Optimizing and Integrating Supplier Data Enrichment Data Into Your Spend Intelligence Warehouse

December 28th, 2009 at 09:20am David Bush - Iasta

Many of our customers ask us to handle their Supplier data enrichment data.  This is a natural fit to add and integrate this informative data to all the supplier and Spend data that is collected.  Supplier enrichment data packets build additional analytical and Spend management capabilities into the overall Spend Intelligence warehouse.  However, many organizations do not add this important information such as DUNS/SIC/NAICS/Parent Child, Diversity, and Risk related Supplier information, as it can get quite expensive in a hurry, if the overall process is not managed and optimized to the company’s overall needs.

Adding this data into your Spend Intelligence warehouse should simply be another source file.  We have relationships with all the major companies that provide Supplier Enrichment data, and having done this many times, we have optimized the overall process and related expense to get this information integrated with your Supplier and Spend information.

Optimizing the Supplier Enrichment process is as follows:

1. Create a Clean Vendor Master – through the Spend data collection process, suppliers are collected from all sites, cleansed, grouped, classified, and rationalized to a consolidated vendor master.  Now the company can break down their suppliers relative to Spend and priorities as to which ones should potentially be enriched.
2. Mix and Match Supplier Enrichment Data Packets – enrichment data for SIC/NAICS or Parent Child relationships are usually in different data packets than data packets for diversity and risk.  Each data packet has different costs, with risk usually being most expensive.  You can analyze your supplier base to determine which suppliers should get what level of data packet, such as only preferred suppliers, or suppliers with large Spend dollars, have risk-related enrichment.
3. Process and Integrate Suppliers to/from the Provider – the handshake of providing the actual supplier file to the supplier enrichment provider, getting it back, and integrating it into your Spend warehouse, should be handled easily by your Spend Analysis provider.
4. Create More Advanced Analytics, Reporting, and Spend Management programs – once the data is received back from the supplier enrichment provider, it must be integrated with all the related Spend data for that supplier.  In addition, the new data can now be added to the overall analytical capability the organization needs to track diversity, compliance, conduct deeper analysis, and better manage overall sourcing programs.

All the above should be done easily (and at low cost) by your Spend Analysis provider, thereby creating significant value to handle this important and more advanced management capability for your organization.

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Entry Filed under: General, Spend Analysis