In the past few years, numerous organizations have been hit by unforeseen supply chain exceptions and vulnerabilities, leading to shortfalls and recall, costing millions of dollars.
“A recent survey shows that 89% of companies experienced a supplier risk event in the past five years, yet company awareness and plans to mitigate risk lack maturity.” - Gartner
Be it the consumer goods, automotive, or pharmaceutical industry, unanticipated disruptions such as the COVID-19 pandemic have affected almost every industry in one way or another. In addition to that, increasing cybersecurity breaches have caused the loss of data and intellectual property because of failures in the vendor ecosystem.
The primary cause of these supply chain crises is the lack of a robust process to identify and successfully mitigate the increasing risks as the world becomes more interconnected. Newer threats, such as weather-induced disruptions, are increasingly becoming more common alongside traditional supply chains risks, such as weather uncertainty or supplier bankruptcy. Modern businesses need to begin tackling these disruptions in a structured way while addressing the known risks and improving the ability to identify future risks while improving the organization's resilience.
What Is SCAI Risk Management?
3SC SCAI Risk Management & Digital Twin module is an intelligent and agile AI-based platform that helps organizations enhance resilience, improve competitiveness, and minimize the impact of supply chain risks.
The platform finds and manages the disruptions by using a combination of Advanced analytics technology, collaborative capabilities, enhanced end-to-end visibility, proprietary risk detection and recommendation engine. 3SC's risk management uses known risk portfolios to identify and manage future disruptions in the supply chain.
How Can the SCAI Risk Management Platform Help Your Enterprise Manage Supply Chain Risks?
Here are the steps that 3SC risk management utilizes to identify supply chain disruptions:
Step 1: Proactively Identify, Detect and Document Risks & Opportunities.
The platform scans for disruption events in the supply chain and assesses tactical forecast conformance to the plan.
Step 2: Diagnose Risks & Opportunities to Understand the Drivers.
It uses predictive analytics to diagnose the impact of possible disruption and evaluate the chain's response.
Step 3: Institute Digital Governance and Reviews to Facilitate Corrections and Mitigations.
The platform institutes digital governance and reviews to facilitate corrections and mitigations. It then implements strategies for risk avoidance, mitigation, or transfer. This helps businesses stay ahead of their potential supply chain risks.
What are some major features of the SCAI Risk management platform that makes it unique?
3SC's Risk Management and Digital Twin enables businesses to predict disruptions in the future across the entire supply chain network by analyzing the interconnected supply chain nodes and giving recommendations to mitigate them. Following are the capabilities of the Risk Management platform that can help you manage your supply chain risks:
Disruption Monitoring and Resolution: The platform can monitor the supply chain ecosystem to anticipate disruption and re-align the supply chain accordingly with Risk Identification.
Simulation, Scenario & Trade Analysis: It can run simulations through its Digital Twin module and continuously monitor key indicators to identify possible disruption without delay.
Risk Assessment and Diagnosis: It can diagnose the impact of a possible risk event on your business.
Prescriptive Recommendation & Resolution: The platform uses ML-based root-cause analysis to trace disruptions, enabling rapid auto-resolutions of common vulnerabilities.
Supply Chain Visibility: It provides a granular view of the entire supply chain network, giving the planners the flexibility to plan better. Enhanced supply chain visibility and common issue resolution automation help planners improve their productivity and focus on other strategic actions.
What are some benefits of using 3SC SCAI Risk Management?
The SCAI Risk Management platform is an invaluable tool for businesses looking to proactively manage their supply chains. There are multiple benefits of using SCAI Risk AI in your organization. Some of the major pros are listed below:
Reduce Supply Chain Costs: By detecting, analyzing, and addressing potential exceptions before they occur, the platform allows businesses to avoid costly disruptions.
Enhance Supply Chain Visibility & Resilience: With enhanced visibility across the supply chain network, the platform helps businesses build a resilient supply chain and react to disruptions quickly.
Reduce Risk Exposure: By proactively identifying risks, 3SC's platform helps businesses reduce their exposure to risk.
Increase Efficiency & Productivity: By using advanced analytics and simulation technologies, the platform helps business owners increase efficiency throughout the supply chain.
Improve Operational Performance: 3SC's platform provides insights into the potential impact of disruptions and helps businesses plan accordingly to achieve optimal operational performance.
3SC SCAI Risk Management is an AI-powered platform that helps businesses proactively manage their supply chains. It utilizes advanced analytics and simulation technologies to identify potential disruptions before they occur, improve supply chain visibility, reduce risk exposure, and enhance operational performance. With advanced analytics and simulation capabilities, the platform helps businesses reduce their exposure to risk, increase efficiency and productivity throughout the supply chain, and achieve optimal operational performance.
The SCAI Risk Management platform can help your business build a resilient, agile, and responsive supply chain by proactively identifying risks and providing mitigation recommendations. Leverage 3SC's Risk Management platform to stay ahead of supply chain disruptions and build a secure future for your business. Contact us now to get a demo!