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.
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.
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.
|Typical areas of support include:|
|Vendor Master Maintenance|
Talk to one of our Vendor Master Specialists today to learn more.