January 16, 2015 posted by Allen Thompson
SAN FRANCISCO, Calif., January 16, 2015 – Aravo Solutions, Inc., the leading provider of cloud-based Third Party Risk and Compliance solutions, announces the January 2015 release of its award-winning Aravo EnterpriseTM solution suite. Aravo’s latest product release continues to lead the market Aravo created for third party and supplier management with next-generation enhancements to expand corporate branding capabilities, reduce overall cost to maintain global compliance programs, and introducing the market’s first, pre-built best-practice application for standardizing and optimizing third party registration and qualification processes.
Expanded Corporate Branding Capabilities
Companies increasingly have a need to reinforce various departmental requirements into their respective registration and qualification processes for effectively engaging with third parties and suppliers during their initial on-boarding experience. Aravo now enables each organization to communicate their specific guidelines and requirements into this experience, while leveraging a standardized review and approval process. Now companies can publish unique departmentally branded registration experiences onto their public websites while funneling these requests into a centralized internal organization for review and approval according to their corporate policies. Each segment within a company now has the ability to brand their registration experience according to their specific guidelines to reinforce the intended experience throughout the process.
More importantly, in Aravo Community models, these branding enhancements enable the various buying organizations to establish their own unique branding experience for third parties registering themselves for qualified participation in sourcing opportunities within the community.
Reducing the Total Cost of Ownership
Reducing overall cost of ownership of maintaining the third party risk and compliance programs continues to be a key focus of Aravo’s platform strategy. The January release includes a new Graphical Workflow Builder and enhancements to survey form building that enable rapid building of new and easier maintenance for existing compliance-oriented processes. This is critically important in order to establish the agility necessary to remain in compliance with the evolving regulatory landscape on an annual basis.
Aravo’s Graphical Workflow Builder provides a guided experience to assist administrators through the steps required to implement automated processes more accurately and efficiently. This new approach reduces the time required to transition from document-based process models into automated workflow within the Aravo Platform.
In addition, improvements have been made to the process for creating and modifying existing survey and questionnaire pages. Configuration specialists now have the ability to more easily navigate between the various pages within questionnaires and incorporate changes dictated by evolving regulatory requirements. These include the ability to provide higher granularity of control over the layout of various required fields within the questionnaires, to enhance both the internal and external navigation of the questionnaires, and to improve the accuracy of the data collection and validation processes. As always, Aravo enables these changes to be incorporated into the questionnaire in real-time to ensure that your compliance processes are always reinforcing the latest requirements as the regulations evolve over time.
Pre-built, Best-practice Applications
The January 2015 Release includes the market’s first standardized, pre-built application for third party registration and qualification. Aravo Third Party Registration & Qualification provides pre-built, best-practice questionnaires, notifications, approval workflows, searches and reports. This pre-built content allows organizations to achieve faster time-to-value through taking advantage of Aravo’s fifteen years of experience working with some of the world’s largest and most complex organizations. Companies can now benefit from Aravo’s domain expertise in designing these programs to accomplish their own corporate sourcing objectives in weeks rather than months – or years.
Aravo Registration & Qualification includes pre-defined integration with publicly accessible external content to improve validation and approval processes to ensure accuracy of the information provided by third parties. In addition, standardized integration is included to publish all newly added or changed third party profiles for incorporation into standardized master data management programs on a nightly basis. This approach has been proven to drastically reduce the time and effort required to incorporate the valuable content from third parties into other participating internal systems for mission-critical processes such as accounts payable and invoice automation.
“Aravo is constantly striving to apply the lessons we’ve learned over the past fifteen years of experience working with some of the world’s most recognized brands. As a result, of this experience, our solutions are evolving to enable organizations to take advantage of our domain expertise to solve pressing issues related to both corporate and regulatory compliance in terms of managing their relationships with an extended third party community,” said David Rusher, Vice President of Product Strategy at Aravo. “There has never been a more powerful example of the application of this experience than what we’re providing in the January 2015 release. We continue to set the bar for excellence in supplier and third party management, risk and compliance due diligence, though the deployment of our platform capabilities and by leveraging our more than fifteen years of domain expertise.”
Aravo provides the market’s leading third party risk management and regulatory compliance solution. Aravo launched its cloud-based platform in 2004 and continues to serve as the industry’s leading innovator today. Our market-leading third party risk and compliance solutions include Registration and Qualification, Anti-Bribery / Anti-Corruption, Responsible Sourcing, and Data Privacy / Data Security. The world’s best-run businesses utilize Aravo’s platform, including General Electric, Accenture, Salesforce.com, Cisco Systems, Unilever, and DuPont. Aravo currently supports a user base of over 50,000 buyers managing 2.7 million third parties in 38 languages and 112 countries Aravo is headquartered in San Francisco, with offices in Chicago, Dallas, Portland, Monterrey, Mexico and Ahmedabad, India. For more information regarding Aravo’s award-winning third party risk and compliance solutions please visit our website http://www.aravo.com/.
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