Today, we are releasing a free Lavante White Paper entitled “3 Pillars Maturity Model – Managing your Vendor Master File” to recap our three-part Webinar series from this summer. With an emphasis on Supplier Information Management and Vendor Master File excellence, the series hit a nerve and drove nearly a 1000 downloads and views! Understanding how relevant the topic was for so many people I consolidated the material (along with a few new ideas) into a whitepaper where I could present a clear picture of the 3 Pillars of driving data quality in the vendor master file.
There are no set steps that a company must take to achieve a clean, best-in-class vendor master file. Rather, obtaining an optimized vendor master file requires an understanding of the elemental pillars needed in order to improve your vendor master file management process.
There are three fundamental pillars for driving Data Quality:
- The first is to Sanitize your VMF. Here you will identify and inactivate or merge duplicate records, correct erroneous data, capture missing data, update old data, and begin creating new controls
- Once your VMF is clean, you can Stabilize your VMF process wherein you will establish new norms including naming standards, proper segregation of duties, effective change management controls, and rules
- Then finally, you are able to Optimize your VMF process to assure regulatory and policy compliance, validation of supplier data at the time of on-boarding and ongoing
No matter where your organization is within the spectrum of the Three Pillars Model, your supplier information can be leveraged in many ways. Whether you are looking to engage suppliers to maintain updated contact and remittance details, perform outreach to capture certifications or documents, drive comprehensive compliance across your organization, or manage spend and supplier relationships, your supplier data is the cornerstone and common denominator from which to perform any analytics and process improvement.
Download the entire white paper for free here: “3 Pillars Maturity Model – Managing your Vendor Master File“