Founder of Let's Talk Supply Chain & Award Winning podcaster🎙 Inventor 🎤 Founder and Host of Blended Podcast | The Blended Pledge 🗞 Author "Fundamentals of Sustainable Supply Chains" and Trendsetter
Every year U.S. businesses lose an average of $300K to invoice fraud. And the culprit is often bad supplier data ... This is becoming a major issue, especially in larger organizations. Here's a few reasons why: 1️⃣ 𝐈𝐧𝐚𝐜𝐜𝐮𝐫𝐚𝐭𝐞 𝐃𝐚𝐭𝐚: Manual data entries and updates are prone to human error (that's just a fact) 2️⃣ 𝐋𝐚𝐜𝐤 𝐨𝐟 𝐎𝐯𝐞𝐫𝐬𝐢𝐠𝐡𝐭: Without clear visibility over the data, you won't be able to spot red flags 3️⃣ 𝐈𝐓 𝐂𝐨𝐦𝐩𝐥𝐞𝐱𝐢𝐭𝐢𝐞𝐬: Using multiple systems can lead to multiple supplier profiles We can't overlook how supplier data is managed. Period. Just this week, I sat down with Ryan Walicki, Co-Founder and CEO of RELISH, and Matt Montgomery, Senior Director of Product Marketing at SAP, and they told me about a customer who almost lost $2.1 million to invoice fraud! You have to hear the full story, but thanks to their revalidation process they noticed someone changed the bank account information in the supplier profile to their own 😅 Crazy, right? Needless to say, Ryan and Matt have witnessed the risks of data mismanagement firsthand and were gracious enough to share their insights on how you can identify and prevent it. Trust me, you'll want to listen to this ep now or save for later. ----------- What's one of the biggest challenges you're currently facing with supplier data management? I want to talk about it 👇🏻 #supplychain #datamanagement #fraud
416: Uncover the Top Supplier Management Challenges of 2024, with Relish
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Fred Lardaro
2w
Just when you might think things couldn't get worse.... Bad Supplier Data can subvert a Supply Chain. Ryan Walicki and Matt Montgomery have seen the worst happen to best organizations and they have solutions for preventing and solving for bad data. Super Bad (in a good way)... Sarah Barnes-Humphrey gets to the bottom of Bad (in a bad way)... Supplier Data... in this episode... so let's listen in AND... Let's Talk Supply Chain!!!
Award-Winning Academic turned Fractional CMO 📈Revenue-First Marketing Systems 📑CDAP Digital Advisor 🏆CGLCC Business of the Year Finalist 🎙️CRMs, Customer Journey, Data Analytics, AI, Business Development
1wHonestly, I find this part the hardest, most frustrating, and most time-consuming component of business and hear heinous stories by my clients all too often about the massive expense of just making sure they are being billed accurately. To have to review the original contract, and the communications needed to rectify the situation — it’s especially frustrating when it’s a SaaS billing error. Receivables are always hard for SMEs which is why typically resources are devoted there; not AP.