If you run a business or are in an industry where you juggle multiple suppliers, it’s quite likely they’ll all interact with you differently. They each may have their preferred methods of payment, processes for logistics and so forth. The list can go on.
And while there’s nothing inherently wrong with these differences, problems with data integrity will arise. For example, your vendors may not have consistency in terms of their billing information which can lead to hiccups in terms of you reaching out to them or making payments.
Key Issues often arise from either data entry issues on your end or vendors that miss relevant details in their invoicing.
Data Integrity Suffers When Simple Info is Omitted
Depending on the size, location and industry of a specific supplier, they may leave you with inadequate information. This can create issues such as:
- Inconsistent naming and addresses
- Mismatches between billings and addresses
- Vendor data with missing info (names, phone numbers)
- Duplicate billings
- And more…
Regardless of the cause, incorrect data associated with a supplier payment will impact your data integrity and cause problems with billings, sending/receiving items or simply trying to reach a certain contact.
This frequently leads to significant losses in dollar and time.
Establishing Strong Data Integrity
Cost efficient management of supplier relationships is a multifaceted undertaking. The integrity of your data is crucial to making the process work. If operations are carried out on the back of inaccurate data, then problems with communications, deliveries and invoicing will abound. 100% of companies of all sizes have data integrity issues and it results in an completely misunderstood leakage of dollars.
It’s vital to keep all records and information of a supplier consistent with who they are and what they actually represent. True, it’s up to the supplier to supply you with the data you need from the start, but it’s also your responsibility to keep them in check.
How to Maintain Data Integrity for Suppliers
Maintaining accurate supplier data starts with having a good accounting system and well-trained data entry people. This is the standard for all companies. The process gets complicated when:
- Suppliers send invoices with inaccurate data
- Data entry errors are made when entering invoice details (this happens to some degree in 100% of companies)
- Would be fraudsters try to circumvent processes to their individual benefit
The GLAnalytics solution deploys industry leading proactive analytics to detect these issues. More importantly, it does this with a comprehensive interface and setup that is:
- Easy-to-set up (you will be up and running in few days regardless of your size or accounting system)
We built the program with these traits in mind to make the collection of data quick and manageable.
Accurate Data = Long Lasting Relationships
There is no doubt that good etiquette is vital for a maintaining relationships between customers and suppliers . But in an age where information has become a precious asset, it’s also important to maintain these relationships with data analytics as well.
The upkeep of accurate client data means:
- Better insights on existing data
- Improved long term data integrity
- Process improvements
- Cost savings