A recent survey conducted by sharedserviceslink and Tradeshift revealed that 68% of shared services professionals responding struggle with delays to payments caused by inaccurate supplier information.

In addition, 56% say inaccurate supplier information leads to higher cost of processing invoices and payment errors in their organization.

While it’s often not an issue high on the agenda, incorrect master data not only delays the payment process but drives up costs and impacts on suppliers’ performance.

Inaccurate supplier information can lead to:

•Delays to payments
•Higher costs of transactions.
•Invoice and payment errors.
•Risk of fraud
•Tax and compliance issues.

One of the most important measures in P2P is on time payments and inaccurate Master Data is a stumbling block to achieving this. In order to make payment processes efficient, it is essential to clean, consolidate and improve the process of vendor data management.

The report provides 3 measures you can start to take in P2P to drive improvements to Master Vendor Data today:

1.Assign ownership for the improvement of Master Data in the company. This is often an area that sits between several departments, but to drive change this project needs an owner.
2.Analyze the information in your system and assess the changes and improvements that need to be made. Get to grips with how big this project actually is.
3.Consider how you update your supplier information and whether new tools or technology can reduce manual effort. There are increasing numbers of supplier self-service tools that enable suppliers to update their own data so you don’t have to.

Download the infographic for more insight into cleansing Master Data:

3 Ways to Drive Improvements to Vendor Master Data