This is a universal solution for a challenging responsibility. It offers both platform and content for validation and reporting. Productivity gains, and the platform’s massive database helps quickly identify solutions and new ideas.
Source Intelligence developed a software solution and service called the Supply Chain Compliance Tool that helps companies meet their requirements to file compliance reports, and further validate their claims that they are ethically, socially, and environmentally responsible.
Product companies face increasing pressure to demonstrate improved corporate social responsibility. Governments are enacting new compliance regulations. Investors and stockholders demand that companies reduce their exposure to risk. NGOs and consumers want companies to be more responsible. A key issue for manufacturers and retailers is determining whether products contain raw materials or are otherwise sourced from suppliers connected to human trafficking and human rights violations, regions on government watch lists or posing environmental damage.
Tracking and validating hundreds of thousands of supply chains are monumental tasks. Source Intelligence has a cost-effective platform and an open network that allows suppliers to post their compliance information for Source Intelligence to validate, and for end-users to create their own custom dashboards for analysis and report generation, according to the company.
Source Intelligence’s solution tracks major compliance issues for companies and can be provided as separate products: conflict minerals, human rights issues, restricted substances that are environmentally harmful, and anti-corruption. The software as a service platform enables customers and their suppliers to join the network, and for suppliers to easily upload their compliance information for verification and analysis.
The proprietary software can quickly flag products that may contain source materials or components from problem locations. The platform also has demonstrated scalability. It began as a solution for conflict minerals reporting and now encompasses smelter verification, anti-slavery and human rights tracking, anti-corruption, restricted substances, and other corporate social responsibility needs.
The software provides real-time monitoring and tracking of hundreds of thousands of supply chains. It employs a 24/7 multilingual supplier engagement team that works directly with suppliers to validate reporting data. Source Intelligence created the world’s largest database of suppliers, the company says.
The solution provides customers a location for their suppliers to file compliance information, resolve gaps in data to better understand supply chain risks, and a customizable dashboard makes it possible to analyze the supplier data and generate comprehensive reports to meet various regulatory requirements. The solution also reduces the need to hire and train internal staff for time-consuming due diligence, validation, assessment, and compliance reporting.
Publicly traded U.S. companies must file annual reports under the Dodd-Frank Act to determine to the best of their abilities whether their products contain conflict minerals. The majority of companies that filed the most complete and comprehensive reports used Source Intelligence, the company says. The platform has been the most listed third-party provider among filers under the Dodd-Frank rules.