Supplier Master Data Management is a platform that allows a corporation to keep track of a large number of records about its suppliers. Supplier Master Data would comprise all important information about the goods and services being procured from suppliers, such as procurement history, supply categories, inventory data, contract records, purchase records, and other key information regarding the supplier-business relationship.
By prioritizing data insights and important trends while removing irrelevant data, the supplier master data management solution offers a master cleansing solution for big data. It not only helps in keeping the authenticated data but utilizes that information to make critical decisions in the organization.
Supplier MDM includes five crucial processes relating to supplier relations: Supplier Onboarding, Extend Supplier, Update Supplier, Deactivate Supplier and Reactivate Supplier.