More companies than ever are bringing consumer packaged goods to market. To do so in very competitive global environments, these companies (and the business units inside them) rely on third parties to help them by providing components, creating new products, helping them reduce costs and enabling faster time-to-market. Managing these domestic and international third party relationships, assessing their risks and ensuring they are compliant with regulations and guidance affecting a broad range of consumable products from foodstuffs to cleaning supplies is a daunting prospect for any company.
CPG Companies are increasing their collaboration with and reliance on retail partners and logistics companies for new product development, fast time-to-market and just-in-time supply chain management. With thousands of third parties, monitoring which have access to sensitive company and customer information becomes an enormous challenge. Manually managing these relationships is impractical and ineffective. Also, having third party information siloed in different business units, without an accessible single repository is inefficient.
A large multi-national fashion firm recently agreed to pay more than $1.5 million for bribes through third parties to government and custom s officials in South America. Involvement in events ranging from supply chain interruption to lack of regulatory compliance or fraud can have devastating impact on a company’s revenues, ability to deliver product, its reputation and its prospects. Hiperos provides the leading solution for managing and monitoring third parties. For the first time ever, CPG 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 continuously assess, monitor and manage third parties from onboarding, through risk determination, compliance requirements and performance needs, Hiperos helps you transform how you engage with your third parties.
To learn more about how Hiperos can benefit Consumer Packaged Goods companies, click here.
- Improve the accuracy and quantity of supplier and third party information
- Manage third party performance, quality and innovation
- Reduce brand risk
- Ensure domestic and international regulatory compliance
- Reduce third party and supplier administration costs
- Optimize speed to market
- React quickly to incidents with an always available audit trail