Enventure’s Vendor Master Creation services enable organizations to optimize their supplier base by taking a perspective across systems, locations, and geographies.
Any process improvement in supply chain is not complete without gaining control over the supplier master. Supply chain programs like strategic sourcing, inventory reduction, spend analytics, cost reduction and supplier on boarding require Vendor Master Creation efforts to be successful.
Using its proprietary processes and proficiency in technology, Enventure extracts, transforms and loads the supplier data back into systems to show measurable business results. Setting up a clean Vendor Database starts with extracting data on the vendors from multiple sources and formats within the organization.
This is followed by standardization and unification, which would also involve research to collect information that may be missing in internal repositories. This data would then be cross-referenced to the customer’s SRM, ERP and other systems.
Enventure also acts as a vendor on-boarding partner to ensure that any new vendors introduced are validated for integrity of supplier information and profile including legal data, contact data, location data, product data and compliance data. All the new vendor information is integrated into the system and the workflow is standardized. The Work flow addresses all approval and change control processes and is in compliance to CMMI level 3, change control management.The updated Vendor Master record or New vendor master record – is used for procurement and Accounts Payable purposes which is integrated and presented in customer needed format or platform.
Enventure’s Vendor Master Creation services include:
- Vendor data extraction and normalization
- Data validation and standardization
- Vendor data enrichment
- Vendor on-boarding services
- Vendor rationalization
- Analytics services
- Low Cost Country (LCC) supplier identification
- New supplier due diligence management
- Maintenance of Vendor Master Database