Eagle-eyed readers will have spotted last week a new Associate Sponsor logo appearing on the site.
riskmethods (lower case and a single word) “provides comprehensive supply chain risk management software to identify risks along global supply chains, assess risk impact and implement appropriate action plans. Potential risks are detected at an early stage, which assures delivery, maintains compliance and protects the corporate image”.
The company was founded in Germany as recently as 2013, although the founders had many years of industry experience behind them, and is now expanding into the US as well as other parts of Europe, including the UK. The firm is probably the “fastest-growing supply chain risk management provider” based on current rate of customer acquisition, according to our colleagues at Spend Matters US who look into these things in detail.
The “software as a service” approach monitors events and information, ranging across suppliers, countries and markets, and looks at risks as varied as company financial issues, strikes and disputes, natural events and disasters, political and similar risks. riskmethods pick up data from many sources, and has artificial intelligence tools to assess and score risks, but also employs data analysts who add to the machine-learning capability.
Implementation of the platform can be rapid and there are “low-cost packages” apparently to get you started (we haven’t seen a price list yet). As a customer, you load your suppliers into the system and then pretty much immediately receive risk alerts and information that is relevant to your supply chains. The user interface is intuitive and graphical, and there is an opportunity to get further community knowledge from the user network.
There are other firms who operate in connected spaces, but this is pretty much a unique solution – and a really interesting one at that, so we’re delighted to have the chance to work with the firm and get closer to what they do. Risk is obviously a major and growing area of interest to procurement professionals, and whilst riskmethods main target customer base is probably manufacturing firms, many of the risks we see also apply to organisations in services or even the public sector.
We have been thinking for some time that we don’t perhaps talk about procurement risk-related issues as much as we should, so we have the perfect excuse to cover some interesting aspects of the topic, taking advantage of riskmethods’ knowledge and capability. More to come shortly, and do take a look at the firm’s website for some further insight.