Enventure’s Vendor Master services enable organizations to create, update and optimize their supplier base, across systems, locations, and geographies.
Any supply chain improvement initiative is not complete without gaining full control over the supply base, and that means getting a deep understanding of the vendors at play. The vendors/suppliers play a key role as collaborators, for the success of programs around strategic sourcing, inventory reduction, spend analytics, and cost reduction. Gaining insight and control of vendors requires that the vendor master is clean, deduplicated, classified, and up-to-date, which is what Enventure delivers. Vendor information evolves constantly with mergers and acquisitions, restructuring of companies, relocations, change in personnel, and business expansion. And most companies struggle to keep vendor information accurate.
Using its proprietary processes and technology, Enventure enriches and transforms supplier data for clients, to their ERP, SRM, or EAM/CMMS, leading to measurable business benefits. Creating a clean Vendor Database also involves extracting data on vendors from multiple data sources and formats within the organization. This is followed by vendor master 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 ERP, SRM, EAM/CMMS, or other systems. The vendors can also be classified based on the products or services they supply, utilizing industry standards like NAICS, SIC or other customer preferred schema.
Enventure also provides vendor onboarding services to ensure that any new vendors introduced are validated for the 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 onboarding workflow is standardized. The updated Vendor Master record or New vendor master record – is used for procurement and Accounts Payable purposes which are integrated and presented in customer needed format or platform.