Leading startup in technology for supplier risk management,ThoughtsIt presents an innovative platform that promises to revolutionize the supplier approval process, reducing approval time by up to 90%, already serving more than 200 large companies. More than 400 pieces of information from public and private sources are automatically collected and analyzed, including registration data, certificates, and legal proceedings.
To understand how this process works, Lucas Madureira, co-founder of Gedanken, explains that the platform can, for example, read all the legal proceedings of a specific supplier. Furthermore, it indicates whether there is any subject within that legal process that may involve some risk. We not only provide the data, but also drastically accelerate the analysis time of a counterparty.
The intelligence developed by Gedanken identifies potential risks related to forced labor, child labor, inadequate working conditions, international lists, arrest warrants, debts, government relationships, environmental, social, financial issues, and reputation damage. The solution uses this feature to automate and customize data analysis, freeing companies from bureaucracy and allowing them to focus on their core business.
The customization of the approval process is one of the platform's pillars. By recognizing the difference between transactional and critical partners, the solution offers an intelligent and personalized approval flow for each. This approach directs the analysis to the specific areas that pose a risk related to each supplier, eliminating unnecessary steps and optimizing the approval time and continuous monitoring.
“Imagine that a supplier has an integrity issue related to corruption; in this case, only the compliance team can approve it. If the issue is environmental, only those responsible for environmental issues can resolve it. If the supplier does not present any risk, it will be approved automatically, without the need for human intervention. This speeds up the time it takes to approve the supplier, significantly reducing the operational time that many companies waste in this process today. This way, companies can focus their efforts on the most relevant suppliers, reducing bureaucracy and streamlining the process as a whole,” explains Lucas.
This is an important moment in the market, as companies seek solutions to optimize their supply chains and ensure compliance with best ESG (Environmental, Social, and Governance) practices. Data from the Gartner Supply Chain Symposium/Xpo held in May of this year estimates that by 2027, 50% of companies will be managing supplier contracts using AI-enabled analytics and risk editing tools.
Thoughts surge as an ally in this scenario, offering a platform that optimizes the process of approval, risk management, and sustainability. "One of the major challenges faced by companies is the lack of personalization in the onboarding process," explains the co-founder of Gedanken. "Often, all suppliers are treated the same way, regardless of their strategic relevance, their impact on the organization, or the criticality of their activity. Our platform treats the different ones differently, according to the criticality of each supply category."
