Supplier Enrichments

Procurement in the Digital Age: The Importance of Accurate Supplier Data

As the procurement landscape evolves with digitization, the key commodity becomes “Accurate Supplier Data.” Companies storing data for thousands of suppliers often rely on these suppliers for data updates. This dependence on external sources for data accuracy is a critical challenge, as procurement professionals use this data to evaluate RFx participants and identify cost-saving opportunities.

Current Process

Traditionally, companies rely on suppliers to self-report information during the RFx process. Yet, suppliers often provide incomplete, outdated, or incorrect data. Without an efficient validation process, this inaccurate data enters and accumulates in company systems.

Challenges

Inflated supplier qualifications, leading to partnership issues.
Dependence on suppliers' integrity and transparency.
Insufficient data for negotiating global contracts.
Absence of a comprehensive risk assessment framework.

AI Supplier Data Enrichment with Veridion

Veridion's Data Enrichment Service employs advanced algorithms for matching and enriching existing business/supplier records. This service supplements existing data, assesses potential risks, eliminates duplicates, and updates outdated information. The outcome is a richer, more insightful dataset that supports advanced analytics and downstream analysis.

Continuous Cycle	Description
NORMALIZE	Identify duplicates, standardize data and roll suppliers to parent entities.
ENRICH AND UPDATE	Enrich and Update each supplier with attributes such as contact information, locations, names, products & services, sustainability information, tax ID etc.
CLASSIFY	Classify suppliers by industry classifications, geographies, diversity ownership etc.
VALIDATE AND MONITOR	Validate supplier records to ensure accuracy and continually monitor for changes.

Benefits

Comprehensive Data Attributes: Access updated insights on various supplier attributes, including business activities, contact details, sustainability metrics, diversity, certifications, products and services, and location. For a list of all data attributes, visit Data Dictionary
Global Coverage: Extensive information on over 80 million entities across 240+ countries. To view our coverage, visit Data Discovery Platform
Freshness of Data: Regular weekly updates of supplier profiles, offering near-time insights into supplier changes.
Accuracy: Improved accuracy and completeness in supplier records foster transparency and trust, enhancing decision-making in RFx processes and minimizing procurement risks.