3 must-haves to improve supplier information management [infographic]

February 17, 2016 Tradeshift Editorial Team

3 tips for supplier information management

Tradeshift and sharedservicelink surveyed 50 senior shared service professionals to create a snapshot of current trends in supplier information management (SIM). The goal was to find core areas for practitioners to improve and we identified the three most important. The results–gathered from Finance and AP Directors, Data Managers, Procurement Directors, and Tax and Supply Chain Directors–revealed some striking developments.

Our survey drew responses mainly from the Fortune 1000–those who have the most to gain from creating efficiencies and the most to lose from inaccurate supplier information management. Below are a few key snapshots–and an opportunity to collect your full-length infographic.

There’s a lot of room for improvement

Accuracy of supplier information management

Nearly half of respondents say their current SIM setup is causing them problems…

Problems are brewing

The stakes are high

Compliance was far and away the greatest area of concern for respondents. With Foreign Corrupt Practices Act charges reaching new highs and public trust in large corporations dwindling, a compliance error could turn into a public relations disaster or costly sanctions.

Compliance risks

This isn’t surprising considering the survey revealed only 14% of companies believe their supplier information management doesn’t need improvement. The full infographic also lists the percentage of companies investing in upgrades and those in dire straits when it comes to protecting themselves against risk.

Shifting data ownership to suppliers is key

Supplier managed data

We couldn’t agree more. The fact is no one knows vendor data better than the suppliers themselves. Instead of a painful yearly data refresh, companies are increasingly moving towards real-time, supplier-updated data.

But what can you do right now and throughout 2016?

The main issues

The full details are revealed in the infographic, but the highlights are:

  1. Develop a forward-thinking plan to tackle master data
  2. Measure your current state of compliance and supplier risk exposure
  3. Embrace the future of supplier self-service tools

Get your copy now and explore the entire infographic and full survey results.

3_tips_supplier_info_mgmt_infographic_res_image700x400_Resource image (download) 700 x 400

About the Author

Tradeshift connects buyers, suppliers, and all their processes in one global network. We help you transform the way you work with suppliers today – and adapt to whatever the future brings.

Follow on Linkedin More Content by Tradeshift Editorial Team