Supplier Database - What is the requirement?
What is a Supplier Database?
Understanding supplier database definition is vital for a business entity. It can be explained as a comprehensive list of vendors who can quickly complete orders related to select services, products, or raw materials. Companies maintain a supplier database to help identify relevant vendors across multiple organizational levels.
In present times, a supplier database meaning can be further elaborated as a computerized record of all the vendors who have completed the vendor registration process and have been onboarded by the company. This database is a ready reckoner for sourcing departments whenever any product or service is required, such as spare parts, logistics, equipment, office supplies, etc.
Maintaining a supplier database through appropriate software ensures that all the relevant details are accessible to concerned departments readily. Moreover, when the database has been stored on a system, it becomes easier to update it regularly.
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