Mistakes are going to happen in any business, at least any business that involves humans. There really isn’t any way around that.
While it would be wonderful to eliminate the scourge of mistakes completely, that just isn't realistic. The goal, instead, should be to minimize exposure to risks while decreasing the high costs that come with onboarding and maintaining your vendor master. And make no mistake, the costs are indeed high. Benchmarking among our customer base indicates it costs $100-200 to onboard and maintain each of your vendors, each and every year you keep them on your vendor master!
We have five ways your vendor master is costing you money, along with some practical advice on how to keep those costs down.