Sourcing Master Data

Sourcing Master Data refers to the key information about suppliers and vendors that a company uses across all its procurement and purchasing activities. This includes details like contact information, payment terms, locations, and certifications. Managing this data ensures that the company can effectively find, evaluate, and work with suppliers, leading to better procurement decisions, cost savings, and smoother operations. Essentially, it's the foundational information that helps a business manage its relationships with external providers reliably and efficiently.