GRAPHITE CONNECT
back and talk to the supplier to get this new updated certificate of insurance next month?”
Graphite’ s innovation comes from recognising this boom in supplier data collection and the distinction between the data required for strategic supplier management versus purely transactional procurement.
“ Traditional procurement networks are transactional. I have a PO for you, you have an invoice for me, I have a payment for you. By definition, this is one-to-one,” Conrad explains.
In contrast, holistic supplier management – risk management, contract management, performance management and innovation – requires a different approach with a 360-degree view of a supplier’ s data.
“Every higher value activity that you want to do in procurement is building on the level of Maslow’ s hierarchy below it, and it all sits on top of that data”
CONRAD SMITH, CO-FOUNDER AND CEO, GRAPHITE CONNECT
Basic supplier information like addresses, tax details and banking information – which previously required individual updating across multiple systems – can now be maintained in a single location with updates cascading to all connected partners.
“ As I update my certificate of insurance for you, it’ s updated for all of my other connected partners as well,” Conrad says.“ I’ ve actually talked to companies that have decided not to move their offices because of the headache of telling all their customers about their office address change.”
The cost of bad data Supplier data quality forms the foundation of effective procurement, according to Conrad. He draws a parallel to Maslow’ s hierarchy of needs:“ Every higher value activity that you want to do in procurement is building on the level of Maslow’ s hierarchy below it, and it all sits on top of that data.”
Bad data creates ripple effects throughout procurement operations:“ You get tremendous inefficiency. You’ ve got supplier support problems, you’ ve got communication problems. You don’ t know who the contacts are, you probably don’ t even know who at your business is using the supplier.”
These data weaknesses create security vulnerabilities as well.“ These soft spots in the process and the data are just a wide open door to vendor fraud,” Conrad warns. Highlighting that AI advancements have made phishing attacks more
60 May 2025