Claims:We claim:
1) The system and method for vendor management by using big data technology is comprising of the contents such as;
a. Backend server – An application of vendor management is installed at backend server;
b. Any open-source framework like Hadoop for data analysis which stored data on big data; and
c. An application of vendor management
2) The system claimed in claim 1 wherein, it gives all real-time vendor management information to procurement team member.
3) The system claimed in claim 1 wherein, it improves fraud detection and prevention capabilities.
4) The system claimed in claim 1 wherein, it assesses team member for getting details about delivery record, profitability, customer feedback and whatever elements the retailers feels relevant to optimizing, adapting or cancelling vendor relationships.
, Description:FIELD OF THE INVENTION
The present invention discloses the system and method for vendor management by using big data technology. The invention is related to supply chain, which are now well developed due to upcoming technologies. Big data is one of the best technologies which can be effectively used for vendor management.
BACKGROUND OF THE INVENTION
In a supply chain, a vendor, or a seller is an enterprise that contributes goods or services. Generally, a supply chain vendor manufactures inventory/stock items and sells them to the next link in the chain.
The term vendor management is used when describing the activities included in researching and sourcing vendors, obtaining quotes with pricing, capabilities, turnaround times, and quality of work, negotiating contracts, managing relationships, assigning jobs, evaluating performance, and ensuring payments are made.
Vendor management is the process that empowers an organization to take appropriate measures for controlling cost, reducing potential risks related to vendors, ensuring excellent service deliverability and deriving value from vendors in the long-run. This includes researching about the best suitable vendors, sourcing and obtaining pricing information, gauging the quality of work, managing relationships in case of multiple vendors, evaluating performance by setting organizational standards, and ensuring that the payments are always made on time. Here the vendor management system comes in place.
Currently, vendor management is done with particular software application. But as vendor management involves huge data when it comes with lot of vendors. Then this application is become slow and can not handle such a huge data.
The present invention gives the solution to above problem.
The present invention discloses the system and method for vendor management by using big data technology. Big data analytics allow for real-time vendor management through well-defined system.
OBJECT OF THE INVENTION
The main object of the invention is, system and method for vendor management by using big data technology.
Another object of the invention is, big data analytics allow for real-time vendor management through well-defined system.
Other object of the invention is, procurement team member get data like delivery record, profitability, customer feedback and whatever elements the retailer feels relevant to optimizing, adapting or cancelling vendor relationships.
SUMMARY OF THE INVENTION
The present invention discloses system and method for vendor management by using big data technology. Big data analytics allow for real-time vendor management through well-defined system. It analyses information related to data of packaging vendors, transportation, logistics or drop ship vendors. System assess delivery record, profitability, customer feedback and whatever elements the retailer feels relevant to optimizing, adapting or cancelling vendor relationships.
BRIEF DESCRIPTION OF THE INVENTION
Fig 1 shows flowchart of the method and computer program for this invention.
DETAILED DESCRIPTION OF THE INVENTION
The present invention discloses the system and method for vendor management in supply chain by using big data technology.
Big data is the vast volume of structured or unstructured data that is readily available at our collective fingertips. These large data sets are analysed to reveal previously unknown patterns and provide insights into businesses, human behaviour, and more. Big data analysis is used for everything from financial services, to gauging someone’s productivity, to even monitoring the weather.
The key feature of big data is to analyse, understand and interpret it in order to give user a full a picture as possible about the vendor management.
The system and method for vendor management by using big data technology is comprising of the contents such as;
Backend server – An application of vendor management is installed at backend server
An application of vendor management
Any open-source framework like Hadoop for data analysis which stored data on big data
Big data consists of five stages such as-
Data sources- web and social media, machines, Sensing, IoT
Content format – structured, semi-structured, unstructured data
Data stores – document oriented, column oriented, graph database, key value
Data Staging – cleaning, transform and normalization
Data processing – Batch and real time
The system and method for vendor management by using big data technology is comprising of the steps are as;
Step 1) Backend server has to be installed vendor management application
Step 2) Procurement team member open the invention application
Step 3) Team member select vendor name from the list of vendors
Step 4) Team member can see information provided by big data related to selected vendor
Step 5) System helps to team member in making decision related to selected vendor
Role of Big data in invention application is as:
Big data analytics allow for real-time vendor management through well-defined system. Big data analytics analyses data related to packaging vendors, transportation, logistics and drop ship vendors. System assess delivery record, profitability, customer feedback and whatever elements the retailer feels relevant to optimizing, adapting or cancelling vendor relationships.
The invention application has advantage, such as;
Big data analytics give all real-time vendor management information to procurement team member.
Another benefit of invention application is its ability to improve fraud detection and prevention capabilities.
Another benefit of invention application is that, it assesses team member for getting details about delivery record, profitability, customer feedback and whatever elements the retailers feels relevant to optimizing, adapting or cancelling vendor relationships.