This article was originally published in Business Trends.
From the lingering effects of COVID-19 to heightened geo-political risks and continued cyberattacks on critical infrastructure, global supply chains are facing once-in-a-generation disruptions. To help manage these supply chain risks, Exiger, the global leader in AI-powered supply chain and third-party risk management solutions, launched Supply Chain Explorer. The platform empowers companies and government agencies to rapidly surface, understand and mitigate critical threats to their immediate and extended supplier networks.
“Exiger’s vision for Supply Chain Explorer is to simplify and democratize supplier and supply chain research.”Brandon Daniels
Supply Chain Explorer is the result of Exiger’s close collaboration with some of the largest corporations and critical government agencies, as well as its commitment to technology innovation. Together they wanted to create a solution that is easy to use, offers rapid results and deep insights into supply chain risk. Supply Chain Explorer can replace costly, manual and time intensive traditional supply chain management methods, and provides an overview of multiple supply chain risk factors in one place – and with a single click. The platform delivers instantaneous transparency, allowing companies and government agencies to meet the urgent imperative to protect global supply chains from sanctions, ESG and cyber risk.
“Risk management and procurement professionals across all industries have faced unprecedented challenges over the past 24 months, with effects from the COVID-19 pandemic and continued cyber-attacks on companies and critical infrastructures,” says Mr. Daniels. “For Exiger, it was crucial to level the playing field and offer companies a way to address these challenges that’s different from legacy solutions. With Supply Chain Explorer Exiger simplified and democratized supplier research with a user-friendly interface that comes with an abundance of insight into risk factors for a comprehensive view into supply chain risk.”
Mr. Daniels emphasizes that the diversification of our supply chains is critical to our economic prosperity and national security. “The most immediate need is transparency into supply chains for informed decision-making. Companies need to deploy technology to better understand our supply chains and mitigate risk.”
He adds: “Most large companies now understand they need to monitor risks of suppliers down to Tier 3 or deeper to uncover risks that may lurk deep in their supply chains. Companies should focus on the ability to analyze and visualize this data. Accessing the data is only step one; if you have massive amounts of data but can’t interpret it and deploy it to protect the integrity of your supply chain, it’s of little use. Companies and organizations must also look beyond the outdated understanding of supply chain risk. Some of today’s top risk categories include cybersecurity risks, weather events and natural disasters, geopolitical conflicts and trade wars, risks associated with human rights and modern slavery, evolving ESG risks as well as supplier operational instability or financial duress. The best strategy to address these modern risks is by parting ways with legacy risk management methods that are limited in what they offer and deploying innovative new technology and processes.”