Supplier Master Data Management is a framework that a company uses to manage a comprehensive set of records about a company's suppliers. This data, known as Supplier Master Data, would include all relevant information about the goods and services being sourced from the suppliers, such as procurement history, supply categories, inventory data, contract records, purchasing records, and other key information about the supplier-business relationship.
As one can imagine, such records would be vast and contain a very large number of data points. Supplier Master Data Management (SMDM) ensures that duplicates and overlapping data are avoided, data is in sync for locations of the company and between the company and all suppliers, and that procurement officers would be able to access this data easily and quickly in order to find potential areas for improving efficiency and spend in the supply chain. Learn more about supplier master data management software.