With an ever-growing amount of data created on a daily basis, the cost of upkeep on risk and regulatory compliance likely isn’t the cheapest line item for businesses. The time and energy spent on ensuring outside vendors are safe takes away time that could be spent on new partnerships and development of new company product and service offerings.
One company hoping to help reduce costs and increase the amount of data analyzed is partnering up with the world’s largest business commerce network. Canadian cognitive computing data analysis startup OutsideIQ has announced its partnership with German-based SAP Ariba to help organizations move the risk and regulatory compliance vendor screening process along at a much faster pace. Both companies confirmed this partnership will go fully public later in the month of March but have not yet disclosed the financial aspects of the deal.
OutsideIQ’s CEO Dan Adamson shared with Reuters that the computing platform has the capability to complete over three fourths of human analysis in mere minutes — at a much cheaper rate. The software also has the ability to be trained in various functions to be tailored to each businesses’ needs. By stepping into compliance, this move is the first time OutsideIQ has worked with businesses outside of finance.
With this partnership, organizations will have real-time vetting of risk and regulatory compliance at their fingertips. By reducing the amount of time it takes to confirm safety, companies will be able to focus on their core offerings to consumers and thus increase innovation alongside profitability.