{"id":45315,"date":"2021-08-25T19:28:09","date_gmt":"2021-08-25T13:58:09","guid":{"rendered":"https:\/\/www.the-next-tech.com\/?p=45315"},"modified":"2022-01-03T15:39:14","modified_gmt":"2022-01-03T10:09:14","slug":"leaving-liability-in-the-lurch-the-case-for-clean-ai-powered-supplier-data","status":"publish","type":"post","link":"https:\/\/www.the-next-tech.com\/supply-chain-management\/leaving-liability-in-the-lurch-the-case-for-clean-ai-powered-supplier-data\/","title":{"rendered":"Leaving Liability in the Lurch: The Case for Clean, AI-Powered Supplier Data"},"content":{"rendered":"<p>Pardon the clich\u00e9, but in these uncertain times, out-of-date supplier data isn\u2019t only useless \u2013 it\u2019s a liability that can take your business from humming along to grinding to a halt in a moment.<\/p>\n<p>Back in the day, you could hire consultants for data clean-up projects, run spend analysis cleansing or go through a recovery audit analysis. But business moves too quickly for these one-time efforts.<\/p>\n<p>And besides,, who has the time? It\u2019s far better to implement long-term solutions that can ensure the sustainability of your data now and forever.<br \/>\n<!-- Home page 728x90 --><br \/>\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<ins class=\"adsbygoogle\" style=\"display: inline-block; width: 728px; height: 90px;\" data-ad-client=\"ca-pub-9864771813712812\"><\/ins> <script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p>Supplier data can become stale within minutes of generation, which can leave all manner of cross-functional departments in the lurch.<\/p>\n<p>Your organization\u2019s procurement arm, in particular, has the most to lose if you lack access to clean and correct supplier data that autonomously updates and grows stronger over time.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/health\/how-to-calculate-your-body-temperature-with-an-iphone\/\">How To Calculate Your Body Temperature With An iPhone Using Smart Thermometer<\/a><\/span>\n<h3>Got Bad Data?<\/h3>\n<p>It can be tough to evaluate massive data sets and determine at a glance if it\u2019s accurate or inaccurate, business-endangering or procurement-supporting. Here\u2019s a quick-hit checklist that outlines the most common symptoms of bad data:<\/p>\n<ul>\n<li><strong>Delays in finding the right set of new or alternative suppliers. <\/strong>If your data causes you to be unable to shift quickly away from suppliers or find new ones, there\u2019s something wrong with your data.<\/li>\n<li><strong>Significant costs of manual record search, data entry, and rework. <\/strong>Your data should save you time, not waste it.<\/li>\n<li><strong>Delayed ROI, lost payments, high costs, and onboarding delays<\/strong>. Forget time delays \u2013 no one wants to lose money, and your supplier data should be an ally in saving money, not yet another drain on your capital!<\/li>\n<li><strong>Default sources are \u201cthe big guys\u201d or suppliers you have no business working with. <\/strong>Your data should be uniquely tailored to your business\u2019s needs, and if it\u2019s not, you\u2019ve got a huge problem.<\/li>\n<li><strong>Mistrust of data.<\/strong> Your data should be your bible, your business\u2019s bread and butter. If you can\u2019t trust it, what can you trust?<\/li>\n<\/ul>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/top-10\/the-top-10-in-demand-tech-skills-you-need-to-have-in-2021\/\">The Top 10 In-Demand Tech Skills you need to have in 2021<\/a><\/span>\n<h3>Which Way to Data Cleanup?<\/h3>\n<p>Let\u2019s say you\u2019ve identified your supplier data as being symptomatic of bad data. There are two ways to tackle that problem to avoid doing damage to your procurement team and your supply chain: the old way and the new way.<\/p>\n<p>The old method of cleaning up data involves health checks, need assessments and data record cleaning, which sounds great\u2026until you realize that the moment someone manually enters something into your supplier data records, you have to do the whole process over again. It\u2019s not worth paying six figures to do this!<\/p>\n<p><strong>The solution is simple:<\/strong> identify an automated way of managing, cleaning, and updating supplier data regularly to ensure that your supplier information stays updated and agile without spending time and money to keep it that way. Sounds so simple, right?<\/p>\n<p><a href=\"https:\/\/www.the-next-tech.com\/machine-learning\/top-10-machine-learning-recommended-systems\/\">Machine learning<\/a> is the future of supplier data fixes, maintenance and storage. <a href=\"https:\/\/www.the-next-tech.com\/artificial-intelligence\/google-street-powers-artificial-intelligence-tool-to-monitor-road-infra\/\">Artificial intelligence tools<\/a> make it undeniably easy to fix supplier data and ensure it stays fixed.<br \/>\n<!-- Home page 728x90 --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: inline-block; width: 728px; height: 90px;\" data-ad-client=\"ca-pub-9864771813712812\" data-ad-slot=\"3152971286\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p>These programs can automatically extract keywords for supplier websites to create structured, updated profiles, automatically cleanse data and remove duplicates, and search for and capture diversity insights to ensure your supply chain remains as agile as possible.<\/p>\n<p>A clean and correct supplier record that updates independently and grows stronger over time benefits not only the procurement arm of your<a href=\"https:\/\/www.the-next-tech.com\/business\/6-tools-for-safer-business-communications\/\"> business<\/a> but every other department.<\/p>\n<p>Reducing liability and establishing a supplier record that captures and maintains clean, self-updating data isn\u2019t just about transforming your operations \u2013 it\u2019s about kicking liability concerns to the curb and freeing up your time and money to focus on consistently growing your business over time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pardon the clich\u00e9, but in these uncertain times, out-of-date supplier data isn\u2019t only useless \u2013 it\u2019s a liability that can<\/p>\n","protected":false},"author":3486,"featured_media":45317,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[131],"tags":[7024,169,7022,7023,138,7025,10893],"_links":{"self":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts\/45315"}],"collection":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/users\/3486"}],"replies":[{"embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/comments?post=45315"}],"version-history":[{"count":4,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts\/45315\/revisions"}],"predecessor-version":[{"id":45319,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts\/45315\/revisions\/45319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/media\/45317"}],"wp:attachment":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/media?parent=45315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/categories?post=45315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/tags?post=45315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}