Business risk has rarely been higher than it is today. Political sanctions, adverse news stories, sustainability issues and credit problems with customers or suppliers can put your company at risk of reputational or financial harm. However, the necessary but constant monitoring and assessment of all these risks can drain company resources – both human and financial.
65% of business executives surveyed are increasing their overall spend on risk management technology.PWC
Supply chain operators can choose from a proliferation of tools and dashboards to assess and mitigate operational and reputational risks. The challenge, however, is finding a single clear source of truth.
Without one, supply chain operators must often scan through multiple screens and analyze conflicting data. They then spend valuable time deciding how to address the current challenge or disruption.
What if there was one single source of truth on your risk exposure?
To overcome risk-related challenges, companies are building Control Towers, Command Centers, or Supply Chain Centers of Excellence. These are designed to deliver visibility and, at the same time, prepare companies for future growth or unexpected challenges. Across industries, supply chain leaders seek to harness vast amounts of data to make risk assessment meaningful and, most importantly, actionable. Using AI, supply chain leaders gain a competitive advantage in building the best path forward and can quickly pivot when challenges arise.
Assess risk data and mitigate your risk exposure with an integrated offering from OpenText
Our latest innovation has integrated OpenText™ Active Risk Monitor with OpenText™ Lens. This innovation addresses supply chain leaders’ frustration when seeking that single version of the truth. It delivers an easy-to-use tool for identifying and mitigating risk and helps them build a plan to prevent future disruption.
OpenText™ Lens™ is a powerful, user-friendly cloud application that offers visibility into the data flows between enterprise applications and connected ecosystems, no matter how complex. With Lens, organizations gain insights to monitor business process health against KPIs. They can quickly respond to critical business events and improve overall productivity. Adding this improved visibility is a game-changer for supply chain leaders looking to improve operational efficiency and build their own supply chain control tower or command center.
Access a single source of truth on a single platform with integrated insights
As previously announced, OpenText™ Active Risk Monitor is a cloud service that allows organizations to aggregate information from different sources. This includes sustainability ratings from EcoVadis, financial information from Dun & Bradstreet® and sanctions and news analysis content from Acuris. It then matches this aggregated information to an organization’s trading partner community based on unique identifiers.
With the addition of Lens, organizations that use OpenText™ Trading Grid™ to integrate their partner community can also assess the aggregated risk information against business activity. For example, they can evaluate credit risk flags from Dun and Bradstreet or ESG compliance flags from EcoVadis against existing orders and other business transactions exchanged with individual trading partners. This provides a uniquely powerful tool for organizations to assess and manage their potential exposure to supply chain risks.