SAP Ariba is leveraging Canadian-based OutsideIQ’s cognitive computing platform DDIQ as part of its SAP Ariba Supplier Risk solution to help organisations manage compliance and risk in their supply chains faster, more accurately and more efficiently.
DDIQ uses artificial intelligence (AI) to simulate human cognitive processes to automatically generate in-depth risk profiles of organisations and their key directors and officers. Such profiles are time consuming, prone to errors and expensive to create manually.
DDIQ’s machine learning algorithms search through vast amount of structured and unstructured sources in 48 languages on the internet to cut through false positives and automatically flag potential risk issues on a subject. A full audit trail of the investigation is presented along with the report, divided into easily comprehensible categories.
SAP Ariba will use DDIQ as part of its supplier risk solution to monitor third-party suppliers, enabling organisations to meet compliance regulations while reducing risk and reputational damage for inappropriate behaviour or illegal practices among third-party suppliers.
“Regulators around the world have high expectations about the level of knowledge organisations have about the practices of those in their supply chain,” said Dan Adamson, founder and CEO, OutsideIQ.
“But traditional compliance is expensive. Corporations need a faster, easier way to provide auditable due diligence reports and avoid exposure to costly fines imposed by regulators or significant reputational damage.”
“In leveraging OutsideIQ’s DDIQ platform, we can provide companies with the real-time awareness and transparency they need to proactively identify risks related to regulatory and legal compliance and make informed decisions to mitigate it,” said Padmini Ranganathan, vice president, products and innovation, SAP Ariba.
