Maintaining a clean vendor master can be a real challenge – especially for global organizations with thousands of vendors. But the business imperative is clear. 30% of duplicate payments stem from duplicate vendor records.
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Pierre Mitchell, Chief Research Officer at Spend Matters, set out to answer this by examining the correlation between good master data and value created across procure-to-pay operations. The report debuts a new Analysis Framework that outlines KPIs for quality supplier data, practices needed to improve those KPIs and digital enablers to make the improvements.
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Good data about your customers and suppliers is key to building business value. It provides a solid base for sourcing initiatives, targeted marketing campaigns, supplier relationship management, and a host of other business-critical strategies. Additionally, good data can insulate your company from fraud and other risks. It lets you know who you are doing business with and whether your financial transactions are going to who you intended.
But do you have all the data you need? And is it fully vetted and accurate?
COVID-19 pushed businesses to the limit, requiring organizations to adjust with safety procedures and remote working for non-essential personnel. It wasn’t easy for most companies. In this white paper, we discuss how COVID-19 impacted your company and the master data errors that can cause fraud, overpayments and a lot of wasted time in the future. Of course, apexanalytix has technology to automate these problems away.