LSI’s Compliance Solution Saves Companies Money & Time

Al Limaye is so sure that his company’s products can save others money, he wants to tell the Northwest Mountain MSDC all about it.

Limaye, president of Logistic Solutions, Inc. (LSI), is holding a Council-exclusive event on Sept. 25 at Microsoft: The Governance, Risk, and Compliance Forum. Chief risk officers, chief compliance officers, and supplier diversity executives are invited to attend.

Based in New Jersey, LSI helps build specialized software for companies in a multitude of industries, including manufacturing, pharmaceutical, government, and retail. “When they need to run their businesses, they need to build specialized software platforms,” Limaye said. The companies buy the platforms “and need to customize those platforms to fit their business needs.”

That’s where LSI steps in, providing customization and solutions to fit those companies. The Council-certified MBE is also a certified reseller of software.

One of LSI’s products is its Governance, Risk, and Compliance Solution (GRC), which also covers cybersecurity. The solution can be applied across sectors to streamline processes and ensure compliance with regulations; for example, companies can use the tool in their financial systems to make sure they aren’t violating the Dodd-Frank Act.

Limaye says his customer Merck & Co., the pharmaceutical company, is saving $2 million a year with the GRC. Merck had found that giving and taking away employees’ access rights—that is, giving and taking away access to company communications and internal systems in tandem with an individual’s employment—was “not only costing money, but it was error prone as it was a manual process,” Limaye said. “Through this compliance tool, we automated the whole process.”

Another successful application of the GRC is in the manufacturing industry. LSI is using the SAP Product Stewardship Network to help customers comply with regulations governing the use of conflict minerals. Companies such as Boeing, Lockheed, and Dell frequently use natural resources that must comply with the Conflict Minerals Law, and penalties for violating the law are significant. “Our tool can double check, triple check, to make sure that their supply chain conforms to the laws,” Limaye said.

Limaye is convinced that the tool can benefit Council Members from assorted industries. To that end, the Sept. 25 forum will include one general session and then several breakout sessions by field subject matter experts.

“The larger the company, the more value they will get,” he said.

For more information about the event or to register, click here.