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Aravo’s Supplier Lifecycle Management Solutions Selected to Improve Supplier Performance, Manage Risk and Lower Operating Costs
SAN FRANCISCO, Calif., June 28, 2011 – Aravo Solutions, Inc., the leading provider of on–demand Supplier Lifecycle Management (SLM) and B2B information and collaboration solutions, announced today that a leading Fortune 200 Financial Services company headquartered in San Antonio, TX has selected Aravo Solutions to help drive improved supplier performance and reduce supply management costs. The selection was the result of an exhaustive analysis of competing solutions during which the company evaluated offerings to help it reduce supply chain risk from supplier failures, discover and manage new strategic supply relationships and ensure supplier data accuracy throughout its operations. Using Aravo’s complete suite of SLM solutions, the company will have a single source of truth for supplier information that every application, business unit, and region can access, improving supplier performance and lowering operating costs.
The financial services industry—driven by regulatory requirements like GLBA, FCPA and BSA, increased competition from non-traditional players, commoditization of products, and advances in technology—has experienced significant change in the last decade. This change has placed constant pressure on the industry to manage new risks, lower costs, improve efficiencies, and rethink traditional business models. As a result, institutions are searching for ways to streamline internal operations and automate their supply and resource management processes.
Against this backdrop of change and rapid growth, the company found itself faced with multiple inefficient manual and uncoordinated supplier management processes. Discovering new suppliers that could meet their demanding requirements had become increasingly difficult, while attempting to manage supplier performance, risk and enablement across disparate internal systems and business units had become a costly and time-consuming exercise.
After evaluating alternative solutions to these problems, the company chose Aravo SLM to deliver a 360 degree view of supplier relationships and performance, accelerating new supplier discovery and on-boarding processes, and providing the single source of truth for all supplier information. In addition, Aravo will enable the company’s procurement, legal and finance teams to easily and quickly manage their exposure to regulatory requirements, as well as lower the overall cost of compliance. By providing consistent, automated and integrated supplier management processes across their extended enterprise, Aravo will help the company avoid regulatory failures, increase productivity and supplier performance, and quickly take advantage of new product and service opportunities.
“Improving our supplier management processes has become a key success factor for us as we continue to aggressively grow our business”, said the Assistant Vice President of Corporate Services. “Aravo was the clear choice to help us automate and integrate supplier risk, performance, and trading information across our enterprise to improve efficiency and drive down costs.”
The company will use the Aravo Discovery, Enable and Enforce products to collect potential new supplier information, and on-board and manage suppliers to build a strong supply base with which to accelerate innovation, improve bottom-line performance, and deliver competitive advantage. Using Aravo Credentials & Compliance, Risk Management and Performance Management products, the company will ensure regulatory compliance, mitigate supply chain risk and optimize supplier performance.
“We are excited to add another Fortune 200 Financial Services company to our growing list of customers”, said Michael Saracini, CEO of Aravo. “Aravo’s industry-leading Supplier Lifecycle Management solutions, combined with our deep knowledge of industry regulatory issues like FCPA and GLBA, allow our financial services customers to optimize supply management business processes to help achieve competitive advantage in today’s rapidly changing markets.”
The world’s best-run businesses utilize Aravo’s Cloud-based Supplier Lifecycle Management solutions and Supplier Risk Services to find and manage trading partner relationships, reduce supply chain risk, ensure global regulatory compliance and lower the cost of managing suppliers by up to 72%. Aravo launched the market’s first SIM/SLM solution in 2004 and has been the leading innovator in the space ever since. Customers such as General Electric, Accenture, and Boston University rely on Aravo to manage information and processes for over 2 million global suppliers. Aravo is based in San Francisco, with offices in Chicago, Dallas, New York, Portland, Monterrey, Mexico and Ahmedabad, India, and is backed by over $50 million in investment from Cisco Systems, Big Sky Partners, and others. For more information regarding Aravo’s award-winning solutions please visit our website at https://aravo.com.