Tomorrow, MetalMiner’s sister site, Spend Matters, is hosting a webinar on the in-the-weeds topic of supplier data quality — and specifically, how to improve it to drive savings.
You can tune in for the free webinar, which takes place on Tuesday, June 28th, from 1:00-2:00 PM CT, by registering for it via this link: Exploring the Dirty Secrets of Dirty Supplier Data — Adding Up the Costs for Finance and Procurement.
Given the challenge of locking in savings today for metals and other direct materials due to commodity price volatility, we believe improving supplier data quality — and the tactics high quality information can enable — is a strategy that all procurement and finance operations inside manufacturers may wish to investigate. The savings can speak for themselves. Spend Matters research suggests that the typical large or middle market enterprise is losing millions of dollars in potential savings because of dirty supplier data in areas that have nothing to do with sourcing.
We’ll plan to leave everyone who attends the webinar with not only a basic understanding of the challenge, but also how to build a business case (based on hard dollar savings) to target the issue head on. Specifically, we plan to:
- Explore both the hard and soft costs of poor supplier data quality when it comes to compliance, business risk and finance/procurement operational efficiency
- Identify areas where poor supplier data is most commonly found and the types of results companies can expect to achieve from fixing it
- Showcase what typical supplier data environments look like before and after cleansing and maintenance efforts
- Present the value of introducing supplier information management capabilities to insure ongoing data accuracy
For example, from a financial standpoint, did you know that better data quality can help you avoid duplicate payments from duplicate entries double-payments can occur whenever a vendor is set up twice in a system and it happens more often than you think. Improvements can also help you enforce payment terms, discount structures, claim discounts and rebates. It can also help you eliminate compliance penalties, reduce time spent during compliance audits by streamlining TIN/OFAC vetting and B-notice responses. There are dozens of other benefits (e.g., supplier on-boarding / compliance and internal operational efficiency) which we’ll also cover where companies can also achieve from improving supplier data quality. After all, given the commodity volatility, it’s about time we found something we can actually control!
Join us for this free webinar, which takes place on Tuesday, June 28th, from 1:00-2:00 PM CT, by registering for it via this link: Exploring the Dirty Secrets of Dirty Supplier Data — Adding Up the Costs for Finance and Procurement.