Assent drives efficiency for our clients by managing complex requirements for product compliance; environmental, social, and governance (ESG); and trade compliance. We help some of the world’s largest manufacturers build more sustainable supply chains, but quantifying the impact of our solution is often a challenge due to the nascent stage of our industry and the lack of qualitative and quantitative data.
Earlier this year, we commissioned Forrester Consulting to get under the hood and help our customers (current and future) understand the potential return on investment (ROI) they can realize with Assent. They interviewed four Assent customers, examined hard data and aggregated their findings to form a single composite organization. The result? A 23-page study highlighting the impacts and benefits customers have realized while using the Assent Platform to build sustainable products.
The Forrester Total Economic Impact™ (TEI) study has finally quantified these impacts, and the benefits have proven to be clear, surpassing expectations. With Assent, manufacturers reduce supplier engagement costs, reduce the cost of onboarding new suppliers, improve audit processes, improve brand reputation, and return capital and resource time to the company.
After extensive interviews and financial analysis, the TEI study has calculated that Assent’s value equates to 304% return on investment (ROI) over three years.
Why the Study Matters
The regulatory landscape is vast, evolving, and complex. That means manufacturers are often left wondering whether they should attempt to build an internal program or trust an external organization, like Assent. Now, as product compliance, trade compliance, and ESG issues grow more important to customers, regulatory entities, and investors, it’s vital to ensure you have the compliance data and information you need to protect market access, defend your reputation, and go to market with confidence.
The Forrester TEI study showcases not just Assent’s quantifiable benefits, but also our unquantified benefits and how our solutions and platform compare to internal programs.
The most prominent figures are:
- ROI: 304%
- Net present value (NPV): $1.56 million USD
Assent’s Quantified Benefits
An entire section of the TEI study focuses on Assent’s quantified benefits. This section includes numerous findings that showcase our unique and unparalleled value to manufacturers and their suppliers.
Those quantified benefits include:
- 100% reduction in supplier engagement and reporting costs for program management
- 50% percent reduction in supplier onboarding costs
- 10-20% reduction in the risk of non-compliance costs
Unquantified benefits are those that provide value but were not quantified in this study. Those benefits include:
Faster Supplier Onboarding
With streamlined supplier due diligence, manufacturers are able to onboard suppliers onto the platform faster, which can boost revenue, competitiveness, and brand reputation. This also helps avoid supply chain disruptions.
Improved Audit Processes
Assent’s platform eases the regulatory audit burden on staff while putting organizations in a better position if they are audited. Specifically, organizations have more data that bolster their product compliance and supply chain sustainability practices.
Improved Brand Reputation
Our industry-trusted solution and regulatory expertise improve program maturity and generate trust from suppliers, customers, and regulators.
Wondering what the differences are between building an internal program and buying a solution?
How the Assent Platform Addresses Key Challenges
Manufacturers face many challenges in the regulatory world that are often expensive and difficult to solve. Assent’s platform provides key benefits that help solve these puzzles.
Some of these challenges include:
The regulatory landscape constantly evolves and expands. As of last year, there were nearly 4,000 regulations that required some level of supply chain due diligence. Many organizations struggle to gather the massive amounts of data required to satisfy these legal requirements, along with investor and consumer demand for ESG data. This, in combination with compliance variables and sustainability standards, proves to be a large draw on internal resources.
With Assent’s solution, manufacturers are able to get this data without increasing internal headcount. They are also able to focus internal resources on other revenue-driving activities, while improving customer satisfaction, meeting compliance requirements, and driving significant ROI and cost savings.
In addition to lacking the internal expertise required to track and comply with evolving regulations, many manufacturers do not have the capital or ability to find the talent required to manage their supply chain sustainability program.
With Assent’s platform and expertise, which includes the ability to speak with suppliers in a variety of languages, manufacturers can get deep, defensible compliance data without having to spend significant internal resources on hiring additional talent.
Lack of Internal Expertise
When it comes to product compliance, trade compliance, and ESG, the details matter — and can sometimes be the difference between compliance and non-compliance. Many manufacturers lack the expertise required to track these topics. Attempting to run programs without considerable knowledge and experience can create compliance violations and reputational risks, among other concerns.
With Assent’s solution, you get nearly 200 years of experience to guide you on your journey to deep supply chain sustainability.
Read the Full Study Now
At Assent, we help manufacturers see deeper into their supply chain, work smarter, and grow better. Combining technology that is purpose-built for complex manufacturers with regulatory expertise, our solution gives manufacturers the opportunity to cut costs, improve their brand reputation, and protect market access.
If you’d like more information about our best-in-class, innovative platform, download the Forrester TEI study.