Supply chain risk is increasing as the coronavirus epidemic continues to spread across the globe. A new tool from riskmethods aims to assist risk managers fight the issue.
A newly released coronavirus supply chain visibility kit promises to provide 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, the firm behind the tool. “Organisations 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, riskmethods 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.
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.”
Given the severity and urgency of the coronavirus crisis, riskmethods is making its Kit accessible to organizations with global supply chains and offering 48-hour activation. Eligible companies can subscribe at https://go.riskmethods.net/coronavirus-visibilitykit