A local strike at an Indonesian supplier, or a fire breaking out at a Chinese factory, are incidents that frequently go unreported by your local media. This means that these events will get reported back to you by your supplier with a significant time lag—if they get reported at all. Thus, to stay informed of any potential or current risks affecting your supply chain, you must monitor thousands of suppliers in a multitude of languages and countries, which is almost impossible to do on your own.
What are the real-time risks impacting my suppliers right now?
What risks impacted my suppliers in the past?
What risks are impacting my commodity markets as a whole?
Are my suppliers as sustainable as they look on paper?
Have there been incidents that went unreported?
“Prewave enables us to find out about sustainability risks much earlier on, so we can respond more quickly.”
Marco Philippi
Head of Procurement Strategy, Audi AG
Andreas Schön
Manager Sourcing & Procurement Governance, Kärcher
“Working together with Prewave and its Artificial Intelligence we are identifying risks along the entire supply chain.”
Gunnar Büchter
Executive Director Procurement & Strategy, Yanfeng
27.8% of organisations reported more than 20 supply chain disruptions during 2020, up from just 4.8% in 2019. Organisations blamed COVID-19 for the dramatic increase, although European respondents reported disruptions caused by Brexit-related issues.
With the coronavirus crisis still looming over us, anyone in supply chain management will vividly remember the struggle of keeping up with production and operations as factories shut down, and delivery routes seized up. What if there was a solution which could pick up on all factory statuses and provide you with a risk prediction for future shutdowns? What if you could prepare for the next crisis well in advance?
Purchasing departments’ daily bread and butter is the selection of new suppliers. The decisions are mostly based on financial data and supplier assessments, all of which are lagging behind, as data is only reported periodically. They also fail to include incidents at suppliers, such as strikes, fires, etc. What if there was a way to screen a supplier and get historical information, as well as any current risks, up-to-the-minute?
Post-COVID, anyone in supply chain management remembers the struggle of keeping up with production and operations as factories shut down, and delivery routes seized up. What if there was a solution that could pick up on all factory statuses and even give a risk prediction for potential shutdowns? What if you could prepare for the next crisis well in advance?
Purchasing departments’ daily bread and butter is the selection of new suppliers. The decisions are mostly based on financial data and supplier assessments, all of which are lagging behind the reality as data is only reported periodically. They also fail to include supplier incidents, such as strikes, fires, etc. What if there was a way to screen a supplier and get historical information, as well as any current risks, up-to-the-minute?
Upload your suppliers and get started right away. Typical assessment providers will take years to get all your suppliers on board and require the participation of your suppliers.
With Prewave, we will have you up and running in a matter of days.
Period: 12 months
24,661 messages collected
18 Alerts reported
COVID-related disruptions were more likely to occur beyond Tier 1:
The importance of knowing your suppliers’ suppliers was emphasised in 2021, when respondents reported that
of COVID-related disruptions were due to disruptions in Tier 2 and beyond. Although this year’s research shows that organisations’ due diligence beyond Tier 1 is improving, COVID-19 has served as a tool to uncover where the gaps in processes lie.
In an ideal world, you would stay informed of any risks your suppliers might face ahead of time and down to the raw material. Welcome to the ideal world of Prewave! We use our AI technology to scour all publicly-available information, such as social media data, databases and more, in order to find any and all risks affecting your suppliers. If something is going on, we will find it.
Start monitoring your supply chain now!
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