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10 Fastest Growing Compliance Solution Providers 2017

“Our mission is to bring transparency and visibility to the supply chains of companies around the world”: Source Intelligence

thesiliconreview-jess-kraus-ceo-source-intelligence-17Rapid and seemingly inexhaustible changes to the global compliance landscape have triggered a proliferation of uncertainty and have compelled savvy organizations to wield the power of spending to demand compliance assurance from their suppliers. Suddenly, many of the traditional methods of evaluating risk and measuring success may be based on false assumptions. In order to mitigate operational, legal and business continuity risk ahead of the dynamic compliance climate, businesses must increase certainty, impose standards, and communicate more transparently with their suppliers and customers. Best practices require compliance assurance and material disclosure from suppliers as a condition for doing business. Source Intelligence (SI) is a global network of businesses linked together to expedite the exchange and validation of compliance information.

Know the company

An effective supply chain compliance strategy can also help reduce or eliminate risk in the supply chain, which often occurs very early in the life cycle of a product when raw materials are extracted. Headquartered in Carlsbad, California, Source Intelligence was founded in 2009 and since then has been significantly expanding its global enterprise customer base, adding hundreds of thousands of system users, and adapting its technologies and solutions to meet a rapidly changing global compliance environment. It combines the best of cloud-based technology with a 24/7 Supplier Engagement Team to provide clients scalability, flexibility, and expertise needed to turn supply chain data into something meaningful and actionable. It takes into account all compliance requirements of supply chain management and provides solutions to navigate between the complex web of inter –relationships across various suppliers. The company operates globally.

Compliance is no longer a one-dimensional problem

Just as it says, compliance is no longer a one-dimensional problem. And that is why a linear compliance solution will no longer work. Source Intelligence understands the complexities that exist in this and paves the way to eliminate those challenges. The company started with a vision to bring transparency and visibility to the supply chains of companies around the world. Now, with more than 50 distinct supply chain programs and the industry’s only 24/7/365 success support system, Source Intelligence is the recognized global leader in its field. Global users have grown exponentially ever since – from about 1,000 in 2012 to more than 500,000 projected by early 2018 – and include some of the world’s most recognized brands.

The Genesis

The prime product was Carbon Foot Print Tracing Platform. This cloud-based tracing platform was very sophisticated. Thousands of suppliers can use the Web-based software to submit information on where they source their raw materials. The Dodd-Frank financial reform legislation of 2010 requiring public companies to report on conflict minerals in their supply chain in a manner that can be audited brought SI to light. Source Intelligence allows suppliers to make the necessary disclosures and then uses a raw materials database to check whether the reporting from suppliers is accurate. The company staffs a dedicated team of workers who speak 14 languages to help platform users navigate the complex process of securing and providing supply chain information.

Does the technology really help?

With the right combination of subject matter expertise and real world experience, SI develops a Supplier Engagement team who can give efficient and accurate reports. Also, SI’s cloud-based SaaS platform helps customers make informed decisions about business partners to offer products that meet legal, ethical, and environmental standards. It helps in attaining more details on the suppliers and their practices which in turn can be used for further analysis and development of new strategies.

It offers a supplier diversity program

The best feature that comes with the supplier diversity program is that it gives you a unique look into your supply chain. Supplier diversity programs recognize that sourcing products and services from previously under-used suppliers helps to sustain and progressively transform a company’s supply chain, thus quantitatively reflecting the demographics of the community in which it operates by recording transactions with diverse suppliers. Also, it offers a single platform through which the details of the suppliers can be collected together and analyzed. Learning more about your suppliers and their practices allows you to get insight into industry innovations and opportunities for your company that you may not have known existed.

A platform of sustainability and supply chain compliance

Ever since its origin, the company has been undergoing gradual changes and has been inventing technologies so that the inaccuracies in the given data can be ruled out. Every company is unique. From concept to audit, the entire process is managed by the subject experts of the company. Apart from the dozens of built-in supply chain compliance programs, SI can develop any number of supply chain programs that is suited for your company. Recently, these included solutions for California’s Prop. 65, anti-human trafficking, palm oil reporting, and Europe’s strict chemical disclosure rules (known as REACH-ROHS). In addition to this, the company is committed to free sustainability and compliance education across 8 key industries: retail/apparel, electronics, oil and gas, consumer manufacturing, bio/pharma and medical devices, aerospace and defense, industrial manufacturing, automotive. Whether it is a big company or small, SI’s cloud-based SaaS platform helps customers make informed decisions about business partners to offer products that meet legal, ethical, and environmental standards. Source Intelligence is already helping thousands of companies connect to their supply chain.

Greet the Architect

Jess Kraus, CEO: Kraus has more than 30 years of experience in the fields of environmental and sustainability data management. Source Intelligence has grown under Kraus’ leadership to become the #1 provider of supply chain sustainability data services and solutions, assessing suppliers for increased supply chain transparency and providing brand protection to comply with global regulations and investor demands. Prior to co-founding Source Intelligence® Kraus founded 3E Company and served as President, CEO and lastly as Vice Chairman (1986 – 2010). A student of the University of California, San Diego, Kraus holds degrees in mathematics and chemistry, was certified in Hazardous Materials Management and was a California Registered Environmental Assessor. He is active in many business and civic organizations, including YPO/WPO (Young Presidents Organization/ World President’s Organization).

“We make it easy to get the compliance documents and materials data you need from your suppliers”