Multinational’s Next Data Challenge: Know Your Vendor
Summary
In a survey of B2B buying organizations conducted by SnapApp and Heinz Marketing last year, researchers found that millennial corporate buyers rank their personal relationships with suppliers as the most effective way to evaluate products and services that vendors offer. With eProcurement increasing its strategic role within the enterprise, data emerges as an essential part of supplier management – and that’s placing heightened pressure on the vendors themselves, too. Peter R. Benson, executive director at the not-for-profit data quality solutions firm Electronic Commerce Code Management Association (ECCMA), told PYMNTS that buyers and suppliers are enduring shifts in their relationships. As businesses focus on the buyer-supplier relationship, having an accurate view of how many suppliers they’re working with means corporate buyers and analysts in the procurement department can more strategically negotiate contracts and pricing. ECCMA’s solution automates the process through which businesses discover and record their vendors’ ALEIs, which, Benson noted, is a key component to ensuring master lists are consolidated and accurate.
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