There is a constant challenge for many distributors and retailers today, especially when it comes to fast-moving categories and online channels. But the process of on-boarding product information from the supplier or manufacturer is often filled with problems and extensive manual labor. Typically, this stage involves information requests via email, phone, fax and mail. It’s cumbersome, error-prone and time-consuming. And it results in incomplete and inconsistent information. This then requires further manual involvement, creating a costly vicious cycle on both sides of the partnership.
Significant time and capital investment goes into the development of an effective supplier database. It provides the buyer with a recognizable advantage in terms of classification of supplier capabilities, historical performance and the quality of the products provided. The scope, accuracy and functionality of the supplier database are critical components. supplier data management is an excellent example of pairing technology advancements with intellectual property to produce an effective, economical support tool that benefits both suppliers and buyers on better pricing, better quality and better sources of supply. It helps you to optimize purchasing initiatives through greater visibility of supplier relationships with the business. It uses a common identifier for invoices, requisitions, payments, shipping, customs clearance and other business documentation, thereby, maintaining uniformity in operations. Supplier data management also leads to reduction of operating costs by linking interrelated suppliers and increasing purchasing power. Getting products to market faster has never been so important. And getting the accurate information you need from your suppliers faster is the first step to achieving that objective.
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