Procurement benefits most from supply chain digitisation

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The age of 1s and 0s has revolutionised the way we consume and share information. In the commercial environment, there is hardly a business function that does not make use of technology to perform even the simplest of tasks. Supply chain has been one of the departments to embrace technology the slowest. However, the SC Digest Supply Chain Digitization Benchmark Survey 2016 revealed a shift in mind-set, with about 80 per cent of respondents identifying digitisation as a key focus area.

Rudi Kruger, general manager at LexisNexis Risk Solutions discusses the key advantages of the IT shift for supply chain, which include enhanced safety, reliability, reduced carbon footprint and cost saving.

Key advantages of digitisation

“Going digital serves as a means of staying competitive and safe, while providing easy access to necessary documentation and procedures. This creates immediacy, transparency and ensures that those involved in supply chain are able to gain a cohesive overview,” said Kruger. According to Kruger, an area most deserving of digitisation is risk management - in the form of vendor vetting and vendor management during the procurement stage.

Corporate Governance

The King Codes for Corporate Governance, and legislation such as the Public Finance Management Act and the Municipal Finance Management Act, stipulate strict codes of conduct – which, if not abided by, can mean fines, reputational damage or even jail time. Kruger stated that “procurement vendor vetting, and vendor management are designed to limit or eliminate conflict of interest, shell companies and other incidents of procurement fraud that can land your business in hot water,”

He added that, “these steps therefore deserve adequate time, support and tools in order to be effective. In addition, it must be noted that once-off evaluation and screening are not enough to protect your business from unscrupulous activities, which is a why a permanent digital assistant is necessary to help with keeping things above board.”

Digital supply chain solutions

A solution such as ProcureCheck, from LexisNexis Risk Governance, Risk and Compliance Solutions is the ideal online solution for vendor screening, ongoing monitoring and management in one place. The workflow solution understands, identifies and prevents fraud and conflicts of interest, by giving you all the information you need. Key features of ProcureCheck:

• Provides vendor and staff reports (useful for King III committees)
• Builds and manage your own internal non-preferred list of vendors and employees
• Allows clients to import vendor and staff lists
• Facilitates vendor vetting (on an ad hoc or batch basis)
• Provides detailed conflict of interest reports
• Identifies conflict of interest by mean of powerful cross-referencing of information
• Offers visual representation of data, giving you the ability to see the bigger picture

For more information download our brochure, visit www.lnrisk.co.za

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