensively.

Company information

This includes the name and type of company, as well as the authorized representative. It should also indicate what type of vendor it is: a distributor, a manufacturer, or a service provider.

A brief summary – ideally no more than one paragraph – of the seller’s business offering should also be included.

The registration form is the first communication between the vendor and the customer. Therefore, this part should summarize everything briefly, clearly, and directly. A well-worded business proposal is more likely to be noticed, so special attention should be paid to this part.

Payment information

The vendor’s payment information provides the details customers need for a seamless and hassle-free payment solution. They want to be sure that they can make their payments without any hassles.

Providers need to ensure that they offer the right payment option. They also need to make sure that the bank details are correct because a small mistake can significantly affect the payment process.

Client Requirements

This section evaluates the vendor’s ability to comply with the standards set by the client. The standards include the vendor’s ability to submit client’s requirements on time, professionalism, responsiveness, overall quality, and more.

The client, on the other hand, is required to inform the vendors what their expectations and standards are, and give the vendors enough time to comply with the set standards.

How to Create Efficient Vendor Forms

Having a database of vendors on hand gives companies a wide range of suppliers to choose from. However, they need to ensure that they are only sourcing from the right manufacturers, suppliers, or vendors. Hence, the vendor forms.

The information on each vendor form varies, depending on the qualifications the client requires from the vendor. There is no standard or one-size-fits-all vendor evaluation form since each company has its own unique needs.

Therefore, businesses need to decide what types of information they want to know in every stage of the selection process. After the selection criteria are established, the registration form should follow the onboarding checklist.

To ensure a smooth onboarding process, here are a few things to consider:

1. Prequalify vendors

Fraud is prevalent in any industry. To ensure that you are dealing with a legitimate company, don’t forget to ask for business registration numbers, certifications, business name, and address.

2. Keep your vendor form simple and straightforward

Though you might want to get all the information you wish to, keeping the registration form straightforward makes the onboarding process faster and easier.

3. Keep an open communication

Make sure that everyone on your team understands your goal and makes the process easier for your suppliers or vendors. Ensure that everyone is aware of the goals, timelines, and benefits of faster onboarding.

4. Provide help

At the beginning, the vendors or suppliers might not show so much enthusiasm. Make sure that the employees in-charge of onboarding them are up to date with new information and details. Then they can easily relay it to the vendors on time.

Also provide tutorial videos, FAQs, and knowledge bases that vendors can readily access when they want to know something.

5. Place premium on value

While cost can become the deciding factor, don’t focus too much on the price alone. Instead choose vendors or suppliers that provide the best value for your business. Here are some questions to consider if a vendor will become an added value to your business or not:

• Do they have the capacity to deliver?
• Can they complete a task on time?
• Are they consistent?
• Do they have a flexible and systematic process?
• Do they have quality management checks in place?
• Do they work independently or is there a third party involved?
• Do they have a legal license and a risk management certificate?

Asking these questions and adding them to your criteria can help you create effective vendor forms for your business.

The Helpful Use of a Mobile App for Vendor Forms

Finding suitable vendors is always a challenge. Using digital forms to select and submit quotes can make it easier and more efficient for both parties. By eliminating the use of paper forms, you’ll have instant access to the information you need. And not just you: All relevant employees in your company get instant insight. Lumiform, a mobile app and desktop software, gives you just that for your selection process and more:

• You have the option to use our pre-built digital vendor forms by converting your existing forms to our digital format, or create new forms from scratch using our form builder.
• Get your vendor forms filled out on the spot when you’re with your potential contractors, even when you’re offline. Your data is automatically synced when you reconnect to the Internet. This ensures that nothing gets lost.
• Add high-resolution photos to your vendor forms and annotate them for a more detailed assessment.
• Share vendor evaluation reports with the appropriate staff as soon as you complete them by automatically generating reports.
• Add standalone actions to your supplier forms so that identified issues and other tasks can be resolved sooner rather than later.
• Get all information from customers and suppliers confirmed with a digital signature.
• Convert other company procedures, audits and inspections to digital forms and checklists using Lumiform’s extensive template library. Make work and communication easier for you and your team.