Updated solution addresses risk exposures that impact entire supply chains, going beyond supplier risks, for today’s disruptive environment
The Smart Cube, a global provider of strategic research and analytics solutions, today announced a major update to its Supplier Risk Intelligence solution. The new functionalities will help companies identify, monitor and mitigate risks not just at the supplier level, but to address broader disruptions that pose risks to the entire supply chain.
Since the onset of the pandemic, The Smart Cube has seen demand for its supplier risk analysis skyrocket as companies seek to better understand their global supply chain risk exposures. From 2019 to 2021, risk-related enquiries to The Smart Cube are up 400% and this surge of interest looks set to continue throughout 2022.
The Smart Cube recognised the need to extend risk coverage beyond the supplier level and now covers factors at the broader industry and macro environment levels such as COVID-related lockdowns, material shortages, trade and other sanctions, military conflict, port congestions and more.
With expanded capabilities, the solution now provides deeper visibility into supply risks, leveraging data from multiple sources including company filings, regulatory websites, news, social media and third-party intelligence.
“In today’s business environment, major industry and macro environment disruptions have become the norm instead of isolated exceptions, from port congestion and container shortages affecting the transport of goods, and stalled production lines due to material shortages, to COVID-19 outbreaks shutting down key manufacturing hubs in China,” said Sayan Debroy, Supplier Risk Intelligence Solution Manager at The Smart Cube. “It’s incumbent on organisations to adjust their supply chain strategy to accommodate unprecedented risk exposures. That’s why we have expanded the capabilities of our Supplier Risk Intelligence solution, allowing us to provide customers with a more holistic, 360-degree view of the risk landscape.”
The Supplier Risk Intelligence solution’s newest features include:
- Holistic view of risk, based on supplier, industry and macro environmental risks
- Advanced frameworks for risk-based supplier segmentation and supply chain mapping
- Mapping of tier 2 and 3 suppliers with tier 1 suppliers for improved visibility into supply chain dependencies and potential disruptions
- Need-based risk deep-dives for a better understanding of specific risks flagged by the risk monitoring platform
- Need-based intelligence for timely and effective mitigation of risks flagged to eliminate or reduce risk exposures
Leading industry analyst Spend Matters commented: “The Smart Cube’s Supplier Risk Intelligence solution checks all boxes and helps clients identify, monitor and mitigate supplier risk to ensure business continuity and meet compliance and sustainability goals.”
For businesses with a large supplier base and complex supply chains, managing supply chain and supplier risk is a major challenge. The Smart Cube can help proactively identify, monitor, and mitigate third-party risks to ensure business continuity and meet compliance and sustainability goals. To learn more, visit The Smart Cube’s website.
The Smart Cube will be at World Procurement Congress 2022, 13-15 June. Come and talk to us at Stand #10 to learn more about our solutions, our AI + HI approach and how we can help you build a procurement function that is fit to endure future challenges. If you are looking for something fun and exciting at the event, do visit our 80’s arcade area to challenge the status quo!