31% Reduction in Shipment Delays by implementing a Supplier Risk 360™ Platform for a Leading Energy & Utility Company

About the client

A Leading Energy & Utility Company based in Texas

Problems:

• Our customer had its supplier base spread across various states in the US. With Covid-19 crisis affecting countrywide supply chains, the customer lacked real-time visibility into risk elements associated with their active supplier base
• These risk elements included - business volume, raw material availability, Covid-19 incidences, Govt. regulations, supplier’s customer industry, labor availability, etc
• Need of a proactive supplier risk management solution that could help address material and manufacturing capacity shortages

Solution:

Innover helped the customer by developing an Artificial Intelligence and Machine Learning-powered Supplier Risk 360™ platform in just 8 weeks. This included:

• Identifying key supplier performance metrics for customer industry segment and assembling data from both internal and external sources
• Categorizing and clustering suppliers to develop Supplier Performance/Risk ratings based on financial and covid-19 disruptions
• Ranking high risk and critical suppliers across geographies and analyzing their impact on shipment and transportation
• Utilizing prescriptive analytical models for proactive risk management and to ensure healthy supplier ecosystem