Companies increasingly utilising analytics to protect against supply chain fraud
During the past four years, use of analytics to mitigate third-party supply chain fraud, waste, and abuse risk has jumped to 35% in 2017 from 25.2% in 2014, according to a Deloitte poll.
Between 2014 and 2017, an average of 30.8% of poll respondents reported at least one instance of supply chain fraud, waste and abuse in the preceding year. However, some industries saw higher and lower rates of financial abuse.
“It's encouraging to see more organisations using analytics to help prevent and detect financial abuses within supply chains each year,” said Mark Pearson, Deloitte Risk and Financial Advisory forensic principal, Deloitte Financial Advisory Services LLP.
“Unfortunately, increased vigilance doesn't translate into lower instances of fraudsters trying to perpetrate their schemes. Even the most advanced analytics users should work to constantly evolve their efforts to stem supply chain fraud, waste, and abuse.”
For the third time in four years, consumer and industrial products professionals reported the highest level of supply chain abuse for the past 12 months (39.1%), a slight decline from 2016 (39.6%).
Energy and resources (34.7%) respondents also reported a higher than average rate of financial abuse in 2017, dropping a bit from 2016 (35.9%). Life sciences and health care professionals noted a marked decline in 2017 (26.3%) from 2016 (36.9%).
“In the energy and resources industry, I've seen complex capital projects rife with bribery, bid rigging, collusion, fraud, and other schemes,” said Larry Kivett, Deloitte Risk and Financial Advisory forensic partner, Deloitte Financial Advisory Services LLP.
“Beyond reducing sole-sourced procurement to manage risk, supply chain executives can also prevent financial abuses by working to improve supplier invoicing timeliness, accuracy, and approval processes.”
Pearson added: “From a life sciences and health care perspective, I'm surprised to see such a big drop-off in reports of financial abuse from 2016 to 2017. But, I wouldn't take that slowdown as a reason for supply chain executives to get comfortable.
“Even in highly regulated industries, there are still motives for bad actors to commit supply chain abuses. Managing supply chain risk is a constant effort.”
Supply Chain Leader TransImpact Refreshes Identity
Supply chain and logistics leader Transportation Impact today unveils a new corporate identity to reflect its expansion beyond shipping and evolution into an end-to-end supply chain technology solutions provider.
The organisation will be known as TransImpact, today unveiling the new name, a refreshed logo and branding, and an updated website at www.transimpact.com. The new tagline ‘Driving Value. Creating Next’ highlights its new motivation and strategy to evolve its business and ‘create a foundation for new opportunities’.
The Evolution of TransImpact
Branding research revealed to TransImpact that the company has built a strong, industry-wide reputation for agility and innovation over the past 12-plus years, during which it has primarily been known as a pioneer in the parcel negotiation industry. Investment into its new visual and corporate identity reflects that shift, says Berkley Stafford, CEO, TransImpact.
“The name TransImpact is a natural evolution from our original name, Transportation Impact,” Stafford said. “As we evolved to support clients beyond shipping, this new name better reflects our new future as a technology company delivering solutions across the entire supply chain continuum.”
Today’s rebrand is the latest step in TransImpact’s evolution. The company acquired supply chain business intelligence platform Vizion360 in January 2021, and now provides a suites of Software as a Service (Saa) technologies, consultancy, and managed services across its Parcel Solutions, Business Performance Solutions, and Managed Logistics Solutions divisions.
Who Are TransImpact?
- Founded: 2008
- Employees: 150
- Customers: 1000+
- Headquarters: Emerald Isle, North Carolina
- CEO: Berkley Stafford
TransImpact is an industry leader in the development and application of end-to-end technology-based solutions that optimise supply chain operations. It serves more than 1,000 customers, including global organisations such as jeweller Pandora, fashion and footwear brand Toms, and sports equipment company Ping. TransImpact manages over $1bn in logistics spend, and clients that leverage its parcel solutions save an average of 19.7%.
TransImpact is led by chief executive Berkley Stafford, a former UPS man and, more recently, Head of Healthcare Sales, the Americas, for Envirotainer. Stafford has been instrumental in TransImpact’s vision to move beyond shipping, and is a strong advocate for IMPACT1, the company’s philanthropic initiative through which more than $1m has been donated to charitable causes. He holds a BSc in Business Administration from The University of North Carolina at Wilmington.