Bangalore: EY, a global professional services organization has announced its plans to roll out Spectra – a bespoke risk analytics platform to three high-priority sectors namely, Financial Services, Retail and Consumer Products and Life Sciences.This digital platform has been fully developed by EY India team.
While complexity of business processes has seen a sharp rise over time, organizations are feeling the need to manage large scale risks and develop compliance intelligence. Even as data management has become a priority, the struggle to store and analyse data to make informed governance, compliance and risk avoidance decisions, continues to rise among organizations. The roll out of Spectra in three critical growth industries will go a long way in helping businesses adapt to a constantly evolving digital landscape and thereby, stimulate innovation and business progression.
Powered by comprehensive digital and cloud technologies, Spectra has been playing an instrumental role in providing end-to-end risk intelligence support to organizations in the chemicals and industrial products domain.
This unique risk analytics platform helps businesses derive structured analysis by providing real-time business insights through visualization to enhance customer engagement, increase revenue and to lower costs. With the help of Spectra, business leaders can drastically reduce the time spent in analysing data, identify inconsistencies and make well informed decisions.
A unique combination of EY’s cross-sector advisory experience and data intelligence, Spectra can help accelerate the digital transformation journey of organizations across industries.
“While there is very little doubt in the fact that data generates great value for businesses, it is also true that a minor data security breach can have a considerable impact on an organization’s reputation and performance. Spectra has not only been addressing such security loopholes but has also reinforced our long standing commitment to building a better working world by helping enterprises secure their businesses and drive innovation. It brings together our combined expertise in helping businesses manage risks more efficiently and identifying bottlenecks by turning information into intelligence,” said Sardul Seth, Partner – Advisory Services, EY.
Safex Chemicals: Spectra use-case
Safex Chemicals India Ltd., a leading company with a strong foothold in the Indian agrochemicals industry has been one of the early adopters of Spectra. Within just nine months of Spectra’s deployment, it led the organization to improve business efficiency and embark on a digital transformation journey with an increased focus on customer centricity.
“Digital transformation has created a rapidly changing business environment. It is disrupting value chains and compelling organizations to rethink nearly everything they do. At Safex Chemicals, it is our constant endeavour to provide sustainable and affordable products to our customers. EY Spectra provides us insightful intelligence and has helped us gain a competitive advantage in our day-to-day business processes and faster decision making. We look forward to a continued association with EY as we advance in our digital transformation journey,” said Piyush Jindal, Director, Safex Chemicals.
EY’s Risk Analytics Practice teams globally to co-create tailored solutions, using data analytics to discover opportunities, manage risk, reduce fraud and deliver better outcomes for businesses in their growth journey.