Supplier Master Data Management is a framework that a company uses to manage a comprehensive set of records about a company's suppliers. As one can imagine, such records would be vast and contain a very large number of data points.
Supplier Master Data Management (SMDM) ensures that duplicates and overlapping data are avoided, data is in sync for locations of the company and between the company and all suppliers, and that procurement officers would be able to access this data easily and quickly in order to find potential areas for improving efficiency and spend in the supply chain.
Entity validation
Allows buyers to validate a business’s identity, legal status, ownership, and corporate relationships.
Data cleansing and integration
Master data management processes, including de-duplication and data integration, help ensure buyers have the most accurate and up-to-date information on suppliers.
Performance metrics
Allows supply chain managers to understand the overall health of a vendor, including possible financial risks or regulatory compliance issues.
Empowers organizations
to manage 100% of their vendors and gain complete visibility over them, which helps in strengthening relationships between vendors and the company
Value Proposition
Empowers organizations to manage 100% of their vendors and gain complete visibility over them, which helps in strengthening relationships between vendors and the company
Helps in guaranteeing the quality of data and removes the risk of storing inaccurate or inconsistent information
Enables data to be centralized and standardized across the organization, making it easier to complete critical tasks such as reporting, onboarding and integration of vendor data in back-end systems, and the identification of any duplicate records
Allows for greater predictability and understanding of the entire supply chain
Provides the ability to make strategic decisions based on accurate data