Broad business initiatives such as procure-to-pay (P2P), spend analysis (SA), corporate social responsibility (CSR), and supplier diversity (SD) require a single, accurate, undisputed source of truth around supplier information. This reference point is essential to run an efficient procurement function, as well as meet the reporting requirements of internally defined or government-mandated programs. HICX assists clients in running their master data stewardship processes and data collection and validation, as well as the processing and preparation of both mandatory and voluntary reporting programs.
As it relates to suppliers, Master Data Management (MDM) is arguably the single most important enabler for Procurement to deliver cost efficiencies, increase ROI as a function, and drive synergies across the organization. All transactional (Req-to-Pay, Supplier ERP creation) and strategic (spend analysis, eSourcing, eAuction, contract lifecycle management, category management) processes and systems use supplier master data, and procurement professionals spend a significant portion of their time finding, collecting, harmonizing, enriching, and aggregating this data.
Browse Our Supplier Information & Data Management Offerings:
Master Data Management
Any successful supplier MDM program requires defining survivorship rules and executing data cleansing activities to merge, update, and delete records appropriately. Though this activity can be semi-automated, there remains a manual element for handling “fuzzy” matches; and situations exist where local system limitations may require exceptions – for example, duplicate by design. Also important is establishing good global and local data stewardship processes throughout the supplier lifecycle.
HICX can support you by executing your supplier MDM process through:
- Initial/periodic data cleansing and processing of survivorship rules
- Uploading/entering cleansed data back into ERP and other systems
- Data stewardship activities (e.g., reviewing, enriching, matching and merging, creating gold copy supplier records)
- Operating your supplier MDM business operations
Carbon Data Management
With rising energy prices, environmental and carbon management programs are no longer purely about being good corporate citizens and adhering to government regulations. They can actually have a significant impact on profitability. Organizations that better manage both demand and cost levers to overcome energy and carbon management challenges are seeing a huge cost reduction.
The process of collecting, inputting, and assuring all energy and carbon data across the distributed enterprise is enormously costly and time consuming. Identifying energy and carbon management data is challenging as it spans a variety of different sources, including utility bills, fuel receipts, meter readings, HVAC maintenance reports, and travel logs.
HICX can execute Carbon Data Management needs by:
- Finding, collecting, and organizing all necessary data elements
- Transforming spreadsheets, documents, and paper-based documents into easily accessible electronic data
- Identifying required data sources and design processes necessary to collect the energy and carbon data
- Collecting and managing energy bills, as well as auditing them to ensure clients are on the correct rate schedule
- Entering data into a centralized database
- Verifying and validating billing information
- Ensuring metering and billing accuracy
Sustainability & CSR Data Management
The implementation of Corporate Social Responsibility (CSR) programs is a must for organizations seeking to promote sustainable and credible operations. In fact, more sustainable operations equate to a more profitable bottom line. We work with clients to develop robust data management processes that enable them to measure and understand their performance around sustainability and CSR. Tailoring our approach to support and strengthen sustainability and CSR strategy enables our customers to oversee overall program success, instead of just chasing data.
HICX helps maintain immediate, transparent access to the data elements by using recognized methodologies for CSR data capture and reporting. We can support your sustainability and CSR data management needs by:
- Analyzing and identifying relevant CSR issues from suppliers, using a predefined set of rules and external data sources
- Gathering and standardizing all relevant CSR documents
- Collecting and managing CSR surveys from suppliers
- Reviewing and assessing surveys, and flagging suppliers for follow-up
- Supporting coordination of follow-up actions and tracking status to their completion
- Designing and executing reports to support CSR reporting needs
HICX offers a cost-effective and streamlined alternative for all supplier-related data management needs – saving money, conserving professional resources for more strategic activities, and assuring the most accurate and auditable results possible.