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.
Technological innovation benefits business by putting pioneering solutions in the hands of busy professionals, thus promoting self-sufficiency and accuracy.
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
About Rudi Kruger
Rudi Kruger is the General Manager at LexisNexis Risk Solutions. He is responsible for African and International risk solutions. He has 11 years banking experience with strong focus on trade services, risk and compliance. He successfully completed various courses within the banking industry, as well as IOB Certificate in banking and completed a MAP program at WBS in 2014. Rudi is responsible for the execution of new business development, strategy and sustainable growth, by introducing new products offering and enhancements to the Sub Saharan African market
About LexisNexis Data Services
LexisNexis Data Services is the market-leading risk and compliance management division 100% owned by LexisNexis, a pioneer in governance, risk and compliance solutions and intelligence for over 30 years.
With tools such as Lexis ProcureCheck, Lexis Diligence, Lexis RefCheck, Lexis Windeed and Lexis SACompany, the division’s specialized Risk Management tools make it easier for organisations to carry out background screening of individuals and organisations, searches of public record information, due diligence, property vetting, media monitoring and intellectual property management.
Additionally, as a front-runner in occupational health and safety, the Compliance arm offers professional services and products in key areas of health, safety, environmental management and occupational hygiene. Alongside compliance management tools such as LegalEasy and SHEQ Awareness, the division’s in-depth knowledge, training resources and technological expertise ensure organisations remain compliant and up-to-date with changing legislation, including the new Occupational Health and Safety Act and the Mine Health and Safety Act.
LexisNexis is part of RELX Group and serves customers in more than 175 countries with 10,000 employees worldwide. In July 2012, investment firm Tsiya Group, chaired by FaniTiti, acquired a minority interest in LexisNexis South Africa. Tsiya is a privately owned investment group that was established in 2008 and focuses on acquiring interests in unlisted businesses.