Vendor Master Creation and Maintenance Services

One of the most significant costs for a company in the manufacturing or process industry is the procurement of direct and indirect materials. Naturally, the vendors who supply these materials are crucial to the organization and managing the vendors efficiently is paramount to control costs, manage inventory and optimize the supply chain.

Gaining control over the information in the vendor master is a very important first step in understanding the supply base and forms the basis for multiple areas of improvement, such as strategic sourcing, supplier optimization, inventory cost reduction, spend analytics, vendor negotiations and supplier on-boarding.

Foundation of a good Vendor Master

The fundamental requirement of good vendor master is standardized, classified, deduplicated, accurate, up-to-date and unified data repository. With streamlined vendor data, organizations are able to implement efficient spend analytics, paving the way to identify various cost reduction and inventory optimization opportunities.

Benefits of Good Vendor Master

We enable clients to transform their vendor master, by leveraging Enventure’s proprietary technology and supply chain best practices, involving deep research and multilevel vendor engagement, to provide optimal insights into the supply base.

Enventure also acts as a vendor onboarding partner to ensure the integrity of new supplier information and create an accurate vendor profile, including all required information. The vendor data will be integrated into the ERP, EAM, and CMMS with a standard workflow to enable further engagement initiatives.

Our Vendor Master services:

Typical areas of support include:
  • Analyze and identify gaps in vendor master data
  • Collect and update missing /inaccurate profile info, such as
    • Company Name
    • Key contacts
    • Banking, payment, tax
    • Supplier diversity
    • Insurance, licenses, certifications (ISO etc.)
    • Compliance declarations
    • Shipping details
    • Other details as needed…
  • Vendor classification as per NAICS or SIC
  • Deduplication and hierarchical organization
Vendor Onboarding
  • Support for onboarding new vendors
  • Vendor qualification
  • Vendor documentation
  • Vendor Profile Creation
  • Vendor classification
Vendor Master Maintenance
  • Periodic refresh of vendor master profile data
  • Flagging inactive or deficient vendors
  • Vendor requalification
  • Deduplication
  • Update Classification

Talk to one of our Vendor Master Specialists today to learn more.

Talk to our Vendor Master Specialists
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