How Artificial Intelligence Can Clean, Validate and Enrich Vendor Master Data
Global Biopharmaceuticals
Overview
This specialty biopharmaceutical company is a global leader in the treatment of rare diseases and highly specialized conditions. The company has nearly 24,000 employees and offers its products in more than 100 countries.
Challenge
Procure-to-pay executives wanted to assess and improve the quality of the supplier data held in the company’s corporate systems and databases—providing a solid foundation for accounts payable and other strategic
Solution
The company turned to apexanalytix to clean and vet more than 16,000 supplier records. Using our smartvm® Vendor Master Cleansing Services and advanced apexarchimedes™ artificial intelligence, our experts consolidated, scored and classified vendors, identified duplicates, scrubbed and appended information and produced rich reports—all in record time.
Results
• Identified 5,854 vendors with incorrect tax identification numbers (VAT/TIN).
• Identified 3,278 duplicate vendor records.
• Identified 82 vendors who appeared on prohibited entity watch lists.
• Discovered that a third of the vendor records had incorrect banking information (SWIFT, IBAN).
• Scrubbed 13,166 nonstandard address records and added missing information to 12,709.
• Added valid points of contact to 9,173 records.
• Enriched 973 records by adding DUNS numbers and SIC/NAICS classifications