Winner of the Excellence in the Management of Innovation award for 2018, the category for large enterprises.
Foreseeing the future of risk with 99% accuracy
Predictions are notoriously difficult to make and there aren’t too many companies confident enough in their forecasting abilities to claim a near-perfect accuracy rate. A rare exception is SVA Holdings, an asset protection and risk management company with a track record of being right 99% of the time when forecasting its clients’ risk problems – months and even years ahead.
“For instance, we can predict non-compliance issues in a retailer’s stock-take two and a half years in advance. It’s been tried and tested, with 99% accuracy,” says Derick Deyzel, chief commercial officer at SVA Holdings.
However, clients need not wait for any length of time to see the benefits of implementing the improvements SVA suggests when it detects risk or compliance loopholes in their systems or processes, from the supply chain to health and safety. “We feed back to clients in real time so that they are able to make quick decisions about their risk profiles,” says Derick. “We are constantly hunting to improve processes.”
Technology gets it right
The uncanny accuracy of SVA’s risk-related forecasting is rooted firmly in its Infoman technology platform, developed in South Africa and patented in 43 countries.
It all starts with gathering the client’s operational data 24 hours a day and feeding this into the SVA platform, where it is weighted, rated, prioritised and escalated according to the client’s risk profile, all in real time and without getting in the client’s way.
“Infoman tells us when there is a challenge, where it is, who needs to fix it and when this can be achieved,” says Derick. “Our competitors may offer comprehensive audits but they are largely based on historical information. We bring current and more relevant information, right now.”
The benefit of real-time analysis is that the client can take immediate action to correct any non-compliance. If the driver of a logistics company, for instance, deviates from the approved route, Infoman will pick this up while it is happening and alert the client, who can deal with this straight away instead of after the fact.
Similarly, Infoman will pick it up immediately if one branch of a 300-store retail chain is neglecting to do the required daily count of high-value items such as TV sets and cellphones.
What SVA’s technology also does extremely well is to adjust and align with the client’s risk policies and procedures as these evolve. “It changes and improves so that it’s as relevant to the business in five years’ time as it is today,” Derick says.
What likely also impressed the tt100 adjudicators about SVA Holdings’ management of innovation capabilities is that its technology is as relevant to small enterprises as it is to large ones. “The technology platform works just as well with a company of five vans as it does with a national retailer with 300 to 400 outlets,” he says.
Perhaps it’s time to make a bold prediction: this won’t be the last time that SVA Holdings comes up with innovative technology that changes the face of risk management.