As the automotive industry becomes more complex, risk extends through the entire value chain to encompass all third parties – direct and indirect material suppliers, freight forwarders, distributors, and customers. The automotive industry is driven by innovation and requires highly-qualified third parties who can bring differentiation and competitive advantage to a company’s product lines.
The task of managing all of the third parties, based on the goods or services and the myriad risks they can pose is enormous. In the wake of recent recalls and sub-tier inconsistencies, more effective management of third parties has become a business priority. Additionally, the requirements for diversity certification, conflict minerals reporting and quality qualifications present additional risks in terms of regulatory impact, revenue hits, and reputational damage.
Hiperos provides the leading solution for managing and monitoring third parties. For the first time ever, automotive companies can accurately identify all of their third parties, understand what business they’re doing with them and automatically manage them in accordance with the risks that they pose – in a way that is efficient and cost-effective. By removing many of the current inefficiencies, siloed and duplicative efforts and by using technology to help you continuously assess, monitor and manage your third parties from onboarding, through risk determination, compliance requirements and performance needs, Hiperos helps you transform how you engage with your third parties.
- Improve the quality and quantity of new supplier and 3rd party information
- Manage third party performance and innovation
- Reduce brand risk
- Reduce third party and supplier administration costs
- Improve Supplier Catalog management
- Optimize speed to market
- React quickly to incidents with an always available audit trail