In procurement, there’s often an element of supplier management risk involved when managing onboarding.
By limiting the possibility supplier data accuracy being compromised by opting for stronger processes, you can limit supplier management risks overall.
The Importance of Data Accuracy
Data accuracy is imperative when managing and maintaining a database of supplier information. However, the reality is that companies are frequently at risk of having data accuracy compromised.
Firstly, if large amounts of data need to be re-keyed, then there is risk of error during this data transference. This poses significant risk for the company if the error isn’t rectified. For example, an incorrect certificate expiry date could lead companies to believe that suppliers are compliant when their certificate validity has expired.
If you work with a large supply base, you could have hundreds of records to stay on-top of. This can be a challenging and arduous process.
Without optimised systems in place, it’s easy for out-of-date information to slip under the radar.
To learn about other benefits of software for supplier management, see our article here.
Supplier Management Risk Mitigation with APIs
An API, or Application Programming Interface, allows two applications to seamlessly communicate with each other, and can enable the transference of data from one system, straight into the other.
By using API integrations with a supplier information management system, data can be pushed in your supplier information management system straight from the original source of data.
This can be updated whenever the original source is, eliminating the need to regularly review the data manually, which enhances the level of accuracy, and increases your supplier confidence.
By streamlining the data-entry process, you save time alongside the inherent benefits of increased confidence in supplier compliance.
ARCUS® Supplier Management Software
Our ARCUS® Supplier Management Software streamlines and digitises your supplier information management processes and can increase data accuracy through ARCUS® Connect.
ARCUS® Connect, our native API, enables our supplier management software to integrate with other platforms, which provides you with the ability to fully digitise your processes and integrate easily with the following software:
- Dun & Bradstreet.
- EcoVadis.
- DocuSign.
- Adobe Acrobat Sign-on.
- Science Based Targets Initiative.
- Soil Association.
- Red Tractor.
- Roundtable on Sustainable Palm Oil (RSPO).
- Fourth Recipe & Menu Engineering.
- And more.
To learn more about ARCUS® Connect, see our full list of integrations here.