Strategic Procurement - The Art of Doing More with Fewer Resources

Strategic Procurement - The Art of Doing More with Fewer Resources

Raising competition has surfaced battlefields between commercial competitors to stay ahead each other and draw competitive returns through latest technology and best industry practices. The existing global scenario calls for clear objectives, streamlined processes and optimized usage of in-hand resources. Any process improvisation can't be realized without gaining control over supplier's data and full knowledge of all the resources available with the company.

Strategic procurement and accurate estimation of the available resources is the first step towards drawing maximum out of every reserve. Supply chain programs like strategic sourcing, inventory reduction, spend analysis, cost reduction and supplier on boarding require supplier data management initiatives and inputs to be successful.

This accounts from lack of systems for thorough data integration and assimilation. Companies rarely have a unified data center to access and manage product or goods information at any point of time. Engineers and designers create parts and assign part numbers, procure new parts from vendors, and purchase associates create their own items for bills of acquired materials. All these result into heterogeneous databases of materials that are impossible to integrate.

Supplier data management is core of various segments of supply chain management systems, including purchase planning, supply chain execution, warehouse management etc. A supplier's database starts with extracting data on the supplier's multiple sources and formats from within the company, which is followed by amalgamation of information missing from the internal repositories. The data is further cross-referred with the customer's SRM, enterprise resource planning and other systems. Cleansing, enriching and standardizing the supplier's data leverage the company's buying power and reduces costs.

Vendor or supplier data management includes a complete and detailed repository of data elements such as part numbers, descriptions, specifications, stocking codes and much more. Functions that collect and process these databases are materials planning, production planning, accounting, distribution, engineering, maintenance, sales, storage and warehousing. Industries from discrete manufacturing to process manufacturing, life sciences, healthcare, line manufacturing, government and healthcare are some of examples of industries adapting vendor MDM Master Data Management. An all-inclusive database helps with defining the data requirements needed from supplier's end, defining internal processes required to support raw material data management, electronically achieving MSDS & SDS for supplier raw materials for technical SDS, certification of analysis and other allied processes.

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