Supplier Master Data Management in today’s enterprise
The case for a supplier master data management solution: In the current business environment, enterprise systems depend on the quality of data that we feed into them. Optimizing supplier relationships and ERP system effectiveness rely heavily upon our ability to collect timely accurate supplier master data. Too frequently, data that has been transmitted by suppliers decays and leaves us with useless information to review as we are making critical business decisions.
Accurate supplier data drives system effectiveness and saves time, resources, and dollars. Attempting to manage large volumes of data across multiple systems and departments, along with data decay are challenges to maintaining quality supplier data. Up-to-date supplier information is critical for compliance with regulations and controls, such as OFAC screening, diversity tracking, and new tax legislation.
Supplier Master Data Management as a Strategy
A dedicated supplier data solution enables and empowers companies to proactively communicate with suppliers and gain real-time visibility into suppliers and their relationships. The right supplier data solution drives compliance across the supplier life-cycle; from initial vendor master file cleansing, to supplier on-boarding, to ongoing maintenance, and on and on. Creating a solution that is a process and not a project will allow you to manage your supplier master data management and your supplier communication on an on-going basis.
Drive master data compliance & insight across the supplier life cycle:
- Core Supplier Data
- Tax Information
- Ownership & Diversity
- Supplier Classification
- Insurance & Risk
- Financial Information
- Contract Information
Create an enterprise-wide single source of truth for supplier master data:
- Ensure quality of supplier data
- Gain insight into your suppliers and relationships
- Drive compliance with regulations and internal controls
- Drive corporate compliance with new 1099 Tax Legislation
- Reduce supplier risk
- Reduce cost of managing supplier information