According to a 2013 research report published jointly by MIT and PwC, more than 69 percent of the 209 global enterprises surveyed experienced a supply chain disruption that resulted in a 3-percent or higher increase in total supply chain costs. For the average Fortune 500 company, that equates to $73m in incremental costs annually. Meanwhile, a 2014 survey of supply chain executives conducted by the Global Supply Chain Institute found that “many supply chain execs have done very little to formally manage supply chain risks.”
“As global supply chains have become more interdependent, distributed and complex, risk managers have struggled to keep track of their growing list of living assets and to identify and mitigate their risk exposure,” said TransVoyant CEO Dennis Groseclose. “Doing so requires risk managers to be nearly everywhere and to see nearly everything in real time and accurately peer into the future. By tapping into massive real-time big data streams that we collect every day from Internet of Things (IoT) devices around the world, and applying machine learning algorithms and behavior modeling, we not only enable organizations to see a broad range of risks unfolding in the now, but also to predict and avoid risks in the future.”
By collecting and analyzing real-time big data streams from IoT devices — over a trillion global events a day — P2R provides risk managers with a continuous global view of live and predicted risks resulting from natural disasters, severe weather, social unrest, theft, terrorism, labor strikes, infrastructure threats, compliance violations, competitor behavior and more, TransVoyant says.
P2R triggers alerts to users when a disruptive event occurs or is imminent, and enables them to initiate actions. These actions include tasking airborne imagery, directing personnel to perform on-site inspections and assessments, assigning resources to fortify, protect and extract resources, and evaluating and initiating alternative scenarios via integration to supply chain planning and execution systems.
Other capabilities include continuously updated risk ratings for every tracked asset, filtering and querying risk types and locations, visualization tools, dashboard views, and assessing downstream impacts on financial and operational performance.
