Centralizing and consolidating your supplier data into a single source of truth developed and maintained with autonomous technology is the first step to building a solid data foundation and delivering procurement’s full value.
1. Get a Full View of Spend
When the entirety of your organization’s supplier and spend data is in one place, you’re able to get a complete view of that network. This view allows you to understand the big picture and dial in to study the nuances.
2. Better Cost Negotiations Based on Volume
Once you can see the big picture, you’re able to see where multiple suppliers are being used for similar products. By consolidating supplier data, you can be strategic about which suppliers to work with and negotiate increased savings for large volumes that may currently be spread out over multiple orders.
3. Eliminating Data Silos Allows for Faster, Better Decisions
Data silos throughout an organization lead to slow decisions, conflicting decisions, and competition between departments about whose data is best. But when everyone in the organization has the same accurate and complete information about your supplier network, you can make strategic decisions that benefit the entire organization.
4. Promote Compliance to Your Preferred Supplier Program
When everyone has access to the same supplier data, departments are more likely to go to that source of truth than the internet to look for a supplier. With access to information about existing suppliers and the benefits that come with using preferred suppliers, core suppliers are more likely to be the first choice throughout the organization.
5. Always Have Accurate, Up-to-Date Information About Your Suppliers
Inaccurate supplier information costs you far more than it’s worth. It wastes time, wastes money, and can lead to higher risk and unhappy clients. Autonomously centralized and consolidated supplier data removes the likelihood of human error in your supplier master, eliminates the need for supplier portals, and eliminates the task of finding and fixing dirty data. Instead, it ensures your supplier master is continually updated as supplier information changes.
6. Create Stronger Supplier Relationships
Having accurate, up-to-date information about your suppliers means you can connect with suppliers quickly, regularly, and effectively. Using autonomous technology rather than supplier portals makes life easier for your suppliers, and frees time to connect in more meaningful ways.
7. Increase Your Access to New Suppliers
Your core suppliers are crucial, but, as recent times have shown, it is necessary to have backup suppliers and to understand who is available if you need something quickly. Consolidated data lets you see other supplier options available to your organization.
8. Quick and Easy Access to All Supplier Documents
Storing all supplier information, including relevant certifications, in one place makes it easy to assess risk and find options that fit specific needs.
9. Easy Access to Supplier Information Saves Staff Time
Manually updating supplier information takes time away from the other work your procurement team should be focusing on, like helping clients or building stronger relationships with suppliers. Autonomous tools take this load off their shoulders and frees them up to do what they do best.
10. Supplier Data Solutions Integrate with Your Existing Tools
Centralizing and consolidating supplier data takes work and tools. It requires the entire organization to move to a single source of truth for supplier information, which can take some negotiation. Tools like TealBook help make the transition easier by effortlessly integrating with your existing data and the tools you’re already using.
When everyone in the organization has the same accurate and complete information about your supplier network—a solid data foundation—you can make strategic decisions that benefit the entire organization and allow procurement to add massive value.