Case studies – Cleaning and maintaining vendor reference data
In this blog we will share two cases where Opus’s unique data capabilities are driving significant value at firms who previously had significant data management problems concerning vendor entity data accuracy, completeness and duplication involving hundreds of thousands of records. In addition, due to internal systems and processes, vendor entity data needed to be continuously maintained for accuracy and monitored for further duplication.
Top Global Consulting Firm cleans out duplicates, readies data for import into internal vendor management system and sets up monitoring regular maintenance with Opus.
The clients’ accounting system, where vendor data originates, is transactional. This means duplicate records for vendor entities are created for every transaction that takes place in the system. If there were one, three or twenty transactions during a month, then a new vendor entity record would be created for each. While multiple records for one vendor is standard operating procedure in a transactional accounting system, importing and managing a glut of duplicate entity records is very problematic for a vendor management system.
Resolving those duplicates is certainly a difficult enough task, but this is compounded as the accounting system will continue to create 2,000 – 5,000 duplicate records per month, making the need for constant monitoring, cleansing and consolidation of vendor records paramount.
To address the abundance of initial duplicates, the client submitted an initial 70,000 records to Opus which, after matching, de-duplicating and cleansing, resolved to about 55,000 unique legal entities. These matched and cleansed vendor records were then returned as a single supplier master file for import into the client’s third-party management software, while also preserving links to the original records. Additionally, these unique vendor records were enriched with data attributes from a popular vendor data source, which will enable accurate risk segmentation and management.
To address the addition of 2,000-5,000 records monthly from the same source system, the client now delivers all new records created each month to Opus. The Opus team then matches the new records to the client’s overall master file to identify duplicates, updates the master file, preserving references to the accounting system records, then sends all new records back to the client who now has a clean file of only new records to import each month.
A cleansed data set of accurate vendor entity records to feed the firms vendor management system as well as continuous de-duplication of new records has provided an accurate, more streamlined view of third-party transactions as well as preventing duplicate records from flowing to internal legacy systems. The opus solution frees the business from duplicated, inaccurate and incomplete vendor records.
Top Commercial Bank cleanses vendor records housed in multiple silos and uses Opus Resolve for ongoing monitoring of third-party data health and quality.
Multiple silos across the organization house many duplicate vendor entity records. These separately created and maintained vendor records in third party management, human resources, spend management, contracts, GRC and other systems created havoc across procurement. These silos’ data needed to be consolidated and cleansed, de-duplicated and then enriched with the data attributes from multiple sources necessary to drive risk decisions.
To maintain the target state, the client also needed a way to maintain data health and prevent duplicates from being created in the future.
The client will send Opus records for resolution to up to unique legal entities both in regularly scheduled incremental files and intermittently in batches.
Opus will cleanse and de-duplicate these records, matching them to the correct Legal Entity Identifier. Opus will also enrich these entities with additional propriety attributes, as well as DUNS numbers and select D&B attributes where applicable. Opus then produces and returns to the client, a single supplier master file of third-party entity records to feed all procurement systems across the organization.
To monitor data health and prevent additional duplicates from being created, Opus provides the Resolve API, a type-ahead fast lookup tool that searches the master file and prevents the ongoing creation of duplicate records by illustrating that the searched for record already exists.
A single mapped and matched master supplier file consolidating all data silos and continuous monitoring provides a single view of third–party management across all data silos, enables a consolidated view of third party spend and can be further used to drive appropriate discounting of third parties.
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