Supplier Risk problem
Deliver Impact to People, Planet, and Community
In supply chain and indirect procurement, one of the invisible challenges is to ensure that a company is not buying products from unethical suppliers or doing corrupt practices such as forced labor, child labor, unfair wages, and discrimination. Buying products from these suppliers could damage the brand, so many companies have to verify their suppliers to ensure that they are not risky. Our challenge was to gather and provide risk information to our risk managers, so our customers can make an informed decision while doing business with suppliers.
Our primary goal in this project was to collect information through various 3rd part sources and use machine learning to identify supplier risk exposure. Our customers can either take action on those suppliers or create a plan to mitigate their risk exposure by putting them in a risk mitigation plan or finding a different supplier.
Jason the commodity manager
Manages suppliers for specific commodity
Reviews suppliers periodically
Mitigates risk by vetting suppliers
Finds opportunities to save money though strategic sourcing
We created a central program to define their risk goals and track them against all the commodities.
Provide visibility to all the plans and programs to commodity managers to align their supply chain with the objectives.
Allow commodity managers to create programs against the goals.
Use machine learning to collect 3rd party information from different sources and provide them concisely so that commodity managers can find new opportunities to find new suppliers meeting corporate goals.