Maximize the Value, Minimize the Risk
The Value Shortfall
Companies today are using 3rd parties—providers, sub-contractors, suppliers, contract manufacturers, distributors or partners—to deliver almost 50% of high-value, complex and customer-facing business functions. But the anticipated 3rd party value often falls short of expectations. Why? This value shortfall is due to the unprecedented complexity of managing 3rd party performance, compliance and risk.
Simplify the Complexity
Each 3rd party relationship brings significantly more complex and dynamic processes, exponentially more touchpoints, and dispersed accountability. Companies need a solution to simplify the complexity of managing 3rd parties around reputational risk, regulatory penalties and customer impact.
Why Hiperos?
Hiperos 3rd Party Management (3PM) is the only solution with these 3 key capabilities to help simplify the complexity of managing 3rd party relationships:
Flexible Framework
Each business is unique and so is each 3rd party relationship. A flexible framework accommodates unique, complex and dynamic processes for each 3rd party relationship so companies can determine how each relationship is going to work. Best practice templates, process flows and approvals can then be adapted for these requirements – without the need for IT support.
Actionable Intelligence
Data collection alone is not enough. Actionable intelligence enables users to take data from multiple sources and turn this into intelligence that automatically triggers actions and workflows to better manage 3rd parties. Automated processes continuously verify data currency and execute sophisticated checks and alerts to maintain data integrity.
Dynamic Segmentation
Utilize time and resources where they matter most. Dynamic segmentation is the ongoing process of identifying the 3rd parties that are most critical to business success. Companies can define their own impact categories, scoring logic and weighting so they can determine where their time and resources will have the greatest impact.
