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Aravo Risk Debuts: Software to Control Supply Chain Risk
May 6, 2009 |Estimated reading time: 2 minutes
SAN FRANCISCO, CA Aravo Solutions introduced a software-as-a-service (SaaS) product, Aravo Risk, for comprehensive supplier risk management. It is designed to prevent catastrophic supplier failures and supply disruptions, improve supplier performance management, and enhance supplier compliance initiatives.
The new SaaS is based on the flagship Aravo SIM application, which provides a single data source of supplier information by centralizing and integrating multiple data inputs from internal and external stakeholders, across disparate IT systems, and from different information feeds. The Aravo Risk application builds on Aravo SIM by enabling users to measure customized risk metrics for each of their suppliers, monitor risk indicators via automated alerts and an executive dashboard, and mitigate supplier failure by triggering automated workflows that enable contingency planning.
Aravo Risk automates business processes such as comprehensive risk evaluations and ratings; ongoing supplier financial viability/credit monitoring and reporting; business continuity and contingency planning; regulatory compliance, e.g., government watch lists, insurance certifications; and geopolitical risk management.
Key product features include real-time, role-based risk dashboards for continual analysis of suppliers across the extended enterprise; risk management engine with a decision support system that continually monitors information sources and risk metrics; risk-triggered notifications; surveys and workflows that enable automated mitigation processes; and supplier information management (SIM) foundation.
A Fortune 500 high tech company uses Aravo to manage toxic substances Compliance around lead/haz substances (RoHS). This company sells into the EU, which has strong lead restrictions/compliance requirements that must be met, and this high tech company manages and certifies compliance of its supplier components in Aravo.
The product starts with assessing supplier risk during on-boarding, monitoring it continuously over time, and kicking off automated mitigation processes before problems manifest. Aravo Risk approaches supplier risk from a supplier lifecycle management perspective. It targets centralizing supplier risk management from new supplier evaluation to everyday transactions. It manages risk mitigation efforts by automating corrective action, business continuity, and contingency planning. Users can also combine internally generated supplier information with supplier-reported data and a broad set of third-party data validation and enrichment services.
Nearly three out of four risk managers say that their company's supply chain risk levels have increased since 2005. In addition, 71% of risk managers report that the financial impact of supply chain disruptions has increased dramatically. The typical supply manager estimates that just 25% of their company's end-to-end supply chain is being assessed annually for risk likelihood and impact on overall risk. (Marsh Inc., "Stemming the Rising Tide of Supply Chain Risk, 2008.)
Ongoing survival depends on the financial health of a company's direct and indirect suppliers, said Tim Albinson, Aravo CEO, adding that expanding the SIM product to manage supplier risk helps improve the supplier ecosystem and circumvent damage to a business caused by the supply chain.
For more information, visit www.aravo.com.