The Benefit of Investing in a Clean Vendor Master:
All day long we hear from customers and prospects alike that their vendor master data is ‘a mess’, ‘out of date’ and ‘full of duplicates’. We have published in the past about the hidden ways your vendor master is costing your organization with both fraud risk and compliance issues, but we understand that many organizations find it to be a challenge to quantify those risks in dollar terms when working towards making an investment in automation and clean up.
We get it, it can be overwhelming to nail down the myriad ways a messy vendor is costing your organization. We’ve spoken with countless customers and prospects and gathered for you these three factors you can, and should, consider when creating your cost/benefit analysis.
|ERP lookup – does the vendor already exist?|
|Manual Review- do we have all in the info we need?|
|Data Entry- inputting new or changed info into the ERP.|
|Communications: total time spent by staff answering questions/getting clarification from business owners or vendor regarding onboarding|
Add them up and multiply by how many times you do this each year. (We’ll bet it is not a trifling amount.)
With these three figures, you are well on your way to a solid dollar amount you could be saving with an investment in vendor automation and clean up. There are, however, many additional pieces that can give you a more nuanced and specific understanding of the real cost of your vendor master, for example:
We’d love to walk through your process with you and talk about security, compliance, efficiency and sleeping better at night.
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Boston, MA 02116