Case Studies A healthy supply chain delivers greater well-being to consumers

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	A healthy supply chain delivers greater well-being to consumers

A healthy supply chain delivers greater well-being to consumers

Technology Category	Analytics & Modeling - Predictive Analytics Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Consumer Goods Healthcare & Hospitals
Applicable Functions	Procurement Quality Assurance
Use Cases	Regulatory Compliance Monitoring Supply Chain Visibility
Services	Data Science Services System Integration
Challenge	With so many suppliers to vet worldwide, the company had relied on a vendor to conduct research and due diligence at the onboarding stage. However, it proved to be a frustrating, inefficient process: It often took the vendor as long as 6-8 weeks to deliver a report – which often meant the client company had to either delay onboarding a desired supplier, or greenlight it without knowing the risks. Additionally, these reports were not customizable, and provided too much unneeded detail. The company had very specific criteria they were looking for, yet it was often buried in dense report narratives. This substantially slowed approvals. Read More
About Customer	The customer is a global company in the healthcare and personal products industry, where brand trust is paramount. They rely on a vast network of suppliers and partners to deliver high-quality products to consumers worldwide. The company places a high emphasis on the reliability and integrity of its supply chain, ensuring that all materials and manufacturing processes meet stringent standards. Additionally, they require that all partners adhere to labor laws, regulations, and maintain a strong corporate culture. The company had been facing challenges with the efficiency and effectiveness of their supplier vetting process, which was crucial for maintaining their high standards. Read More
Solution	LexisNexis® Risk Solutions partnered with the company to optimize its third-party due diligence with an unmatched recipe of data and automation. The results were clear: Turnaround time of reporting was cut in half or more – enabling them to bring new suppliers on board without missing a beat. The company also reduced costs and resources by receiving only the information most important to their decisions. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Consumer Goods

Healthcare & Hospitals

Applicable Functions

Procurement

Quality Assurance

Use Cases

Regulatory Compliance Monitoring

Supply Chain Visibility

Services

Data Science Services

System Integration

Challenge

With so many suppliers to vet worldwide, the company had relied on a vendor to conduct research and due diligence at the onboarding stage. However, it proved to be a frustrating, inefficient process: It often took the vendor as long as 6-8 weeks to deliver a report – which often meant the client company had to either delay onboarding a desired supplier, or greenlight it without knowing the risks. Additionally, these reports were not customizable, and provided too much unneeded detail. The company had very specific criteria they were looking for, yet it was often buried in dense report narratives. This substantially slowed approvals.

About Customer

The customer is a global company in the healthcare and personal products industry, where brand trust is paramount. They rely on a vast network of suppliers and partners to deliver high-quality products to consumers worldwide. The company places a high emphasis on the reliability and integrity of its supply chain, ensuring that all materials and manufacturing processes meet stringent standards. Additionally, they require that all partners adhere to labor laws, regulations, and maintain a strong corporate culture. The company had been facing challenges with the efficiency and effectiveness of their supplier vetting process, which was crucial for maintaining their high standards.

Solution

LexisNexis® Risk Solutions partnered with the company to optimize its third-party due diligence with an unmatched recipe of data and automation. The results were clear: Turnaround time of reporting was cut in half or more – enabling them to bring new suppliers on board without missing a beat. The company also reduced costs and resources by receiving only the information most important to their decisions.

Impact #1	Turnaround time of reporting was significantly reduced, allowing the company to onboard new suppliers more quickly.
Impact #2	The company was able to reduce costs and resources by receiving only the most relevant information for their decision-making process.
Impact #3	The streamlined process improved overall efficiency and productivity within the company's procurement and quality assurance functions.

Impact #1

Turnaround time of reporting was significantly reduced, allowing the company to onboard new suppliers more quickly.

Impact #2

The company was able to reduce costs and resources by receiving only the most relevant information for their decision-making process.

Impact #3

The streamlined process improved overall efficiency and productivity within the company's procurement and quality assurance functions.

Benefit #1	Turnaround time of reporting was cut in half or more.

Benefit #1

Turnaround time of reporting was cut in half or more.

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Overview

A healthy supply chain delivers greater well-being to consumers

Operational Impact

Quantitative Benefit