Social Responsibility for Retailers and Distributors is No Longer an Option is the title of a new blog post by Paul Sirface on the Stibo Systems Datafusion blog.
Herein Paul writes:
“While many companies know that they have to respond to consumers’ demands, those with an active Master Data Management strategy have the best chance of responding effectively. Multi-domain Master Data Management (MDM) is the perfect place to begin organizing and collecting the data on product related information within the supply chain, including supplier compliance..”
Know Your Customer (KYC) is a well established term within data management and linked to fraud protection and anti money laundering.
Know Your Supplier (KYS) is indeed an equally important side of party master data management.
While customer master data management is on the way of evolving from handling mostly domestic customer data quality issues to also handling international customer data quality issues, supplier master data management has always been about international data quality challenges for most businesses.
As with customer master data having supplier master data that is well aligned with the real world and that can be maintained to reflect changes in the real world is indeed the starting point.