Vendor onboarding and vendor payment process brought down from 25 days to just a few hours at TATA steel
INDUSTRY
Steel
LOCATION
India
CHALLENGES
Long waiting period for Vendor onboarding following existing processes, invoices, approval by multiple authorities to manually sign every invoice.
SOLUTION
An integrated solution to digitally sign and encrypt legally binding documents, guaranteeing the authenticity, integrity, and confidentiality of data
BENEFITS
- emSigner for multi-party real-time electronic signing of documents related to invoice processing, regulatory compliance during audit sign off, expense reporting and inventory sign-offs.
- Signing and approval of documents anywhere, anytime
- Faster turnaround time, increased employees’ efficiency, productivity, and transparency
Case summary
TATA steel is an Indian Multinational steel-making company with annual crude steel deliveries. The company was founded in the year 1907 by Jamshetji Tata and established by Dorabji Tata. It currently holds the tag of world's second-most geographically diversified steel producer with fully integrated processed from mining to manufacturing and marketing of finished products that amounts globally crude steel deliveries of 27.5 million tons (in FY17) annually.
Vendor Onboarding and payments process is as important as creating a long-lasting relationship with vendors and authorities at TATA are always in support of this factor. Their vendor onboarding process was predominantly reliant on paper-based processes where the procurement department had to create custom proposals for every partner. The proposals had to be manually printed, signed and mailed across to vendors by courier. Similarly, vendor documents such as income statements, documents relating to information security and tax compliance were manually received and verified at the company headquarters from other locations. The entire process usually takes 20-25 days for onboarding a vendor. Vendor payments were also delayed due to manual receipt of invoices followed by physical approvals from location managers that placed orders with vendors. Digitizing this process was in the books.
Why Tata Steel chose emSigner
The objective was to bring down the time required for vendor onboarding and streamlining vendor payments. eMudhra’s team of experts was permitted to elevate and analyze the situation and our proposed solution involved deploying an integrated solution to digitally sign and encrypt legally binding documents, guaranteeing the authenticity, integrity, and confidentiality of data.
Once implemented, department authorities were able to use emSigner for multi-party real-time electronic signing of documents related to invoice processing, regulatory compliance during audit sign off, expense reporting and inventory sign-offs.