Exclusive EventWatchAI Data Reveals Disruptive Events Are Up 46% Year-Over-Year
MILPITAS, CA, July 28, 2022 (GLOBE NEWSWIRE) — Resilinc, the global leader in supply chain mapping and risk monitoring, is sharing new data highlighting the top drivers of supply chain disruptions for the first half of 2022. From January through June, Resilinc’s EventWatchAI platform alerted its customers to an astounding 7,929 potential supply chain disruptions (a 46% YoY increase) with the Life Sciences, Healthcare, High Tech, and Automotive industries being most impacted.
The top five reported disruptions included:
- Factory Fires
- Mergers & Acquisitions
- Business Sale
- Leadership Transition
- Factory Disruption
Of these disruptions, 54% were impactful enough to trigger the creation of a WarRoom (virtual platforms in the Resilinc dashboard where customers and their suppliers communicate and collaborate to assess and resolve disruptions).
Factory fires ranked as the number one disruption for the first half of the year with the number of fires up 131% YoY. This year is on track to have the most factory fires ever reported, a trend driven by gaps in regulatory and process execution as well as a shortage of skilled labor in warehouses.
The data also reveals that disruptions due to Geopolitical events, most notably the Russia-Ukraine war, were up 521% YoY. As sanctions are implemented and production shuts down, we are seeing unprecedented commodity and raw material shortages; these will likely continue through the end of the year.
Geographically, North America experienced the most disruptions; accounting for over 40% of the total alerts issued in the first six months of this year.
Additional supply chain disruption data and insights to follow once Resilinc releases its full half-year report “Gridlocked” later this summer.
Resilinc’s 24/7 global event monitoring Artificial Intelligence, EventWatch AI, gathers information and monitors news on 400 different types of disruptions across 104 million sources including traditional news sources, social media platforms, wire services, videos, and government reports. Annually, the AI contextualizes and analyzes nearly 5 billion data feeds across 100 languages and countries, making EventWatchAI the industry’s largest, most comprehensive supply chain risk monitoring portfolio.
“To ensure supply chain resiliency, companies need to be able to detect disruptions promptly, understand the impact, and act quickly. Our technology allows just that. Leveraging twelve years of rich, annotated news, we have trained the EventWatchAI to sift through billions of data sources, flag relevant events, and alert customers about a potential disruption. Through the power of reinforced learning, the AI continues to get smarter as it processes a continually increasing volume of news,” said Sumit Vakil, Chief Product Officer and co-founder of Resilinc. “When this type of monitoring is layered with multi-tier supply chain mapping, customers have unmatched visibility into where a disruption is occurring and the impact it will have across the entire network, all the way from parts and raw materials to the customers’ customers. Our technology can even predict if a purchase order is going to be late, and by how long, and propose a risk-mitigation action plan”.
Resilinc was founded with the purpose to strengthen global supply chains, making them resilient, ethical, transparent, and secure. We do this via our technology-driven solutions which create an ecosystem where organizations have unmatched visibility into their supply networks and can collaborate with their suppliers in a transparent environment.
Since our launch in 2010 Resilinc has defined the supply chain mapping, monitoring, and resiliency space worldwide. With 95% of the global supply chain mapped across the industries we serve, we are the first line of defense for our customers, helping them navigate supply disruptions. Our early-warning alert system monitors and predicts potential disruptions across suppliers, sites, and materials; our platform enables them to collaborate closely with their suppliers; our historical data-backed insights give them options on appropriate actions to take. Always innovating, our AI-powered predictive solutions can predict delivery delays, price movements, and supply constraints for raw materials and commodities before they happen. Resilinc helps our customers protect revenue and turn supply chain risks into opportunities to gain competitive advantage. Learn more at www.resilinc.com.