New GRC Solutions from SAP Help Mitigate Trade Risk Across Global Supply Chain
New Version of SAP(R) BusinessObjects(TM) Global Trade Services Combined With SAP(R) BusinessObjects(TM) Risk Management Promotes Proactive Compliance and Risk Management Across Trade Processes
"Supply chains have become both more strategically important and risky over the last several years," said Mark Smith, CEO & EVP, Research, Ventana Research. "The world's economies have become simultaneously more integrated and uncertain as companies have expanded the geographic scope of their potential sourcing and addressable markets. That's why businesses are examining SAP for better visibility into increasingly complex, geographically dispersed supply chains. Solutions from vendors like SAP can help organizations spot potential risks before they become problems and enhance supply chain performance."
Supply chain and logistics professionals need solutions that help them increase their control over risk factors that impact operational efficiency. By leveraging SAP BusinessObjects Global Trade Services with SAP BusinessObjects Risk Management, supply chain executives improve their visibility and management of global trade risk factors and performance issues. SAP BusinessObjects GRC solutions help give customers updated status information on supply chain logistics and order fulfillment including: supplier and customer service, cross-border trade and international trade regulations. With prompt access to data, supply chain professionals can formulate smarter action plans and risk-mitigation strategies that can ultimately improve "delivery performance," or the time from the supplier's receipt of an order to customer delivery.
SAP BusinessObjects GRC solutions provide a proactive, preventive approach to helping minimize risk and improve performance. For example, if a vice president of supply chain wants to improve delivery performance, he or she can use SAP BusinessObjects GRC solutions to establish quantifiable key risk indicators (KRIs) that measure and monitor aspects of the order to help ensure that deadlines are met. These quantifiable KRIs estimate the financial impact of various risk factors, showing supply chain executives how risk vulnerability can affect their bottom line. Through the interaction of global trade services with risk management solutions, organizations can create KRIs that alert them to quantified risks associated with an inability to meet customer commitment goals or aggressive order fulfillment times. Additionally, KRI alerts let supply chain professionals know when they need to enact risk mitigation plans to help ensure delivery timelines are met. KRIs can also be triggered if there are errors in the electronic filing process, or improper, inaccurate or missing shipping documentation.
The comprehensive global trade services and risk management approach offered by SAP also helps customers determine if their suppliers are Authorized Economic Operator (AEO) certified, meaning that suppliers' business transactions have been certified to be safe and transparent according to international trade standards. If an issue arises, customers are notified, thus helping to minimize some potential supply chain disruption and expedite the flow of goods through ports worldwide.
Consistent with the SAP BusinessObjects portfolio, SAP BusinessObjects GRC solutions work across customers' heterogeneous IT environments. SAP customers gain additional benefits from deeper integration with SAP® Business Suite software, linking supply chain risk, trade compliance and execution. For example, the new version of SAP BusinessObjects Global Trade Services works with the SAP® Transportation Management application (part of the SAP Business Suite) to help customers further streamline cross-border trade and visibility. Together the SAP applications promote a holistic approach to trade and transportation, managing both trade compliance and transportation logistics issues, and helping ensure that organizations execute efficiently on their international trading strategy.
"Supply chain risk has become a top challenge for companies worldwide, and without a unified GRC approach these issues can spiral out of control if they are not proactively managed," said Narina Sippy, senior vice president and general manager, GRC Solutions, SAP BusinessObjects division. "SAP recognizes that a company's ability to meet its corporate objectives - ranging from revenue to customer satisfaction to sustainability goals - may hinge on how well it can identify and mitigate supply chain risk. That's why the SAP BusinessObjects GRC offerings are designed to help proactively flag supply chain risks and vulnerabilities, empowering business users with the information they need to help develop an immediate plan of action to respond to a potential crisis across their global trade operations. With the insight provided by our solutions, companies may develop more risk-aware, productive business strategies and promote consistent execution upon them."
SAP is the world's leading provider of business software(*), offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 82,000 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol "SAP."
The SAP® BusinessObjects(TM) portfolio transforms the way the world works by connecting people, information and businesses. With open, heterogeneous solutions in the areas of business intelligence; information management; governance, risk and compliance; and enterprise performance management, the SAP BusinessObjects portfolio enables organizations to close the gap between business strategy and execution.
For more information, visit www.sap.com.
(*) SAP defines business software as comprising enterprise resource planning and related applications.