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Supplier data management, the key to an effective procurement IT system

, by t.jaffry

A good supplier data management (SIM : Supplier Information management) is key to establish an effective procurement IT system. It is complicated (or even impossible ?) to manage in a reliable way data of thousands of suppliers without having a dedicated system to connect with your overall information system (ERP, Sourcing solution, accounts payable solution, digitization solution…) as the tiniest lack or out-to-date supplier information can :

  • represent an important financial risk (penalties, payment issues…)
  • or environmental problems, dependency or even procurement issues
  • reduce spend accuracy and its analysis
  • generate frustration from internal communication but also with the suppliers themselves.

Whereas, some studies prove that the cost of managing one supplier per year is $500, only a few companies have acknowledged the issues involved.
And you, have you evaluated the cost within’ your organization ?
Nowadays, supplier data management technologies have become a major concern for most companies, manipulating supplier data heterogeneously (multiplication of solutions, data governance, complex processes…). This situation imply an supplier data urbanization and real time update.

Discover the major benefits of implementing a centralized and unique supplier data base that are :

  • Cleanse data
  • Control supplier creation
  • Ensure integrity and data accuracy over time
  • Centralized data
  • Synchronize with any external system
  • Share documents
  • Delegate the data maintenance to the supplier himself

Do you want to improve your supplier data management?