Digital innovation moves procurement

Technological innovation benefits business by putting pioneering solutions in the hands of busy professionals, thus promoting self-sufficiency and accuracy.

The act of obtaining or buying goods for business can be extremely complex. Compounded by numerous risks and time-consuming tasks, the additional pressures of procurement like planning, supplier research, value analysis, price negotiation, contracts administration and inventory control only add to the overall stress of the job. With so much to consider, the need for safe, efficient and reliable solutions to meet the demands of procurement are highly advantages.

Today, digital solutions are constantly changing the way business is done. The advancement of technology by pioneers like LexisNexis, has transformed every sector and operation for the better and there’s no signs of it slowing down, says Rudi Kruger, General Manager of Risk Solutions at LexisNexis Data Services.

In procurement, digital innovation has several benefits. “The business of procurement has immense scope and need for innovation. These include solutions to not only make the function simpler, but also eliminate risk, increase transparency and create equal opportunity, thus ensuring effective spending for a business,” said Kruger.

Most importantly, solutions that assist with combatting fraud are highly valuable. “Fraud is a great concern in any financial transaction, but can be even more concerning when there are employees and external suppliers involved,” said Kruger.

As a global brand, LexisNexis is at the forefront of innovation. The company’s Data Services division offers Lexis® ProcureCheck, a solution designed to simplify one of procurement’s most tedious process – supplier vetting.

Lexis ProcureCheck is an easy to use web-based system designed to help organisations, including government departments, corporates, financial institutions, business bodies and risk/procurement professionals identify and prevent corruption within procurement processes.

The solution is highly valuable for vetting existing and potential suppliers. Its capabilities include the ability to recognise conflicts of interest within your organisation and potential vendors or supply chain partners. In addition, the solution includes a module that helps combat corruption by identifying potential connections and ownership of property, as well as highlighting outside business interests of employees.

It also enables users to investigate negative and positive news on vendors and employees to assist in mitigating reputational risk. Another key benefit is that it assists supply chain management officers to ensure compliance with the Public Finance Management Act and the Municipal Finance Management Act.

For more information, visit, Lexis ProcureCheck