Streamlining Supplier Compliance: Unlock Efficiency, Reduce Costs, and Enhance Supplier Management

Discover how a Fortune 50 Global Retailer achieved a remarkable 37% compliance increase and transformed its supplier management with Evident's COI Tracking Solution.

Read The Full Case Study
krisztina-papp-_wkrWd5o8sA-unsplash

Customer Story Stats

  • Client: Fortune 50 Global Retailer
  • Industry: Retail
  • Product Range: Grocery, home goods, beauty products, and more
  • Global Reach: Products sourced from 22 different countries
  • Number of Suppliers: 40,000 (across various risk categories)

Problem:

  • Manual COI Collection: Inefficiencies and duplications from multiple departments collecting Certificates of Insurance independently.
  • Verification Bottleneck: A small team faced a backlog of work reviewing COIs against specific insurance requirements.
  • Inefficiencies and Errors: Manual processes led to errors and hindered the translation and verification of international supplier coverage.
  • Time-Consuming Communication: Back-and-forth communication between departments and suppliers took an average of 30 minutes per supplier.
  • Delayed Compliance: The process took seven days from COI collection to determining compliance, hampering supplier relationships.
  • Low Compliance Percentage: Only 45% compliance, with international supplier status remaining unknown.
  • Claim Payout Liabilities: A third-party claim arose due to an outdated COI, causing complications and financial loss.

Solution:

  • Customized Insurance Requirements: Evident automated the verification process, saving 3 minutes per COI, per supplier.
  • Automated Communication: Streamlined COI collection into a single, efficient process with 14% of suppliers submitting compliant COIs the first time.
  • International Coverage Analysis: Extracted coverage types from COIs in 22 countries and 15 languages for instant, accurate compliance verification.
  • Efficient Non-Compliance Handling: Direct communication of non-compliance reasons to suppliers facilitated quick adjustments.
  • Supplier Assistance: Provided small suppliers with insurance fulfillment options through partners, helping them meet requirements 2.4x faster.
  • Dramatic Compliance Increase: Compliance surged from 45% to 82% within 12 months.
  • Premium Savings: Negotiated a 4.5% reduction in premium costs at insurance renewal due to better risk management.

By implementing Evident's automated solution, this Fortune 50 Global Retailer not only streamlined its supplier compliance process but also significantly reduced costs, minimized claim liabilities, and improved global supplier management. This success story serves as a testament to the transformative power of automation in optimizing business processes.

Read The Full Case Study

Reduce third-party risk with automated insurance verification