What is the purpose of the Supplier Event business process?

The purpose of the Supplier Event business process is to ensure that there is control and approval over suppliers before any transactions are processed. This process involves several steps, including evaluating potential suppliers, assessing their qualifications, and obtaining necessary approvals. By incorporating controls in the supplier approval process, organizations can mitigate risks associated with working with unverified or unsuitable suppliers. This adds a layer of security and compliance within the procurement function, ensuring that only qualified suppliers are engaged for transactions.

This focus on approval and control helps maintain the integrity of the organization's procurement activities and fosters stronger relationships with reliable suppliers. It is essential for organizations to have a structured approach to vetting suppliers to avoid potential issues in service delivery, quality, or compliance down the line.