Riskmethods, a global specialist in supply chain risk management, has released a coronavirus supply chain visibility kit that provides immediate insight into how and where the virus is impacting global supply chains. The out-of-the-box tool, which can be up and running within 48 hours, tracks coronavirus related risk and provides instant visibility and ongoing monitoring of supplier, port, airport, country and border disruptions related to COVID-19.
“The coronavirus continues to wreak havoc on global supply chains. The business and economic ramifications are constantly evolving, which puts executives in a difficult position,” said Patrik Heider, CEO of riskmethods. “Organizations need to get immediate insight into their supply base to identify where they are vulnerable, take corrective action and ensure they have a system in place to monitor key supply chains 24/7.”
As of March 6, 2020, research has shown that 81% of manufacturing companies are currently experiencing supply problems due to the coronavirus. Overall, riskmethods has informed customers in over 50,000 cases where their supply chain could be at risk.
The riskmethods Coronavirus Supply Chain Visibility Kit is a new offering and provides 12 weeks of access. Powered by AI-based technology, the Kit protects organizations by equipping procurement and supply chain leaders with instant, company-specific insights into real-time virus-related risk, including:
The production downtime of suppliers
Quarantine, lockdown zones and logistics restrictions that impact suppliers and corporate operations
Country- and location-related transportation barriers and restrictions
Force Majeure and bankruptcy of suppliers
Future revenue outlook of suppliers
“riskmethods has played an integral role in helping us understand the spread of the coronavirus and its impact on our supply chain,” said Daniel Jung, Head of Strategic Procurement at Swiss Steel AG. “The insight enables us to make quick, data-based decisions and ensure consistent, reliable, on-time deliveries.”
“Manually identifying affected suppliers and supply chains takes weeks of intensive work and hundreds of man-hours. By the time you’re finished, the situation on the ground will likely have already changed,” said Rolf Zimmer, Founder and Chief Solution Officer of riskmethods. “Our new offering gives supply chain executives the intelligence they need to report on the impact internally, start mitigating and ensure business continuity.”
About riskmethods
riskmethods empowers businesses to identify, assess and mitigate supply chain risk. By using artificial intelligence, we help customers automate and accelerate threat detection, enabling them to gain competitive advantage with a well-managed approach to meeting customer demands, protecting reputation and reducing total cost of risk.
