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

A healthy supply chain delivers greater well-being to consumers

Company Size
1,000+
Product
  • LexisNexis® Risk Solutions
Tech Stack
  • Data and Automation
Implementation Scale
  • Enterprise-wide Deployment
Impact Metrics
  • Cost Savings
  • Customer Satisfaction
  • Productivity Improvements
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
About The 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.
The 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.
The 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.
Operational Impact
  • Turnaround time of reporting was significantly reduced, allowing the company to onboard new suppliers more quickly.
  • The company was able to reduce costs and resources by receiving only the most relevant information for their decision-making process.
  • The streamlined process improved overall efficiency and productivity within the company's procurement and quality assurance functions.
  • The company maintained high standards of supplier reliability and integrity, ensuring compliance with labor laws and regulations.
  • The partnership with LexisNexis® Risk Solutions enhanced the company's ability to make informed decisions, thereby maintaining brand trust and customer satisfaction.
Quantitative Benefit
  • Turnaround time of reporting was cut in half or more.

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