Any organization that handles a large volume of supplier-related transactions finds it challenging to extract relevant data and insights from supplier and item master records. Duplicate entries, incorrect data, or expired data doesn’t just affect the accuracy of internal reporting but also leads to costly errors that impact the entire P2P cycle.
QX’s Master Data Management solutions help organizations across industries to improve the accuracy of supplier/vendor data. Additionally, we help you unlock actionable insights for better decision making, while reducing the cost of accounting operations.
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Here are some of the most frequently asked questions around Supplier Master Management. If you have a question that isn’t answered here, please feel free to contact our sales team – they’ll be happy to help!
No! Outsourcing an F&A function does not equate to reduced business control. While picking your sourcing agency, make it absolutely clear that they must function according to the structure and rules laid out in your business contract and customize their services according to your needs. At the end of the day, whether the specialist will take care of the entire P2P function or just a few of its activities is entirely dependent on you. They will not have the final say in your business decisions or strategies.
Our clients prefer outsourcing their key accounting tasks like Supplier Master Management to QX, as we offer a wide range of benefits, such as:
It’s entirely your decision whether you wish to outsource the entire P2P function or certain key activities. Most businesses prefer to outsource all of their P2P activities to a single business process outsourcing company as it maximizes benefits.
Alternatively, you can also outsource certain P2P tasks to a third-party vendor while continuing to perform others onshore. Some of the key P2P tasks that can be outsourced are:
As supplier master management is an integral part of the P2P cycle, it affects the data management abilities and decision making of businesses of all sizes. On one hand, SMEs often consider supplier master management to supercharge their strategic decision-making and add scalability to their accounting functions. On the other hand, startups usually consider such solutions to eliminate the need of hiring onshore professionals and bring down operational costs.