1) Most companies have large invoice volumes and vendor bases but manage vendor data with small teams of only 1-5 people. Continuous monitoring of vendor data over time is a key challenge due to the manual nature of most vendor registration and data maintenance processes.
2) About a third of companies do not have regular processes for cleaning vendor master data and 21% never close stale vendor accounts, increasing their risk. Poor vendor data quality has contributed to fraud incidents for 34% of respondents in the past 5 years.
3) While interest is growing in supplier portals, current usage is only 24% and integration with vendor master data is limited, with under half supporting vendor self-service. Most vendor data reporting remains managed manually