Businesses are relying on outsourcing more than ever to facilitate workflows and enable productivity — which means compliance management teams must monitor an unprecedented number of tools and services. In fact, Black Kite research shows organizations have digital connections with anywhere from 20 to 200 critical third-party vendors, introducing tidal waves of compliance data that must be processed.
Procurement and compliance professionals are busy enough with their existing duties. Adding dozens of new solutions and tools at a time that need vetting causes resource strain and burnout. Even so, teams must keep up with the rapid influx of data needed to make compliance decisions. Otherwise, they put their organizations at serious risk for fines — or even worse — attacks.
That’s why we built the Black Kite Parser — a tool that can automate compliance data collection and analysis, practically hands-off. This feature of our platform can ingest and contextualize mountains of data, providing your teams with the insights they need to make critical compliance decisions to handle today’s procurement needs at scale.
Current Challenges in Procurement and Compliance Management
Rapid digital expansion introduces new problems in procurement and compliance management. However, many organizations respond to these challenges with outdated solutions and best practices that no longer cut it in a business ecosystem that requires timely decision-making.
The Black Kite Parser offers a modern solution for these modern challenges. Our AI-powered tool has the power to mitigate compliance headaches by automatically transforming data into insights, allowing organizations to meet regulations while continuing to outsource.
The Challenge: Data Overload
Compliance teams need accurate, relevant data to make sound procurement decisions. The current best practice for collecting that data is through the age-old questionnaire.
However, questionnaires often fail to take compliance teams across the finish line because they’re often unable to provide the context that organizations need when they’re gathering information — such as how directly a compromised vendor would affect workflows or whether a vendor contributes to cascading risk. Plus, they’re often stuffed with irrelevant, unnecessary data that bogs down teams looking for insights.
Plus, organizations must also process several other types of documents in addition to questionnaires to maintain compliance. As a result, compliance teams often end up manually looking through countless documents and data points in search of relevant information.
The Parser Rapidly Translates Vendor Data — Across Document Formats
The Black Kite Parser can automatically read and pull insights from several types of documents — including questionnaires — that are essential for compliance management. Our tool can also ingest information from:
- Info security policies.
- ISO certifications.
- SOC2 reports.
Our tool gives organizations a more precise view of the data contained in those documents at the speed and efficiency modern business requires. Anecdotally, one of our clients said that its timeline of assessing a third-party vendor’s compliance documents had dropped from four to six weeks to four to six hours with the help of Black Kite.
The Challenge: Difficulty Meeting Scale
Procurement and compliance management no longer involves ensuring two or three vendors meet standards. For most companies, it is now a matter of maintaining compliance across hundreds of different solutions and services at a time.
A rapid influx of vendors, tools, and other third parties can be especially challenging to manage for organizations with compact compliance teams. Suddenly, compliance professionals are expected to do more work with less bandwidth. That can cause significant growing pains, or even worse, lead to burnout that allows critical data to fall through the cracks.
The Parser Enables Fast, Hands-Off Automation
The more relevant data an organization can analyze and process about a potential third party, the better-informed decisions about that third party will be. That’s why we built the Parser with a strong foundation of AI. This key component of our platform enables automated processes that help organizations sift through all the data that comes with adding new technologies, tools, and services.
With the power of the Black Kite Parser, compliance teams can hone in on the information that matters to them — at scale — with incomparable speed and efficiency.
The Challenge: Uncontextualized Data
While questionnaires and third-party audits can be helpful, they put organizations at risk of processing uncontextualized — or even worse — inaccurate information.
Questionnaires and other similar data collection forms rely on good faith from vendors. Unfortunately, answers in questionnaires often end up being more optimistic rather than realistic. Third-party audits are more objective; however, they may not incorporate all the data points and context organizations need. That can lead to missing important compliance gaps and failures, which limits decision-making.
Black Kite Delivers a Compliance Gap Analysis
At Black Kite, we believe that simply collecting data is only half the job. The next (and most important) part is triple-checking that data and putting it into context. That’s why, in addition to the Black Kite Parser, we provide a Compliance Gap Analysis report, which analyzes those data points against control frameworks and standards reflecting your organization’s chosen satisfactory compliance levels.
Our Compliance Gap Analysis report is transparent about its insights, enabling compliance professionals to trace exactly where their current and potential vendors might not be up to standards. This helps your teams identify major gaps in compliance with third parties and whether those gaps have the potential to be impactful.
Get a Handle on Procurement and Compliance Management with Black Kite
When handling procurement and compliance management, organizations are bogged down by the time and resources it takes to separate the data that matters from the data that doesn’t — let alone glean insights from that data. The Black Kite Parser mitigates those challenges by leveraging automation to gather relevant data and identify compliance gaps.
With the right AI-powered tool, your organization can turn its procurement and compliance management processes from a headache into a major superpower. Our platform goes above and beyond old-hat approaches to compliance, ensuring no critical data point falls through the cracks and making procurement decisions fast, easy, and clear.