San Francisco, California, 22 October 2018 – Resilinc, the leading provider of supply chain visibility data-as-a-service and advanced risk analytics platform, has upgraded its EventWatch® news monitoring service to give users more comprehensive and actionable intelligence on global events that could disrupt their supply chains. The company is also offering a new streamlined version of the software tailored for cost-effective use by small to medium-sized companies.
“There are two significant differentiators for this release of EventWatch,” said Resilinc CEO Bindiya Vakil. “First, we have expanded the capabilities of EventWatch to cover about 10 times as many news and information sources as the current version from social media to blog posts, and from company websites to obscure local news sites. At the same time, the enhanced machine learning and AI incorporated into this version of EventWatch filters out the irrelevant noise that will be inevitably captured in this much wider net, to provide customers with only the alerts and news that really matter to their supply chain.”
“Secondly, we’ve reduced the barriers to adoption for smaller companies that want to get started on supply chain risk management but don’t need the complex, large-scale solutions that global enterprises such as General Motors, Amgen and IBM require,” said Vakil. Pricing for the new streamlined version starts at $4 per site per month for a bundle of 250 sites.
According to Resilinc, demand for supply chain risk management (SCRM) solutions by small and medium-sized companies has grown due to increased awareness of how severely events ranging from factory fires to hurricanes, cyber-attacks to mergers and acquisitions can disrupt supply chains. As Resilinc’s most recent EventWatch report shows, all of the ‘Top 5 Supply Chain Event Types’ occurred more frequently in 2017 than in 2016. Factory fires and explosions were the most commonly occurring event, with 343 such incidents making it to EventWatch Alerts in 2017.
These disruptions have in turn led large customers to require more robust SCRM policies and practices from their suppliers as a preventive measure. “In the automotive industry, there are new requirements for suppliers outlined in the updates to the International Automotive Task Force’s 16949 quality management systems,” said Pramod Akkarachittor, Resilinc’s Vice President of Product Management.
“For example, Ford, which experienced costly disruptions after a May 2018 fire disabled a supplier of magnesium structural parts, is asking all its suppliers to become compliant with the IATF standard and have a defined supply chain risk management practice,” said Akkarachittor. “This applies to even a ‘Mom and Pop’ company that supplies a single component. The new version of EventWatch gives such firms a cost-effective move towards compliance.”
EventWatch users of all sizes will benefit from the software’s expanded capabilities, according to Vakil. “By applying insights from our eight-plus years of historical data on supply chain events and their actual impacts, our data science team has been able to ‘train’ EventWatch, through machine learning, to recognize the relevance of events and their impacts,” said Vakil. “If there’s a factory fire in a certain location, does it impact just a tier one specialty supplier or a critical component? Or is it a tier two supplier site that produces raw materials or chemical for a wide range of companies?”
The new version of EventWatch retains all the characteristics valued by Resilinc’s 15,000+ existing users, including but not limited to:
- Reliable & Most Extensive Coverage: 24×7 monitoring of your supply chain sourcing information from more than 100,000 news sources, 40+ event types in 53 different languages;
- Actionable Intelligence: Virtual war room functionality that supports rapid mobilization of event response and recovery strategies;
- Proactive & Predictive Simulation: Scenario planning and visualization capabilities that enable users to circumscribe a geographic region and see the potential impact to their unique supply chain;
- Quick & Extensively Researched Alerts: Near to real time notifications with critical information that allows prompt and immediate action;
- Resiliency On-the-Go: State of the art Mobile app that allows to assess the impact of an event even while you are away from your desk;
- Powerful Visualizations: Allows users to analyze, track and drill-down through events.
To explore additional capabilities of EventWatch® AI.
Qualified organizations can sign up for a free trial of EventWatch.
To see the EventWatch Annual Report.
Resilinc is the leading provider of supply chain visibility data-as-a-service, and cognitive risk analytics solutions. Over 100 of the world’s leading brands rely on Resilinc’s AI-powered global disruption monitoring service, to keep track of millions of parts as they make their way around the globe, touching hundreds of thousands of nodes. Resilinc is the only company to consistently achieve success in mapping the supply chain multiple tiers deep, all the way down to part and site levels, and exposing hidden failure points and bottlenecks deep in the sub-tiers. Resilinc’s patented advanced risk quantification algorithms and easy to use supplier assessment solutions have established a new standard for measuring supplier risk. Companies use Resilinc’s cognitive sourcing and risk protection learning systems to realize millions of dollars in savings on expediting raw materials or freight and lower inventory levels while keeping their supply chain operating with greater agility and resiliency. For more information, visit https://www.resilinc.com.