How A Global Shipping Company Streamlined Their Vendor Onboarding
Defining the Problem
A procurement team struggled to maintain a holistic view of vendors and suppliers, increasing the organization's exposure to reputational risk.
An international shipping and logistics business was using a team of analysts to manually source data on vendors and suppliers from around the web.
With supply chain issues demanding more diversification, the business was considering an increase in headcount to
onboard the additional suppliers.
Prior to Detected
Prior to Detected, the procurement team sourced unverified supplier data through the web.
To reduce supplier and reputational risk, analysts on the procurement team manually gathered details on a business from various websites and registries.
Data was stored in a shared spreadsheet so that other teams could access the data.
This approach led to double-work, inconsistencies, and inaccuracies, ultimately resulting in an inefficient process that reduced the capacity of the procurement team.
Impact of the Problem
The manual process and lack of data increased risk exposures and decreased labor force efficiency.
- They lacked a single source of truth on each supplier due to variance in the team's process, resulting in incomplete profiles of a supplier.
- Utilization rate of analysts had increased to 118% driving overtime wages, an unprofitable cost center, and an overworked employee base.
- The team used different systems to collect UBO information and screen watchlists and, oftentimes, failed to source any UBO/ director information creating unknown risk exposures.
New Processes with Detected
Using a single link, the procurement team can now onboard vendors and suppliers without data or monitoring gaps.
Using Detected's KYB Dashboard, the procurement team has a single source of truth to view vendor and supplier Business Profiles with access across relevant departments.
With Detected's ongoing monitoring, the team also receives alerts when there is a change to business data or screening requirements.
By pulling business data from sources around the world combined with Detected's onboarding portal, the team now enjoys access to a holistic view of a business - core business data, UBO and Director information, as well as risk factors such as PEPs, Sanctions, and Watchlists.
As a result of the streamlined process and holistic view, analysts require less hours to diligence and monitor both vendor and supplier relationships.
Vendor Management Success Story
Business Travel Success Story