Page 38 - EngineerIT July 2022

TECHNOLOGY AND INNOVATION

Building a world class supply chain requires

better and faster KYC

stimates suggest the logistics themselves from dodgy, fly-by-night
industry contributes around 10 to suppliers, and from fraud and financial
E12 percent towards South Africa’s crime.
GDP. But for the country to command “With the increase in fraudulent and
a larger market share for its products criminal activities, robust KYC measures
on the global stage, supply chains need ensure businesses in the logistics sector
to be world class to ensure efficient only deal with legitimate partners
delivery of goods. One way to increase and supplies and their legitimate
efficiencies is by implementing Know directors. Verifying a company and
Your Customer (KYC) measures that that its creditworthiness is crucial, but the
really work, says Sameer Kumandan, SearchWorks platform takes KYC a step
Managing Director of SearchWorks, an further by providing a report on any
innovative data aggregation platform that negative news a company may have
allows users to conduct live, accurate received in the media,” Kumandan
searches on individuals and companies explains.
and in-depth KYC checks online. Although KYC is a priority for most Sameer Kumandan
“No business process can be businesses, conducting manual checks is
managed without necessary, up-to-date onerous, time-consuming, and open to to provide data or verify existing data
information. For the logistics industry, human error and oversight. Kumandan from various sources and is aligned with
in which planning and coordinating advises using a single, credible platform the National Credit Regulator and the
various processes simultaneously is a for faster and more effective results. credit bureaus, to ensure that searches
prerequisite, having the right information “Better decision-making in the hiring are performed within the confines of
about customers, suppliers and process is another way to ensure the the law and the governing bodies of the
employees can assist in making better sector improves its operations in line associated organisations.
business decisions that have a tangible with global standards. One example “Businesses in the logistics sector
impact on the company’s bottom line”. is verifying the validity of a driver’s can action CIPC and credit searches,
Every industry faces its own unique professional driver’s permit, an verify whether individuals appear on
challenges and risk factors and while it employee’s stated qualifications, and the worldwide PEP and sanctions lists –
is impossible to eliminate risk entirely, whether employees appear on any and have all this information integrated
Kumandan says implementing more international Politically Exposed Persons into one convenient report. As margins
stringent Know Your Customer (KYC) (PEP) or sanctions lists,” he says. become tighter, mitigating risk is a crucial
and Know Your Business (KYB) measures As the largest data aggregator in component in staying competitive,” says
means organisations can protect South Africa, SearchWorks has the ability Kumandan.

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