Supplier Data management is the basis for efficient strategic sourcing and helps considerably with costs reducing initiatives. Quality supplier data enables organizations to manage and monitor their supplier records while improving and even optimizing supplier relationships.
Your Supplier Database contains the data that is the foundation of most of you day-to-day purchasing decisions. Regular scrubbing is not only a best practice for you and your team, but it is a necessary process if you hope to optimize your core enterprise functions. There’s plenty of room for improvements in this field. Without [...]
Have you heard the old riddle about the cabin in the woods? It goes like this: You are alone walking through the woods and you spot a cabin in a clearing up ahead. You are tired, cold and hungry and it is getting dark. You do not see or hear anyone in the cabin and [...]
All Companies Suffer from Fraud Companies of all sizes across all industries are at risk of fraud from internal and external sources. One asset in particular that suffers significantly from the risk of fraud is the master vendor file. For most companies, the population of vendors and suppliers is so massive, complex, and multi-faceted that [...]
The topic of “dirty data” is certainly becoming more important in the Procure-2-Pay (P2P) space. As companies look for ways to further optimize their daily transactions and drive costs from their processes it becomes apparent a key blocker in the pursuit of excellence is the prevalence of “dirty data” throughout the supplier population. Of course [...]
For years, procurement organizations had as its primary charter to best manage spend and spending activities. The concept of “spend” comprised several different elements: - Suppliers - Supplier Contractual terms - Purchasing volume with those suppliers under control of agreed upon terms In pursuit of maximizing/managing spend, many procurement professionals have devised numerous intelligent methodologies [...]