FAQ
A vendor self-service portal, also known as a supplier self-service portal, is an online platform used by businesses to capture supplier information that is necessary in order to do business with that supplier.
Traditionally, supplier information is gathered manually (either by searching online for information or piecing information together via emails and phone calls) and stored in spreadsheets. A supplier self-service portal allows vendors to enter their own information at their convenience. That supplier information can then be shared company-wide and used by AP and other departments.
According to Gartner, vendor master data management is “a technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets.”
In layman’s terms, vendor master data management is a way for multiple teams throughout an organization to keep important supplier information organized, correct, and consistent.
Supplier master data management is a system that centralizes supplier data and ensures that the data is accurate and uniform across your organization. Supplier master data management also encourages transparency which often results in cost-savings and potential revenue-generation opportunities for your organization.