Vendor Master Data Management (VMDM) is fast emerging as an integral part of the procurement and related systems for enterprises. It checks and addresses issues pertaining to inefficient processes and erroneous reporting to the management. It also helps in standardizing various naming conventions for vendors. An effective vendor master prevents system controls collapse such as:
- Duplication (rationalization of vendor base by cutting down on multiple suppliers)
- Payment & taxation errors/frauds
- Incomplete data (original vendor name, address, hierarchy, etc)
- Lack of information (source of certifications, W9 forms, insurance certificates, etc)
Vendor master records normally belong to procurement or accounts payable, and their maintenance is administered by these departments. It helps in standardizing various naming conventions of vendors, which, in turn, facilitates:
- Linking multiple divisions/subsidiaries, facilities/locations to the parent vendor
- Identifying vendor by type
- Enabling the ability to store, update, and access vendor contact information including different contact types
- Access of vendor information by all departments concerned enabling identification of non-compliant/blacklisted suppliers
A key distinguishing factor for VMDM is the ability of the metadata & data management systems to manage & track master data relationships, as well as hierarchy changes. Verdantis Vendor Master Data Management solutions – Harmonize and Integrity – cater to all such requirements of an enterprise. These can be customized to suit specific customer needs.
Verdantis Harmonize for Vendor Master Data Management:
This is a fully automated solution for cleansing and enriching historical vendor master data. Verdantis Harmonize leverages the AI technology to automatically harmonize large volumes of data, much faster and more consistent provides deeper & granular visibility. Learn More...
Verdantis Integrity for Vendor Master Data Management:
This is an MDM application that integrates with SAP R/3 and SAP SRM solutions. Verdantis Integrity is an intelligent, real-time MDM solution to prevent duplication at source, and ensure real-time/ ongoing data integrity. Learn More...
- Material Master Data Management
- Verdantis Harmonize for Vendor Master Data Management
- Verdantis Integrity for Vendor Master Data Management
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