Modern businesses rely on data. Third party risk management (TPRM) tools like ThirdPartyTrust help businesses keep that data safe across the entirety of their organization and supply chain.
But businesses need to do more than keep their data safe to be successful. They also need to use that data to make business decisions that are safe, smart, and ultimately secure. This is where many companies rely on business analytics, or business intelligence, tools such as PowerBI.
Business intelligence encompasses tools, processes, and strategies around how companies use data to improve their business. Whether through data visualization, data mining, analytics, or a host of other related activities, companies rely on business intelligence approaches to let their data guide their most important decisions.
But business analytics tools are only as good as that data going in. For most businesses those inputs include data from internal resources as well as customers. Of course many rely on industry data as well, whether from competitors or larger trends.
Performing business analytics on just this core data, though, is like only listening to one section of a symphony. Businesses risk making decisions without considering every available input.
This is where third party risk management (TPRM) data comes into play to enhance business analytics. For TPRM systems to work hand-in-hand with BI tools, they need to integrate directly, allowing for seamless data exchange so that only reliable and up to date information is feeding into the equation.
Unfortunately many TPRM tools don’t directly integrate with BI tools. Likewise, many businesses rely on processes that require employees to toggle different platforms, thus increasing workload and risk of error as data points are copied from one source to another.
ThirdPartyTrust’s system integrations with reporting tools
One of the things that sets ThirdPartyTrust apart from other TPRM providers is our open API and trust in partners to help make vendor management as accessible and powerful as possible. As a result, ThirdPartyTrust can already integrate closely with some of your most used software, including with popular office and Cloud software, GRC platforms (e.g. ServiceNow, Archer), ticketing programs (e.g. JIRA), and reporting tools.
Popular programs like PowerBI and Qlik are used in many companies to help collect, collate, and create data visualizations to make smarter business decisions. ThirdPartyTrust directly integrates with such tools to make them even more powerful for enterprise businesses who take their security seriously.
Combining TPRM and business intelligence tools provides several key benefits:
- Increased productivity by cutting time spent on repetitive actions across applications and minimizing errors.
- Getting better (integrated) data to make business decisions through a holistic understanding of how well a business is doing vis-a-vis data-driven risk management stats and decisions.
- Lower operational costs by cutting maintenance costs, simplifying, and automating processes across systems and avoiding unnecessary downtime.
Third party risk management can often be seen as a nice-to-have, or as necessary insurance. But by leveraging TPRM’s ability to enhance and round out business analytics tools, companies can add data points to build out appealing, robust, and secure business plans.
Want to know more? Let us show you how ThirdPartyTrust can add value to your existing business analytics tools and business intelligence processes today.
Requesting and responding to risk assessments should not be a killer
The security assessment process has been slow and time consuming, with manual questionnaires and repetitive requests.
With a Network Approach, enterprises can automate the request of security documentation, and vendors can automate the most common responses to quickly share results of SIG Lite, pen tests, and more.
