New Avetta One Platform Provides Unified View of Supply Chain Risk for Companies and Their Suppliers
Avetta One offers a single-source solution for managing operational, reputational and regulatory compliance risks; simplifies contractor and supplier management while significantly driving down administrative costs
Avetta, the leading provider of supply chain risk management (SCRM) software, announced the Avetta One™ Platform, a single-source solution for managing operational, reputational and regulatory compliance risks. The platform reduces safety, liability, sustainability, workforce, cybersecurity and financial risks for corporations, suppliers, contractors and their workers.
“Business is shifting from a digital transformation to a societal one, as markets demand corporate accountability regarding safety, security, sustainability & ESG, ethics and social initiatives,” said Arshad Matin, president and CEO of Avetta. “Avetta One provides organizations analytical insights into how they measure up to their risks and goals across the entire supply chain.”
“Over the course of the pandemic, the definition of what constitutes a business risk has evolved dramatically”
Avetta One delivers a global platform that manages critical risk areas in supply chains, creating the industry’s largest and most comprehensive supply chain risk management platform.
- For clients, provides a unified platform that manages risk across safety, liability, workforce qualifications, sustainability & ESG, diversity, financial health and cybersecurity programs.
- For suppliers, reduces time and cost by demonstrating their superior business qualifications across many clients from a single system.
- For workers, offers a central workforce portal to digitally store their required job roles, trainings, competencies and certifications.
- For partners, creates an open marketplace and community to provide services on the world’s largest SCRM platform.
Avetta One will give Avetta clients an unprecedented view of their supply chain risk programs through multi-risk analytics, supplier risk trends and supplier performance benchmarking. The platform uses almost two decades of data from millions of collected data points to provide real-time views on risks and delivers alerts on deviations from baseline measures. The analytics software includes customizable, interactive dashboards to gain insights that help build supply chain confidence.
Members on the network outperform industry standards and improve 7-8% per year on safety measures after joining, reducing administrative expenses on average by 75%. An international e-commerce company saves $12 million annually in accident avoidance, program management and software development costs. A major food provider reduced its incident rate by 34%; its suppliers outperformed the U.S. health and safety industry rate by 52%.
“Most organizations have the means to focus only on top-spend supplier risks, causing them to miss significant risks in other areas of the supply chain,” said Matin. “Those risks can be costly at $47,000 per accident, $1 million per day/environmental violation and $4.2 million per cyber incident. Avetta One helps companies focus on leading indicators that help companies proactively manage risks through a holistic view of the entire supply chain.”
On top of the Avetta One platform, the company provides trusted expert services to help with verification of insurance, certifications and licensing. Compliance is verified by skilled audit professionals who are full-time staff trained in each regulatory area. Avetta also offers remote/onsite assessments, which uncover hidden risks through both lagging and leading indicators. Advisory services provide insights into risk areas ranging from quick essentials to deep dive quantitative evaluations to reveal current vulnerabilities and actionable insights. Avetta’s training services offer courses, training, certification requirements and compliance tasks for workers.
“Over the course of the pandemic, the definition of what constitutes a business risk has evolved dramatically,” said Nick Heinzmann, analyst team lead at Spend Matters. “Procurement and supply chain groups are increasingly being pushed by their management, investors and end consumers to tackle large-scale, society-level problems, to include carbon emissions reduction, supplier diversity and equity improvement, and the prevention of cybersecurity failures that could lead to the disruption of critical infrastructure. Yet they must also continue to manage and improve upon core supply chain risks such as EHS standards and liability coverage.
“This is what makes the release of Avetta One so timely. Instead of piecing together third-party profile, compliance and sustainability risk data across multiple solutions, organizations can use Avetta to centrally manage their risk management efforts, integrating this essential process into their current third-party management workflows. The result is an offering sorely needed in the world of 2022: a central platform and network in which customers and suppliers can manage the evolving scope of risks affecting their businesses.”
Suppliers save time and costs by using one system to demonstrate compliance across all risks. They can also find new jobs within the Avetta Network and receive workforce training, and third-party certification. Experts are available to guide suppliers on reducing business risks and qualifying for client contracts.
Avetta One focuses on seven types of risk:
- Health & Safety. Supplier pre-qualification ensures safe and compliant suppliers among all industries and geographies.
- Workforce Management. Determine competencies required for each role and worker delivering services. Verify worker training, certifications, and qualifications so only qualified workers are allowed on-site.
- Sustainability & ESG. Provides sustainability ratings and maturity scores based on the company’s specific ESG standards and goals. A scorecard shows status and progress toward improvement.
- Diversity & Inclusion. Locate and connect with suppliers committed to diversity and inclusion by applying 25 included diversity filters.
- Liability. Ensure adequate insurance coverage is achieved for suppliers and contractors.
- Financial Viability. Supplier financial health is measured through financial filings, business liens, bankruptcy filings and general financial health ratings.
- Cybersecurity. Evaluate vendor adherence to critical security controls and ensure suppliers have been trained to use sensitive information and protect it with appropriate tools.