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By aggregating data in a standardized way, an organization can improve operation efficiency and positively impact bottom line.
The first step to validating vendor data is preparing a list of suppliers that your organization has done business with over the past year.
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These changes affect an estimated 30 to 40% of the data in your vendor database each year (1).
There has been growing interest in flexibility and visibility surrounding spend analytics, which only a robust database can support.
And this is the key importance of information - it allows a business to make informed decisions by presenting data in a way that can be interpreted by management.
In this context, customer information would be useful in providing metrics surrounding client/customer engagement to determine better ways to engage or work with your clients.
Research indicates that the average large and mid-market company is losing millions in potential savings because of inaccurate supplier data (4).
Beyond sourcing, bad vendor data also affects supply chain users in procurement, accounts payable, legal, and other areas.