Transform the Way You Work with Data

In today's fast-paced and competitive business landscape, staying ahead of the curve is crucial for success. Leading businesses around the world should recognize the importance of leveraging cutting-edge solutions to enhance efficiency, automate processes, and gain a competitive edge. To support companies on their digital journey, KPMG has launched Sofy, a cloud-based platform that offers a range of solutions to help businesses automate their operations, improve efficiency, and reduce costs. With Sofy as their digital ally, organizations can unlock new levels of productivity and drive success in an increasingly digital world.

Sofy offers the following benefits to our clients:

• Automates manual and repetitive tasks, allowing clients to focus on higher value activities;
• Increases data quality, accuracy and reduces errors;
• Improves compliance and enhances compliance processes;
• Improves efficiency and reduces costs by streamlining workflows; and
• Allows better decision making due to detailed and timely insights based on accurate data.

Due to the modular setup of the solutions, it is possible and beneficial to integrate multiple components of Sofy in order to control the full organizational landscape. Several of our clients start small with one module, and over time increase their Sofy footprint by onboarding other solutions for different areas into their platform.

Sofy contains a range of strengths and advantages that make it a valuable choice for organizations. Being a low-code platform means that solutions can be easily configured, deployed, and tailored to the specific needs of our clients. Additionally, it provides a limited time to market compared to similar tools, thanks to its readily available “out of the box” components. Furthermore, Sofy serves as one integrated platform, which not only reduces the complexity of an organization’s solution landscape, but also minimizes the effort required to combine different solutions, such as risk management and internal control management. By leveraging these advantages, we have successfully integrated Sofy on a global level for many of our clients around the world, proving the effectiveness of the solution. 

Many businesses face a common challenge in finding the right value in their data, which is abundantly available nowadays and will continue to increase due to digitization. This increasingly complex analytics landscape makes it a challenge to get the right information to make informed decisions. Our Sofy Suite covers five key domains that can help businesses get relevant real-time insights into their data, while at the same time offering the ability to take concrete actions, or even automate them. Below is an overview of all our solution categories:

In this blog post, we will introduce Sofy’s ESG, GRC and Data Management solutions briefly, shedding light on what they bring to clients.

With Sofy’s ESG offering, clients can monitor and report on Environmental, Social and Governance performance, in order to make informed decisions and improve sustainability practices. One of the key functionalities is Sofy’s Carbon Calculator, which provides insights into baseline emissions for both direct and indirect emissions. It allows for scope 1, 2 and 3 data uploads in different formats which will then be converted into tons of CO2 for uniform reporting across the organization. The tool also calculates the potential impact of predefined reduction initiatives to help prioritize actions and achieve emissions targets efficiently.

Our GRC solutions help clients manage their risks efficiently and transparently. They address key challenges that require complex analysis, data management and insights to help clients create better business approaches. The following are GRC solutions Sofy offers:

• Access Management: This solution assists organizations in effectively controlling and monitoring risks associated with the Segregation of Duties conflicts and critical system access, mitigating the growing challenges of managing and securing their IT landscape.
• Controls Management: Sofy GRC helps organizations remain compliant by providing a centralized repository for data (entities, processes, IT applications, relevant risks, and controls).
• Continuous Control Monitoring: Simplify your compliance efforts with our automated controls library, allowing you to streamline execution, increase quality, and provide real-time insights to stakeholders.
• Risk Management: This solution empowers organizations to proactively identify and manage risks, enabling them to assess and mitigate potential issues, thereby maintaining a robust risk management program and stay ahead of emerging risks.
• Audit Management: This tool streamlines and enhances the documentation, planning, and execution of audit activities, replacing Excel sheets and emails, while integrating with other modules to automate information visibility, reducing manual effort, and ensuring organizational preparedness for regulatory reviews.
• Policy & Regulations: Sofy GRC makes it easy for organizations to develop and manage policies that align with their specific needs. With its policy management features, clients can create, review, and update policies quickly and easily.

Sofy’s data management solutions enhance the value of your data. It enables you to continuously monitor data quality throughout your different systems and identify activities you can take to improve your data. Sofy can integrate with any source systems, which is key in achieving an organization-wide insight into the data quality. Sofy's comprehensive data management suite empowers organizations to ensure that their data is fit for its intended purpose through initial data profiling and data quality measurement, which can be visualized in hands-on dashboards. Furthermore, Sofy acts as a bridge between you and your data, providing your employees with the necessary ownership over your data and creating a data dictionary to define, classify and govern all relevant metadata.

In short, we are convinced that Sofy can help organizations accelerate their digital ambitions and leverage their data to tackle various business challenges in a wide range of domains. Sofy’s solutions are developed by KPMG subject matter experts, integrating KPMG’s best practices at every step of the way. We take a holistic approach that starts with understanding your business challenges, bringing clarity around your objectives before selecting the Sofy Suite components that will help you meet your goals and define the functional scope, the organizational scope, and IT landscape that should be integrated into the solution. KPMG is there to offer advice and guidance along the way, helping you continuously improve your data analytics—and turn your insights into action. With the insights you gain, you’ll have the ability to enhance your business decision making, risk and compliance management, and data performance.

Interested in learning more and seeing what it can do for your clients? Reach out to Liese Blevi to arrange a demo or introduce Sofy within your Business Unit meetings.

Additionally, you can follow our LinkedIn page for regular updates.

Author: Jeroen Bolle & Vidyottama Faujdar