Aravo Solutions Powers Fidelity International’s Global Third-Party Risk and Performance Program
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions
- Human Resources
Use Cases
- Inventory Management
- Regulatory Compliance Monitoring
About The Customer
Fidelity International is a global investment and retirement savings business. They are committed to ensuring that their suppliers are managed in line with regulatory requirements and industry best practice. They required a solution that would standardize their supplier risk management program and processes across the firm. The technology needed to enable consistent governance and oversight of supplier risk and performance across the enterprise. Fidelity International selected Aravo Solutions for their proven track record in supporting global, enterprise clients who have complex vendor risk management programs.
The Challenge
Fidelity International (FIL), a global investment and retirement savings business, was in need of a technology partner to manage their global third-party supplier risk and performance management program. The challenge was to maintain a single inventory of all their third-party risk information, identify and segment critical and high-risk suppliers, and streamline the end-to-end third-party risk and performance management processes across the enterprise. The solution needed to provide advanced reporting capabilities and dashboard visualizations for a complete view of risk and performance, ensuring greater governance and standing up to regulatory scrutiny and good business practice. Furthermore, the solution had to be flexible, cost-effective, and able to scale and adapt to change quickly to support Fidelity International’s long-term requirements for success.
The Solution
Aravo Solutions was selected by Fidelity International following a competitive evaluation process. Aravo’s technology empowers risk management and supports Fidelity International in maintaining a single inventory of all their third-party risk information, helping to identify and segment critical and high-risk suppliers. The solution provides powerful workflow automation that streamlines the end-to-end third-party risk and performance management processes across the enterprise. The solution also offers advanced reporting capabilities and dashboard visualizations which deliver a complete view of risk and performance, providing greater governance and ensuring programs stand up to regulatory scrutiny, and good business practice. The flexibility and cost-effectiveness of Aravo’s cloud-based solution, together with its ability to scale and adapt to change quickly, also supports Fidelity International’s long-term requirements for success.
Operational Impact
Case Study missing?
Start adding your own!
Register with your work email and create a new case study profile for your business.
Related Case Studies.
Case Study
Hospital Inventory Management
The hospital supply chain team is responsible for ensuring that the right medical supplies are readily available to clinicians when and where needed, and to do so in the most efficient manner possible. However, many of the systems and processes in use at the cancer center for supply chain management were not best suited to support these goals. Barcoding technology, a commonly used method for inventory management of medical supplies, is labor intensive, time consuming, does not provide real-time visibility into inventory levels and can be prone to error. Consequently, the lack of accurate and real-time visibility into inventory levels across multiple supply rooms in multiple hospital facilities creates additional inefficiency in the system causing over-ordering, hoarding, and wasted supplies. Other sources of waste and cost were also identified as candidates for improvement. Existing systems and processes did not provide adequate security for high-cost inventory within the hospital, which was another driver of cost. A lack of visibility into expiration dates for supplies resulted in supplies being wasted due to past expiry dates. Storage of supplies was also a key consideration given the location of the cancer center’s facilities in a dense urban setting, where space is always at a premium. In order to address the challenges outlined above, the hospital sought a solution that would provide real-time inventory information with high levels of accuracy, reduce the level of manual effort required and enable data driven decision making to ensure that the right supplies were readily available to clinicians in the right location at the right time.
Case Study
Remote Monitoring for Environmental Compliance
Emerson wanted to provide a connected environmental analyzer to their customers. They wanted to leverage IoT technologies to provide a software solution that was easy to use, real-time and centralized. Compliance with pollution control board guidelines and the ability to remotely calibrate and troubleshoot these devices was the primary objective. Requirements - Centralized Remote Monitoring. - IoT Based Smart Environmental Analyzers. - Remote Calibration and Troubleshooting. - User Friendly Application. - Reporting & Dashboards. - Compliance with pollution control board guidelines.
Case Study
ELI LILLY ADOPTS MICROMEDIA’S ALERT NOTIFICATION SYSTEM
Pharmaceutical production is subject to a strict set of enforced rules that must be adhered to and compliance to these standards is critically necessary. Due to the efforts of WIN 911’s strategic partner Micromedia, Lilly was able to adopt an alarm notification infrastructure that integrated smoothly with their existing workflows and emergency hardware and protocols. These raw energy sources enable the industrial process to function: electricity, WIN-911 Software | 4020 South Industrial Drive, Suite 120 | Austin, TX 78744 USA industrial steam, iced water, air mixtures of varying quality. Refrigeration towers, boilers and wastewater are monitored by ALERT. Eli Lilly identified 15000 potential variables, but limitations compelled them to chisel the variable list down to 300. This allowed all major alarms to be covered including pressure, discharge, quantity of waste water discharged,temperature, carbon dioxide content, oxygen & sulphur content, and the water’s pH.
Case Study
Hardware Retailer Uses Data Warehouse to Track Inventory
Ace tracked which products retailers ordered, when they were ordered and shipped. However, the company could not track or forecast actual sales. Data used for reporting was up to a one-week old, owing to performance and data cleansing issues. Requirement to integrate wholesale and inventory data with POS data to help drive key business decisions, improve category management, lower inventory costs and optimize pricing. Reliance on custom coding to integrate POS data was excessively resource intensive and led to major performance constraints.
