Revolutionizing Supplier Risk Management
In an increasingly interconnected and volatile market, risk management has become a critical issue for companies. A study by INVERTO revealed that 42% of participants experienced delivery failures in the last 6 months, highlighting the vulnerability of global supply chains. To proactively identify and address risks, a mechanical engineering company with a 4 billion euro annual revenue and 40 locations worldwide implemented a new warning system.
This integrated tool solution assessed supplier risks from multiple angles, including credit rating monitoring, frequent supplier queries, internal evaluations, and push analytics. As a result, the company significantly improved its risk visibility from 10% to over 90% and identified several previously unknown risky suppliers during the implementation phase.