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Supplier Intelligence

Top 6 Things to Look for in Supplier Management Software

Are your supplier diversity personnel spending their time working with suppliers in order to build capacity and find new opportunities, or are they mired in time-consuming tasks like verifying supplier status and cross-checking data? If the latter sounds familiar, it's time to invest in comprehensive supplier management software in order to make your job easier.

When looking for a supplier management software solution, you want something that does more than track spend—you want a solution that streamlines processes, insures compliance, and offers custom reporting, all backed by accurate data. Here are six things to look for:

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Using Data Enrichment to Make Your Life Easier

One of the last things anyone will ever want to do in a business setting is distribute inaccurate information—whether to a boss, coworker, partner, client, vendor, or customer. That written report, budget proposal, PowerPoint presentation, spreadsheet, summary document, or any other similar vehicle used in order to deliver information in business always must be on point. As the source of business information, professionals cannot afford to be sloppy.

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5 Ways to Improve Your Diverse Supplier Data

Many terms are bandied about in supplier diversity, yet one that is as important as any other is “data enrichment.” 

Seems easy enough to understand – take the data you have available on your suppliers and deepen it for its true intelligence value. With supplier data constantly in flux, you can’t afford inaccurate and outdated information on your supply base. Procurement decisions are business decisions, and having insight into your data will empower your organization to be confident it is making the right choices with suppliers. Data enrichment lets you easily track the growth of your supplier diversity program.

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MillerCoors Supplier Diversity Program

MillerCoors, founded in 1855, develops its brands through brewing quality beverages, responsible marketing and consideration of the environment and community. They market to a wide range of consumers, and aspire for their supply base to actively mirror their customer base. The MillerCoors Supplier Diversity program dates back to 1975 and in 2004 CVM Solutions and MillerCoors began working together to advance their supplier diversity program and incorporate Tier 2 diverse spend.

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Maximizing Supplier Relationships with Accurate Supplier Data

Industry best practices dictate that, before they deploy supplier portals and other projects, companies must undergo the process of data cleansing and data enrichment because they cannot manage suppliers without clean, quality and up-to-date data.

Supplier company information becomes out of date over time, causing processing errors. Processing delays and rework can result, for example, when the purchasing system has one supplier location address and the accounts payable system has another.

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For over a decade CVM's mission has remained unchanged: lead the transformation of Supplier Diversity program management and support Supplier Diversity programs. CVM helps corporate supplier diversity programs in every stage of their evolution; from those that are just getting started, to the most advanced, world-class programs. Equipped with unparalleled data intelligence, superior technology and expertise guidance, businesses can effectively establish and advance their Supplier Diversity initiatives.