What is Master Vendor Data Management?
Master vendor data management is a framework (or tool) that helps a business clean, validate and standardize its vendor data. Master data management provides a single source of truth for vendor data that can be used by different teams within an organization. It also simplifies the critical tasks of vendor onboarding and data integration in back-end systems.
An accurate master vendor data system can consolidate all data, check missing values, detect duplicates and replace them with one valid record. It can also enhance data quality to improve decision-making.