Did you know?
- 6% of all remit-to addresses are inaccurate.
- 75% of duplicate payments are eliminated by merging duplicate vendors.
- 7% of all vendors change their name, affiliation, or standing annually.
- 35-65% of all vendors in a Vendor Master File are inactive due to duplication of names, one-time status, or being out of business.
Using MicroScan technology, as developed by SIGMA Management Group (a sister company of Global EDGE), the Global EDGE platform evaluates numerous fields in the Vendor Master File (VMF) to identify vendors to be maintained, merged, or re-classified as inactive or archived.
How Will Your Organization Benefit From Vendor Master File Analysis and Clean-Up?
- Accurate and Timely Vendor Payments
- Simplified and Correct Prep of IRS 1099s
- Identification and Removal of Fraudulent Vendors
- Reduction of Duplicate Payments
- Effective Communication with Vendors
- Detailed Reporting of Expenditures including Diversity and Small Business Spend
How will Global EDGE Vendor Master File Management improve vendor relationships and operational efficiency?
Contract Compliance & Cost Savings: Global EDGE identifies the full spend with affiliated vendors, revealing opportunities for volume pricing/discounts, lower freight costs, and more accurate tax/Sarbanes Oxley/industry reporting.
Communication: As MicroScan identifies inconsistencies and inaccuracies within a Vendor Master File, the client organization is able to reach out directly to that vendor within the same single sign-on solution: their Global EDGE Solutions Gateway.
Convenience: Using our Global EDGE Solutions Gateway, vendors can independently modify/update their information, ensuring that your organization’s VMF remains current and accurate. The Global EDGE Platform is compatible with nearly all AP/AR systems and can return data to client via batch data to be uploaded directly.
