Vendor Data Management & Business Intelligence

Turn siloed information into actionable business intelligence to control costs, reduce third-party risk, and drive higher levels of vendor performance and operational efficiency.

Transform Vendor Data into
Actionable Insights

Vendor Centric’s Business Intelligence (BI) services help you leverage data to create value, identifying opportunities to enhance vendor performance, lower costs, mitigate risk, and drive efficiencies across your organization. Through data governance best practices and in-depth analysis, we deliver and implement actionable recommendations for getting results quickly and cost-effectively.

Partner with Vendor Centric to uncover hidden opportunities in your data, and start driving more value across your vendor ecosystem.

The Value of Working with Vendor Centric

Expert
Insights

Our experts know what to look for in your data, ensuring your efforts are focused on the most viable trends and opportunities.

Actionable Recommendations

We categorize and prioritize your opportunities, focusing on those that have the greatest impact and the highest likelihood of success.

Faster Implementation

With our experts by your side, your improvements get implemented swiftly so you can benefit immediately.

Our Approach

Step 1

BI Strategy Development

We begin by establishing clear objectives focused on reducing costs, mitigating risks, and enhancing vendor performance, efficiency, and compliance.

Step 2

Data Collection & Standardization

Next, we carefully gather data from your source systems, applying rigorous data governance best practices for standardization, duplication removal, and enrichment processes. This ensures that your data is complete, accurate, and ready for analysis.

Step 3

Data Analysis & Visualization

We then transform your raw data into insights, identifying trends, issues, and opportunities to create value that aligns with your overarching objectives.

Step 4

Prioritization & Planning

After identifying opportunities, we work with you to assess and prioritize each based on criteria such as impact, effort, and likelihood for success. We then organize the best opportunities into a roadmap and project plan for implementation.

Step 5

Execution & Value Creation

Finally, our team works with you side-by-side to execute on the value creation opportunities, providing advisory, project management, continuous progress monitoring, and detailed reporting to guarantee the realization of measurable benefits and long-term success.

Data-Driven Cost Savings and Reduced Third-Party Risk at Rockhurst University

Rockhurst University had a large and growing database of vendors and was looking for opportunities to create value through vendor consolidation. Vendor Centric took a structured and comprehensive approach to analyzing vendor data and spending and identifying opportunities to consolidate vendors, negotiate better pricing, and reduce risk. In addition to over $100,000 in annual cost savings, the University experienced benefits from fewer contracts to manage, increased efficiency in paying vendors, and less risk from fewer vendor relationships.

Ready to Get Started?

Discover how Vendor Centric can turn your supplier data into actionable insights that drive measurable value across your organization.

Frequently Asked Questions

Our vendor management business intelligence services provide a wide array of advantages designed to:

  • Heighten vendor performance
  • Enhance cost management 
  • Strengthen contract compliance
  • Reduce third-party risk
  • Increase operational efficiency
  • Ensure regulatory compliance
  • Standardize and enrich vendor management data

We employ a variety of business intelligence best practices to analyze your vendor management data including: 

  • Defining the data governance structure and standards that will be followed
  • Consolidating information from diverse sources, creating a single source of truth for your ecosystem of vendors
  • Practicing proper data hygiene to clean, normalize, and deduplicate data
  • Enriching data to fill gaps and add context to strengthen our analysis
  • Conducting in-depth data analysis to uncover underlying trends, patterns, and correlations, unlocking actionable insights that drive strategic decision-making
  • Developing precise metrics and reports to present insights in a clear and impactful manner

Our rigorous data hygiene process is designed to ensure the accuracy and reliability of your vendor management data. Through comprehensive cleaning and data standardization we ensure the insights derived are both actionable and trustworthy. Key activities include:

  • Identifying and gathering raw data from relevant sources to ensure a comprehensive dataset of vendors, spend, and contracts.
  • Creating a single source of truth for the data
  • Following agreed-upon data governance standards to cleanse the data to remove data errors, duplicates, and inconsistencies
  • Enriching the data to fill in information through third-party sources (like supplier diversity data) and through internal efforts (such as categorization and risk tiering)
  • Performing a collaborative quality review of the data to ensure it is complete and accurate

Yes. We can augment your existing vendor management datasets by employing targeted data enrichment techniques, adding crucial missing data points and expert insights. Common examples of data enrichment include:

  • Researching and adding missing demographic information
  • Establishing contract owners for each vendor relationship
  • Classifying suppliers based on criteria such as products, services, industry, and other relevant factors
  • Facilitating risk assessments to assign accurate risk levels to vendors and the products/services they provide
  • Identifying small, women, minority, and veteran-owned vendors you currently work with to provide visibility into supplier diversity

We utilize a collaborative approach that includes:

  • Defining your overarching BI objectives related to cost control, performance improvement, risk reduction, and other operational improvements
  • Developing the necessary data sets to capture data necessary to support your objectives, and analyzing them to identify value-creation opportunities
  • Ranking the opportunities based on factors like impact, urgency, and feasibility, focusing on those that offer the most significant benefits and are realistic to implement
  • Collaborating with you to prioritize the opportunities and establish an actionable game plan for implementing those with the highest likelihood of success

Yes, as implementation is a critical part of our service offering. We provide comprehensive implementation and project management support to ensure your value-creation initiatives get across the finish line.

The timeline depends on your project’s specific scope and complexity. Following a detailed project scoping meeting with your team, we will develop a customized timeline aligned with your organizational needs and specific requirements. This tailored approach ensures that we account for all factors influencing the project timeline, from data collection and analysis to strategy implementation and review, providing a realistic and achievable timeframe for completion.

Simply schedule a consultation to share your project goals and we will develop a tailored proposal, including a detailed cost estimate, typically within a few days.