Why companies must store Vendor database systematically?
The benefits of storing Vendor database systematically are:
(i) It will help in matching the needs of the business units to the correct vendor. For example, the administration can identify the relevant vendors for office stationeries, computer equipments, etc.
(ii) cross-vendor comparison becomes easier for evaluation after the categorization of vendors on the basis of their type,
(iii) It helps in streamlining valuable information – scattered, distinct vendor information will be stored in a single location and it will provide close insights into the current status of the vendors, for example, vendors within contract, vendors that require renewals, etc.
(iv) It will enable successful budgeting – you can effortlessly recognize the long-term critical vendors and the short-term tactical vendors and thus gauge the budget assignments accordingly.
(v) Identification of the Selection Criteria for Vendors
Storing a vendor database is necessary for any successful contingent workforce management program.
- Increase Vendor Performance
- Product Information Management
- Online shipment
- Purchase Order Status Tracking
- Control Vendor Data updates
- Document Management
- Incorporated Supplier Management
- Computerized Compliance
- Global Vendor Support
- Advanced materials management