Spend Matters Launches SupplierNet™ and New Spend Classification Schema: ISO133700
Following a bilateral agreement with market leaders, Spend Matters is finally allowed to share the results of a five-year effort by supplier network providers to create a global vendor onboarding and classification database – a single source of truth for all supplier master data, globally, updated on a real-time basis, 24/7, with 99.999% availability (guaranteed).
Starting today, SupplierNet™ will deliver a huge step forward for strategic sourcing, eProcurement, corporate social responsibility, risk & compliance, and supplier diversity programs globally.
SupplierNet is supported by a founding consortium by the top ERP technology providers as well as 54 (as of this writing) sourcing, eprocurement, SLM, GRC and similar best-of-breed solution vendors. It is hoped that the backend will primarily be delivered and supported by dedicated teams at leading content and data enrichment providers globally (e.g., Dun & Bradstreet (Americas), Experian (EMEA), and Fujitsu (Asian Pacific). Plans call for replicating the database across six data centers globally.
One stumbling block has been participation from Japan and Germany – with leading organizations in both countries long insisting that their domestic supply base had such unique qualities that they could not possibly be aggregated and compared on a global basis. In July last year, a solution was finally created where Keidanren in Japan and BDI in Germany formally agreed to participate.
The benefits to companies with access to a global unified database are obviously significant, with reduction in onboarding time and enhanced visibility into potential GRC and CoC issues. Participants from the two respective hold-out nations have come to realize, in the words of one spokesman, “our suppliers were not as special as we thought.”
SupplierNet™ is rolled out as an extendible platform, that plans to integrate 3rd party data content from Lexis-Nexis, MetricStream, NMSDC, WBENC, SourceIntelligence, FSC, EcoVadis, and hundreds of others as an expected premium subscription content. Microsoft Excel integration is not only native – it is the interface.
Spend Matters has rolled out SupplierNet™ using a new international supplier classification schema – ISO133700 – that addresses the shortcomings with UNSPSC, NAICS and similar code sets that are tailored toward customs reporting compliance.
“We hear many of our members had already customized versions of UNSPSC and NAICS for spend analytics and supplier management needs,” said Jason Busch, Founder of Spend Matters. “ISO133700 is going to end the tyranny of incomplete classification schemas and ontologies that require hacking to be of any use.”
SupplierNet™ is available immediately, but on April First only.