A business cannot efficiently produce both the raw materials it needs and the final products it sells to customers, businesses secure materials from others – aka suppliers or vendors. Yet before your business contracts with a supplier, you will need to conduct some research.
The process of choosing the right suppliers to work with can be challenging for business owners and managers. Not only do you need to find suppliers with the capacity to produce the materials you need, but you must also confirm that these suppliers are who they say they are, meaning you must verify them.
Because there are many risks related to suppliers such as fraudulent suppliers, unpleasant surprises when existing suppliers go out of business, suppliers that are unable to keep up with your level of demand and suppliers that do not comply with safety or cyber standards or other regulatory requirements.
Supplier verification, also known as vendor validation, is the process of confirming that a supplier your businesses wishes to contract with is both legitimate and reliable.
If your business is subject to regulatory requirements or other standards, you will need to verify that the suppliers you work with abide these rules as well.
The Markaaz verification includes the Company Legal Name and Address, Ownership Structure, Articles of Incorporation, Tax Information, Business License & Credentials & Permits, Contact Information (Email, Phone etc.), Insurance and Fraud Protection Solutions and Business Credit Score.
No, supplier verification doesn’t eliminate the potential problems that can occur (fraud, non-delivery, late payment, out of business etc.). However, it can help you to reduce your risk exposure significantly.
The need to vet suppliers does not end once you establish an initial relationship. Instead, supplier verification and monitoring should be an ongoing process for as long as you work together.
If a supplier you contract with undergoes changes in ownership, personnel, location, or other factors, it could have a significant impact on your supply chain.
Markaaz helps your business with your ongoing supplier verification needs. You can use Markaaz to monitor a list of suppliers and be notified automatically and real-time of any changes.
The monitoring aspect is especially useful during a time when the COVID-19 pandemic places a heavier burden on businesses worldwide and accelerates their move towards digital
No, you can only monitor once you enroll into the subscription.
No, you can monitor any business on Markaaz.
We are using bank verification as a method to confirm that you are the owner of the business and authorized to claim your business on Markaaz. By applying this same standard to every business on Markaaz, you can be sure that you are in a trusted, verified community.