427: Leverage Technology to Automate Supplier Data Validation and Mitigate Risk, with Relish

Jeremy Reeves of Relish & Matt Montgomery of SAP talk about how technology can automate supplier data validation and mitigate risk; our data end games; & AI.    IN THIS EPISODE WE DISCUSS:   [07.15] Introductions to today’s guests and what they do. [08.59] An overview of the landscape of supplier data and the challenges of validation. “Supplier management needs to be thought of as the foundation for everything. It’s the knowledge that you need to have for every single decision you’re making.” “As we look at solutions and talk about supplier data, we can’t just talk about ‘company name and address.’ We have to think: What do you need to know to make the choice to use that supplier, to make a better decision, to streamline processes? … How do you collaborate and drive efficiency so you can spend more time on the good decisions versus data collection?” [13.25] The supplier data end game – what supplier data should look like, and what it should do for their businesses, if organizations have the right solutions to their challenges. “Speed and efficiency are the name of the game.” [17.11] How businesses should be measuring and validating supplier data, and the different techniques and strategies they can use to do it. “You first have to understand where the problems are lying within the overall process, so measuring that information is key.” [20.52] The role of technology in automating the supplier data validation process. “Speed becomes a competitive differentiator.” [23.26] Whether process drives technology, or technology drives process. “Technology can really optimize that knowledge of region, industry, commodity, business unit… but as much as the technology can optimize, it becomes much more efficient when you can trust the data source.” [28.27] How technology can help suppliers be active participants in the risk management process. [32.51] The hidden prevalence of AI; where the industry is at on its AI journey; and what the future of supplier data validation and risk mitigation is going to look like. “The term is overused – it means everything! People think Siri, ChatGPT – people’s perception of AI is the microcosm of how they’re experiencing it.” [36.53] How SAP and Relish are automating supplier data validation, and what we can learn from their approach. [43.44] The future for Relish and SAP, and for the industry, as we look towards 2025. “The ability for technology to automate the speed of development – we’re going to see a lot more capabilities, delivered faster.”