Prewave
Prewave is a leading supply chain risk platform used by manufacturing companies worldwide to improve the transparency and resiliency of their supply chains.
Our artificial intelligence (AI) based platform identifies risks in your supply chain based on public information, automatically and in real-time. With this information you can counteract possible delivery bottlenecks and production stops ahead of time.
Potential sustainability violations or the impact of natural disasters up to global Pandemics (Covid19) on your supply chain become immediately visible.
You can collaborate with your colleagues and your suppliers directly on the platform to make quick decisions and act fast on changes in with your suppliers.
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50 to Know / 50 to Watch / Future 5
In Their Own Words: Prewave
With the globalisation, supply chains are becoming increasingly complex. Just imagine, for an average passenger car you need 10.000 different parts – and those parts are coming from all over the world. Midsize manufacturing companies (Tier 2 / Tier 3 suppliers) already have hundreds of suppliers themselves. And those are also spread all over the world with more than 50 different national languages.
On the other hand, every minute that a company cannot produce is getting more and more expensive – manufacturing stops run up to $10000 per minute.
Do you know what happens in your supply chain? And can you afford to stop the production because of supplier problems?
Last year in the automotive industry there has been a fire or explosion every second day.
So what are we doing?
We are a leading supply chain risk platform used by manufacturing companies worldwide to improve the transparency and resilience of their supply chains.
Our artificial intelligence (AI) based platform identifies risks in your supply chain based on public information, automatically and in real-time. With this information you can counteract possible delivery bottlenecks and production stops ahead of time.
Potential sustainability violations or the impact of natural disasters up to global Pandemics (Covid19) on your supply chain become immediately visible.
You can collaborate with your colleagues and your suppliers directly on the platform to make quick decisions and act fast on changes in with your suppliers.
Our technology is based on five years of doctoral research by Dr. Lisa Smith at the Technical University in Vienna and was founded in 2017 as a university “spin-off” together with Harald Nitschinger. We launched the platform in 2019 and it is using artificial intelligence to analyse huge data volumes from news media, social media and from industry partners in more than 50 languages.
Our View
What it Does
Prewave is a next-generation risk intelligence platform that analyzes social media, news media and third-party data feeds with advanced machine learning technology that can understand multiple languages. It can extract numerous categories of events, indicating potential risks, and then predict the likelihood of impact on a supplier and a supply chain that relies on that supplier.
While only a few years old, Prewave is a notable upstart that is focusing on deep risk intelligence rather than a full end-to-end supply chain risk platform with risk playbooks, recovery workflows, and so on. Notable capabilities include:
- Multilingual semantic news and sentiment scoring via massively scalable AI/ML
- AI/ML algorithms (to learn from users and reduce false positives)
- Freemium/API model is a particularly effective way to test out and prove value
- Basic trickle-down on-boarding for tier 2–n suppliers (that can deliver strong potential network effects
Why We Chose It
When considering Future 5 candidates for 2020, we knew we needed to select at least one vendor from the risk management space. Prewave was the compelling choice for several reasons.
First, it provides a powerful but lower-cost alternative to supply chain risk monitoring for firms that are looking for a “bid data” approach to identifying and mitigating event risk in their supply networks. Its use of an open API allows Prewave to integrate into a client’ existing S2P/supply chain software for universal use. And, perhaps most notable, Prewave’s use of a freemium model, which allows any business to monitor up to 100 suppliers for free, and for suppliers to do the same with suppliers, creates significant opportunity to create network scale and then turn that scale back into a business opportunity.
Any threats or challenges ahead?
While we think the tech and capabilities are impressive, the fundamental approach is not necessarily new. SCRM pioneers riskmethods and Resilinc provide similar capabilities for social media and news monitoring related to suppliers — although not necessarily with the same approach to AI/ML semantics. These two vendors could use their stronger brands and deeper support around areas like risk playbooks to block Prewave from the broader market. Prewave also has a deep tech focus and a clear need to focus on its initial mega clients, which could distract it from scaling efforts as other SCRM vendors push to expand.
Overall, though, Prewave has gained initial notoriety at an opportune moment. Companies need risk monitoring tools now more than ever, and Prewave is available, for “freemium,” today to rise to the challenges of a COVID-19 world.
DPW DEMO 2021
Prewave: Winner Risk & Resilience Category & Audience Vote Winner
What the judges said:
"The judges were impressed by the application of AI to open source data to deliver actionable insights around risk and supply chain."
About the "Risk & Resilience" category:
Technologies in this category make risk assessment and due diligence part of the procurement process. They help procurement organisations understand risk, manage and mitigate it, and build robust supply chains, both upstream and downstream, that can weather disruptions with minimal impact and stay resilient.
