Vendor Data Management 3.0

When we talk about master data management usually we define customer data and material data as most important and fact is that customers are the ones who drive your business and give you the right to exist. The product data or material data is essential to deliver your promises to these customers and there is no doubt about that. Do to regulations and legislation product data has also a lot factors that oblige you to have full control and make no mistakes. But how about vendor data? Managing vendor data in an optimal way can be very cost-efficient and less time consuming. Your company is the client and therefore in the position to demand some preferences. How can you implement vendor data management that works for you?

Vendor Data Management 3.0

In my opinion vendor data management 3.0 has only one key word: Self Service. Because of the balance and the relation between both parties you can claim an extra effort of your vendor. Creating a portal where vendors can manage their details and submit the details for a purchase order when an agreement is made. Combining these factors gives the organization the possibility to outsource the activities back to the vendor. I will give you just a simple example.

Example:

I am sure many of you already have such system or protocol in place but maybe it is time to optimize the flow of data and see where you can outsource even more tasks back to the vendor. Data governance and workflow mean a big deal in these processes. You have to implement them right and you will see that time is saved within your company.

Do vendors accept these matters? I am sure they will because nowadays the client must be served at all costs. If this helps your vendor get his revenue in place they will accept your new vendor data management processes.