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Accurate Supplier Data Creates Savings for Pharmaceutical Shared Service
Like most large firms that have grown by acquisition – and hardly any haven't – the supplier data floating around inside the organization reminds me of Samuel Johnson's quip about lies and the infernal side of statistics in that there is old data, missing data, or simply too much data. How would you answer these vendor related questions?
- Are your records current, do you have all the important facts, have you managed to sift through the numerous redundant data points that are continuously being collected?
- Are you paying the right vendor, only once per PO, using the right payment terms – without running afoul of internal compliance, IRS or other regulations?
Clear as these data challenges are, building a solid ROI business case can be challenging – the company in the Accurate Supplier Data Creates Savings for Pharmaceutical Shared Service case study found that even though their supplier data issues were numerous, what clinched the deal was focusing their efforts on credit recovery – with a contingency-based component as added solution provider incentive. A tangible and measurable effort that won the finance department over.