Hi,
"Do you mean to say in such case I should create a new vendor in system who can act as party entitled to dispose by assigning CRM011 to it?"
I mean what I wrote before: You need for EWM a vendor and a customer in ERP (for your plant). One (typo, sorry) of the BPs for it you assign the role CRM011 and this will be your default party entitled to dispose.
Brgds
Juergen