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Vendor Master Management - Vendor Portal Expert
 

Vendor Master Management

Strategies and Techniques
vendor master management

Vendor Master File Management

 

The bigger your company gets, the greater are the chances that your vendor master file management will become filled with missing, outdated, inconsistent information, duplicate files, and other problematic vendor related information under the same corporate umbrella. One particular term has gained immense popularity in this field. It may be a little too strong to use, but the clarity to the problem it brings just can’t be ignored.

 

“Dirty“ vendor master data can become a serious problem for large companies, which have to deal with the overwhelming data input of tens or even hundreds of thousands of different vendors on a daily basis. All of these has to be processed in multiple systems, across multiple and various business units, and finally, managed by different staff.

 

Now, imagine how this problem can explode when an organization has to go through merging and acquisition process with some other company that also experiences these problems.

 

“Dirty“ vendor master files can cost organizations millions of dollars in different lost revenues, such as:

• Higher costs associated with duplicate payments

• Increased operational risks

• Missed discount cash opportunities

• Missed volume rebates

• Fraudulent and non-transparent payments

• Regulatory non-compliances

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