Leaving Liability In The Lurch: The Case For Clean, AI-Powered Supplier Data
  • Download Apps
25k+
close Image

Leaving Liability in the Lurch: The Case for Clean, AI-Powered Supplier Data

by Joshua Skeens — 3 years ago in Supply Chain Management 2 min. read
2716

Pardon the cliché, but in these uncertain times, out-of-date supplier data isn’t only useless – it’s a liability that can take your business from humming along to grinding to a halt in a moment.

Back in the day, you could hire consultants for data clean-up projects, run spend analysis cleansing or go through a recovery audit analysis. But business moves too quickly for these one-time efforts.

And besides,, who has the time? It’s far better to implement long-term solutions that can ensure the sustainability of your data now and forever.


Supplier data can become stale within minutes of generation, which can leave all manner of cross-functional departments in the lurch.

Your organization’s procurement arm, in particular, has the most to lose if you lack access to clean and correct supplier data that autonomously updates and grows stronger over time.
Also read: Get Rich Quick? 30 Best Money Making Apps To Turn Your Spare Time Into Cash

Got Bad Data?

It can be tough to evaluate massive data sets and determine at a glance if it’s accurate or inaccurate, business-endangering or procurement-supporting. Here’s a quick-hit checklist that outlines the most common symptoms of bad data:

  • Delays in finding the right set of new or alternative suppliers. If your data causes you to be unable to shift quickly away from suppliers or find new ones, there’s something wrong with your data.
  • Significant costs of manual record search, data entry, and rework. Your data should save you time, not waste it.
  • Delayed ROI, lost payments, high costs, and onboarding delays. Forget time delays – no one wants to lose money, and your supplier data should be an ally in saving money, not yet another drain on your capital!
  • Default sources are “the big guys” or suppliers you have no business working with. Your data should be uniquely tailored to your business’s needs, and if it’s not, you’ve got a huge problem.
  • Mistrust of data. Your data should be your bible, your business’s bread and butter. If you can’t trust it, what can you trust?
Also read: 7 Best AI Music Generator In 2024 (100% Working)

Which Way to Data Cleanup?

Let’s say you’ve identified your supplier data as being symptomatic of bad data. There are two ways to tackle that problem to avoid doing damage to your procurement team and your supply chain: the old way and the new way.

The old method of cleaning up data involves health checks, need assessments and data record cleaning, which sounds great…until you realize that the moment someone manually enters something into your supplier data records, you have to do the whole process over again. It’s not worth paying six figures to do this!

The solution is simple: identify an automated way of managing, cleaning, and updating supplier data regularly to ensure that your supplier information stays updated and agile without spending time and money to keep it that way. Sounds so simple, right?

Machine learning is the future of supplier data fixes, maintenance and storage. Artificial intelligence tools make it undeniably easy to fix supplier data and ensure it stays fixed.


These programs can automatically extract keywords for supplier websites to create structured, updated profiles, automatically cleanse data and remove duplicates, and search for and capture diversity insights to ensure your supply chain remains as agile as possible.

A clean and correct supplier record that updates independently and grows stronger over time benefits not only the procurement arm of your business but every other department.

Reducing liability and establishing a supplier record that captures and maintains clean, self-updating data isn’t just about transforming your operations – it’s about kicking liability concerns to the curb and freeing up your time and money to focus on consistently growing your business over time.

Joshua Skeens

Joshua Skeens, Chief Technology Officer, Cerdant, a Logically Company.

Top 10 News

view all
Follow us on

Categories

Related Posts

img

Supply Chain Management

Freight Transportation: Exploring Types, Benefits, and How T...
By: Ankita Sharma, Sat July 27, 2024

Freight transportation is essential whether you are a small business owner..

img

Supply Chain Management

What Is Packing Flow? How To Set An Effective Station Setup?...
By: Ankita Sharma, Tue April 30, 2024

In shipping, the packing flow or packing station layout has a crucial impact on..

img

Supply Chain Management

What Is Automated Shipping? How It Works, Benefits, + Who Sh...
By: Neeraj Gupta, Mon April 29, 2024

Sneak peek about automated shipping courtesy for eCommerce logistics...

img

Supply Chain Management

What Are The Key Benefits Of Supply Chain Optimization Tools...
By: Alan Jackson, Thu March 28, 2024

In today’s high-paced and accelerated world, where globalization has..

img

Supply Chain Management

Overcoming Challenges In Supply Chain Logistics
By: Evelyn Addison, Thu March 14, 2024

Picture this: You’re at the helm of a ship, the sea is rough, and a storm is..

img

Supply Chain Management

What Does “FedEx Shipment Exception” Status Mean? What T...
By: Alan Jackson, Mon January 8, 2024

FedEx shipment exception temporarily delayed shipment due to uncontrolled..

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Copyright © 2018 – The Next Tech. All Rights Reserved.