All companies can benefit enormously once they organize their vendor data, since it helps spot the significant potential to make better and quicker decisions.
Having vendor data which is regularly updated and correct, empowers you to prevent fraud transactions, secure collect billing, negotiate better deals, adjust the number of SKUs and production, achieve compliance with customer and vendor demands, as well as expand and quickly upscale with new vendors.
Many employees within your company and your vendors, heavily depend on your data. But one mistake, no matter how trivial it may seem, can result in delays, not being paid on time, or it can cause a slowdown in the entire process.
To run your business successfully, having accurate and easily accessible data is crucial.
But How To Manage All This Data Effectively?
There are many available platforms designed for this purpose. In this post, we bring you Approve's Vendor Automation platform, so you can have a better understanding of how this data management works.
How Does Approve's Vendor Data Management Work?
This platform provides various features that enable better organization and decision making. The feature we’re interested in is the vendor database and its management.
All Vendor Data In One Place
Having all vendor data in one place enables you to access all collected and relevant data about the current and potential vendors. The database includes contracts, catalogues, files, spend volumes, and much more useful information.
Companies are able to manage all of their vendors and get complete visibility. This feature ensures 100% accuracy of the data, and eliminates the risk of collecting inconsistent or inaccurate information.
All the data is standardized and centralized across the organization, which enables you to easily complete crucial tasks, including integration and onboarding of vendor data in the back-end system, reporting (on ROI, for instance), as well as spotting duplicate records that could exist.
Reporting
All the data stored in one place can help you create better reports on your business. The information you need for reporting, among many others, include:
• How much you spend with each vendor.
• The number of transactions between your company and any vendor. • The teams within your company each vendor works with.
• Your vendor performance and whether your requirements are met by each vendor.
• Spot vendor associated risks that might have an impact in the future, for example, labour practices or location.
Benefits Of Vendor Data Management
The benefits vendor data management brings include making better decisions for your company, having better insight into your spending, cutting costs, saving effort and time you’d spend on collecting and storing your data in some other, outdated ways, and reducing manual and repetitive work.
