Relying on a vendor or supplier is the reality of the majority of businesses today. Start with SaaS solutions that make your employees’ lives more comfortable with the services of suppliers and manufacturers, as vendors play an important role in business development.
The process of working with vendors demands impeccable organization and cooperation between your business and them. It’s critical that you keep communication on a high level and that the necessary information can flow freely. Here are some of the instances where having correct vendor data is essential, as well as what you can do to make sure your data is complete and clean:
Finding and Managing Prospective Vendors
Finding a vendor is the first step of working with them. There are specific factors you’ll want to consider to rank prospective vendors. In the majority of cases, that means creating lists of potential vendor profiles with their necessary contact information. Location is a major deciding factor when choosing a vendor, depending on your business needs, so it’s important to get it right. Sometimes vendor contact information that you find online isn’t complete or updated, which could leave you unable to reach them. That’s why it’s important to be able to confirm their location and primary contact data to get in touch.
Getting through the Ordering Stage
Once you’ve agreed to work with a supplier, the information you have on them needs updating. In this stage, you’ll need to confirm the primary contact data you’ve previously gathered. Found a supplier close to home that will help you save on freight charges? You can still GeoCode their location for strategic purposes, to determine how long the shipment will take to arrive. Verify the vendor’s address and be able to update it quickly in case it changes. Any issues here might have consequences that are difficult to recover from. Late shipments or deliveries always have the potential for a negative business impact. To avoid this, make sure you have plenty of ways to contact your vendor, from email to phone options.
Paying Your Vendors
Reliability is a desirable quality in any vendor, and it ensures long and fruitful cooperation. However, it needs to go both ways – the vendors you’re using have to be able to rely on you to pay them on time. Unfortunately, sometimes invoices can get lost, especially if you don’t have an automated system of managing them. However, if you have a software integration solution like Runner EDQ CLEAN_Vendor, you’ll know that your vendor contact data is up to date. That means that invoices will no longer get delayed due to human error, and your validated addresses can ensure that the goods or products get delivered on time.
Managing Your Vendor Data
All that’s left to do in the process is to make sure you keep on maintaining your vendor contact data. With CLEAN_Vendor, it doesn’t require much effort on your part. You can use it to eliminate possible duplicate lists, keep the data updated, verify international addresses and monitor overall vendor performance. Failing to manage this information properly can result in lost time and funds for your organization.
Quality data is crucial to success in the business world, and vendor management is no exception. Runner EDQ integrated software solutions will help you manage your business so that you can be sure important information and deliveries will always find the right address.
