Something to Consider November 2017 3
Vendor Master Data: The Engine of the P2P Cycle
More and more companies are falling victim to procrastination and delay over cleaning up vendor master data, despite the obvious asymmetric impact of this effort. Master data has a massive effect on the integrity of downstream transactional activity. But lack of clarity over stakeholders, lack of insight into critical data issues, available time, and other priorities all fuel the problem. And when the data is cleaned up, if the process doesn’t change, it all falls into disarray and disrepute just months later. Not only does this leave companies open to error and or fraud but it also represents a huge wasted investment in time, cost and effort to achieve clean data. There is a need to implement a continuous improvement cycle that encompasses a ‘get clean, stay clean’ process, to ensure that hard work does not go to waste.
We’ve put together a blog post on short, sharp ways to get the process started, have a read here
Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.