Integration enables direct procurement teams to manage supply chain risks holistically via AI technology.
JAGGAER, the global leader in Autonomous Commerce, has announced a new partnership with Prewave, a leader in end-to-end supply chain risk management, in pursuit of its objective to help customers identify and mitigate risks. The integration of the JAGGAER Direct procurement solution with Prewave’s software gives JAGGAER customers the ability to assess suppliers based on risk factors, identify and fully understand direct procurement risks, and mitigate any disruptions should they occur with strategic corrective actions, working with their suppliers.
Prewave’s AI algorithm monitors millions of publicly available data sources. It consists of risk alerts for suppliers across 140+ categories and more than 50 languages.
“We’re delighted that the integration is already live and available to our customers. It offers a holistic approach to risk management, ensuring businesses are well prepared and resilient in the face of potential supply chain disruptions that have become all too common in recent years,” said JAGGAER Chief Product Officer, Dawn Andre.
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“We’re delighted that the integration is already live and available to our customers. It offers a holistic approach to risk management, ensuring businesses are well prepared and resilient in the face of potential supply chain disruptions that have become all too common in recent years”
“JAGGAER customers can now directly access millions of historical risk data points across different categories and regions to support better supplier management decisions. Live events and news on suppliers are now accessible directly from JAGGAER. Participants at our upcoming REV2023 conference will be able to see this for themselves,” Andre added.
Jonas Artmeier, Prewave’s VP Sales & Advisory, commented: “In today’s interconnected world, managing supply chain risks is essential. Our collaboration with JAGGAER marks a significant milestone in this ambition. Combining Prewave’s external risk data and advanced supply chain mapping and monitoring capabilities with JAGGAER’s internal data excellence allows us to offer businesses an unmatched opportunity to gain real-time transparency into our mutual customers’ multi-tier supply chains, proactively address disruptions, and comply with upcoming legislations.”
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Compliance with national and international supply chain legislation, together with stakeholder pressure for environmental, social and governance (ESG) best practices, requires companies to perform systematic risk analysis. Prewave leverages AI to relieve the administrative burden this imposes on procurement and sourcing departments. With this integration, JAGGAER customers will receive alerts about live events and news affecting all levels of their supply chain (Tier-N). Automated risk scoring will enhance their ability to assess and evaluate external risks, which are typically unknown and can take any business by surprise in any supplier category at any level in the supplier network. These risks include emerging threats such as cyberattacks (up 42% in 2022) and data privacy breaches as well as more familiar supply chain disruptions.
“This is a valuable complement to JAGGAER ONE’s supplier management offering, which augments skills around risk management through supplier onboarding, qualification and workflow creation. Customers will now be well equipped to comply with the toughest due diligence regulations that are already in force or yet to come,” Andre concluded.
