DIGITAL SUPPLY CHAINS
Equally , if you possess good supplier data , then you can offer a good supplier experience . This makes it easier for suppliers to provide good information – initiating a ‘ virtuous ’ cycle .
A foundation of happy suppliers and quality data is the base from which procurement should digitise . From this vantage point , CPOs can consider specific needs within the broader organisation . For instance , could board directors leverage trusty supplier data to inform sustainability decisions ? Similarly , could enhanced data visibility help CFOs mitigate fraud risk ? In times of demand , could supply chain leaders maximise a happy supplier base to be positioned as a preferred customer ?” Build the foundation , before it ’ s needed “ At the end of the day , we need suppliers . Therefore , all suppliers should be set up to succeed . This evolution in supplier relationship management is driving a movement in procurement circles , which aims to propel a virtuous cycle . ‘ Supplier Experience Management ’ is about enabling better engagement for all suppliers by removing friction , through a source of truth in supplier master data .
That ’ s all well and good , but the supplier data problem has been around for decades . What makes it tameable now ?
Historically , the risk-to-reward weighting in resolving master data has dictated little action , though in the uncertain business landscape we now face , futureproofing is vital .
The time to fix the data problem is today . Actually , it was yesterday – because failure to tackle past data quality issues is obstructing present supply base visibility .
When your master record contains inaccurate , duplicate , incomplete and poorly structured entries , you can give up all hope of
“USING GOOD DATA , PROGRAM ROUTINES TO MANAGE TRADITIONAL TRANSACTIONAL PROCESSES ”
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