Global tire manufacturer reduces data collection and analysis time by 75%
Customer discovers more than five BCP “single points of failure” and system vulnerabilities
Customer Profile
The customer is a leading global competitor in the tire industry with manufacturing facilities on three continents and sales and distribution networks worldwide. The customer’s primary focus is on passenger cars and light vehicle replacement tires in North America. They rank in the top 20 of the largest tire manufacturers in the world with over 10,000 employees in manufacturing facilities worldwide.
Customer Challenges
The customer was interested in improving their risk management program and needed better access to their Key Risk Indicator (KRI) analytics. Because the customer lacked any technology integration to help them analyze and manage their costs and risks, the company relied on a manual process to receive and analyze their data. Previously data was compiled in the manufacturing facilities and mailed in binders to the corporate office. In the best cases, the facilities emailed spreadsheets at the end of the month. This meant that management did not have access to real-time data to make decisions, so they were making decisions based on data thirty days behind.
Additionally, due to the lack of automated processes, factory data required from international manufacturing sites was not readily available to management for timely risk management and product quality and service across the enterprise. These factors meant that the finance team could not analyze raw material costs vs. selling price by region for management reporting.
And finally, the customer wanted to get away from their manual disaster recovery and continuity plan process and implement a more effective alert management system.
SafePaaS Solutions
To address their specific risk management and financial monitoring needs, the customer decided to employ several SafePaaS solutions to assist them, including ProcessPaaS™, SafeInsight™, and ARCPaaS™.
ProcessPaaS™ helped the customer improve the period-end close process by replacing manual procedures with a simple web-based task preparation, review, and approval of each step in the close process. With ProcessPaaS™, the customer automated their close activities, such as a list of manual journals, departmental tasks, and SOX compliance controls.
SafeInsight™ established an enterprise risk management framework for the customer. With SafeInsight™ the customer could monitor their KRIs to reduce the frequency and severity of loss events. They can act in real-time and perform root-cause analysis with ad-hoc reports and reduce inconsistencies in procedures. The customer could also make better decisions by adding context and perspective to their data by aggregating it from multiple sources.
ARCPaaS™ enabled the customer to establish a unified platform to efficiently manage enterprise-wide Governance, Risk, and Compliance (GRC) processes. Their executives, Business Process Owners, Internal Control Managers, and Auditors have improved their overall productivity by collaborating across key GRC tasks such as risk assessment, control activities, independent audit, remediation, and management certification tasks.
Results
Reduction in manual reporting time: Reduced KRI data collection and business analysis time by 75% while increasing the access to critical KRIs from monthly reporting to daily dashboards. They were then able to save time and get it to the right people at the right time. Direct access to the data source gave them increased accuracy and reliance.
Increased access to capital: Improved visibility allowing them to manage their supply chain much better. They had improved visibility into raw material costs, and advanced price analytics accelerated debt payments and other financial obligations. As a result, increased bond rating with institutions and creditors.
Detect and Remediated BCP Risks: KRI dashboards revealed more than five BCP “single points of failure” and system vulnerabilities that enabled management to identify the critical activities and dependencies supporting key products/services delivery.
Conclusion
SafePaaS gave the customer the confidence they needed in their risk management program and allowed them to significantly automate the previous manual data collection process, saving time and resources. Access to analytics capabilities enabled their leadership team to make critical decisions backed by real-time data.
Ready to take the next step?
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