Our Spend Visibility implementation collects payment terms information as part our data extracts from the multiple Business Unit ERPs across our company. However, we have no corporate data standards - i.e., no master data management strategy - so the information we receive can be difficult to analyzed. For example, "Net 60" payment terms might be reported from the various BUs as "Net 60", "Net60", "Net 60 Days", etc.
Does anyone have an elegant solution for helping to normalize payment terms data so, for example, we can aggregate all our our "Net 60" spend into a single bucket for further analysis?
My initial thought would be to place your payment terms data in a flexfield on your invoice table. Using the flexfield would allow you to standardize variations in your source data (i.e. Net 60, Net60, 60, Pay in 60 Days etc. could all become Net 60 in your reports). This is something that your SV project manager should be able to help you with.