As businesses have now shifted to remote work, the requirement for centralized vendor data turned out to be an important factor. Data living in somebody's mind, a file folder, on an email or even excel spreadsheet, was tough to access and share. In an emergency, certain bits of data become essential and most of it was lost during the retrieval process. To manage the data properly, vendor management software is essential for businesses.

In the previous decade, the attention on vendor risk has expanded colossally. Most big businesses have broad projects to survey the sorts of data managed by or accessed by vendors because of GDPR and other data security rules, and makes sure to have this data readily at hand. A few businesses include operational and administrative compliance requirements, and most associations are effectively dealing with their vendor contracts.

What vendor data do you want?

You ought to effectively have the option to put your hands on these components for the entirety of your vital and frequently-utilized vendors:

1. Valid company name
2. Website
3. Business address
4. Primary phone number
5. Name of Account Manager, his phone number, and email ID
6. Billing contact name, email ID, and mobile number

Businesses should have a clear notion of which vendor is during what and whether the vendors they are working with possess any threat to the company. They should list out the vendors who have more critical information about the company and who have less sensitive information about the company. The ones which have more information should be handled properly and precisely as they tend to pose a greater threat to the working of the company than the ones which have less data.

Why it is tough to get vendor data?

Endless departments interact with vendors. Business lines understand their salesmen, but frequently don't approach or incentive to refresh procurement or AP frameworks. Security keeps their contacts but does reviews yearly or less regularly, and may depend on the business line or procurement to give contacts. Accounts payable take into consideration that they can get invoices and send payments, so they normally have organization data but not the person’s personal data.

It is also a common practice that vendors work with a number of business houses and vice versa. To work them all the businesses, many vendors provide different or incomplete information to the companies and therefore it becomes one of the main reasons as to why it is tough to gather vendor data. Also the data procured by these companies tend to be processes on an annual basis which leads to such a problem. Occasionally, a centralized repository doesn't exist to monitor the changes in contact details.

Reasons why the vendor data management is being ignored?

Each significant business battle to keep up a basic address book of essential contacts at their significant vendors. The worst part of it is that it can't create a list of telephone numbers and email IDs to connect in case of a crisis. Every business house deals with a number of vendors simultaneously and this creates a havoc. Companies tent to change their business vendors according to their requirement and therefore they find it unnecessary to store the vendor data and mainly decide to ignore it. They believe it to be a tedious task and a time wasting part of the job. Hence, they decide to ignore or halt the vendor data management to the maximum time limit they can. To overcome these problem businesses should invest in powerful vendor management software so they do not ignore or miscalculate the vendor data.

Wrapping Up

TYASuite is an award-winning and India’s No. 1 plug & play ERP that can help you boost your business performance and maximize your overall productivity. We have an efficient vendor management software module to help you automate and streamline your business process and give you real-time visibility of your sales and vendors. We also provide other modules to increase the overall execution of your enterprise. Our modules include Sales & Distribution Management Software, Inventory Management Software, Compliance Management Software, Procurement Software, Project Management Software and CRM. What are you still waiting for? Let’s digitize your business with TYASuite – the one and only plug and play Cloud ERP Software to help you grow.