Using Supplier Data Effectively to Improve Organization Efficiency

April 7, 2021

Supplier data, including information related to purchasing, sourcing, and contracts, can be useful in the right circumstances, but often leads to widespread confusion. Knowing when and how to use such information requires some advance planning and discussion. Companies succeeding during the COVID-19 pandemic have developed tools to successfully manage supply chain risks.

Corcentric’s Constantine Limberakis remarks, “Ensuring the fundamentals of supplier management is critical to making the most of process and data automation. When the governance of supplier management activity is transparent for all stakeholders, the benefits can grow exponentially. With the goal of creating one “source of supplier truth,” how easily can you aggregate these disparate data sources into your existing supplier profiles to manage supplier risk, performance, compliance or regulatory initiatives is critical to this goal of managing a complex supplier ecosystem in 2021.” Read more here.