Success Story

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

About the Client

Leading Investment Manager

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

Solutions

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

1.Identifying key supplier performance metrics for customer industry segment and assembling data from both internal and external sources.

2.Categorizing and clustering suppliers to develop Supplier Performance/Risk ratings based on financial and covid-19 disruptions

3.Ranking high risk and critical suppliers across geographies and analyzing their impact on shipment and transportation

4.Utilizing prescriptive analytical models for proactive risk management and to ensure healthy supplier ecosystem

Impact Delivered

31%

Reduction in shipment delays

80%

Improvement in real-time shipment visibility

8

Increase in customer NPS