riskmethods Inc. - Best Supply Chain Management Solution

Company: riskmethods Inc., Boston, MA
Company Description: riskmethods empowers businesses to identify, assess and mitigate supply chain risk. By using artificial intelligence, we help customers automate and accelerate threat detection, enabling them to gain competitive advantage with a well-managed approach to meeting customer demands, protecting reputation and reducing total cost of risk.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Supply Chain Management Solution

Nomination Title: riskmethods Inc.'s The riskmethods Solution™

The riskmethods Solution™ is a software as a service and therefore it is continuously updated. We work in two week sprints. Each sprint updates and improves the solution. The latest major update happened just this week with a new data hosting option in the United States.

As a result of the coronavirus pandemic, supply chains have never been more in focus. The outbreak forced many companies to shut down their production, and disrupted supply chains around the world. Threats and risks to supply chains are nothing new. Disruption has always been with us. But for many procurement and supply chain professionals, the dramatic events surrounding the spread of the coronavirus – lockdowns, quarantine, production stops – was a wake-up call. Following the firefighting mode in response to the pandemic, companies are realizing that they can no longer afford not to be prepared. This is where The riskmethods Solution™ comes in.

The riskmethods Solution empowers businesses to identify, assess, and mitigate all types of risk in the supply chain. By using artificial intelligence, customers can automate and accelerate their threat detection and become more risk aware, react faster, and manage risk more proactively than ever before. With The riskmethods Solution, our customers can gain competitive advantage with a well-managed approach to meeting customer demands, protecting brand reputation, and reducing total cost of risk.

The benefits and value of managing supply chain risk with The riskmethods Solution:

Increased risk awareness
With The riskmethods Solution, companies gain visibility into the risks in their supply chains and understand the criticality of those risks. They can avoid costs by making risk-aware decisions, protect their brands by preventing negative press, and meet customer demands by being reliable.

Accelerated risk reaction
The riskmethods Solution helps businesses react faster and be the first to respond to threats with real-time information. Using impact analysis, they know where to focus their scarce resources by setting the right priorities. They gain competitive advantage by ensuring business continuity and expanding market share.

Proactive risk management capability
The riskmethods Solution helps organizations to counter threats before they materialize leveraging advanced analytics, collaboration, and mitigation tools to target the root causes of risk. Additionally, The riskmethods Solution comes with out-of-the-box risk mitigation plans that empower companies to be prepared for all kinds of risk.

The riskmethods Solution is continuously being improved and has seen a 175% increase in users over the past 24 months, while revenue figures have grown by an average of 71% per year over the past five years.

riskmethods currently supports over 24,000 users in more than 200 companies worldwide protecting their brand and securing trillions of dollars in annual revenue. "The riskmethods Solution is an integral part of our supply chain risk mitigation activities. It gives us the visibility we need to understand our risk exposure and take the right actions to address it," says Tomi Hardén, Risk Manager at Nokia.

With a coordinated approach to threats, customers can also respond faster and create competitive advantage: "When our supplier was hit by a fire, riskmethods alerted us 30 hours before the supplier did. Because we acted fast to find an alternative source before market prices increased, we realized a purchasing advantage worth $300k," reports André Hahn, Product Manager at Stockmeier Chemie.

Customers also appreciate the excellent support riskmethods provides when implementing supply chain risk management and while working with The riskmethods Solution: "riskmethods has a great customer success team personally supporting our users in getting the most out of The riskmethods Solution," says Clyde Rittel, Global Systems Process and Compliance Manager with agrochemical company Nufarm.

Numerous awards and accolades reinforce riskmethods' mission to revolutionize how companies manage risk in their complex supply chains: For example, in 2020, riskmethods was named one of the "50 Providers to Know" by Spend Matters for the fifth year in a row, and it received the Best in Biz Award in the category "Product Line of the Year" for the second time. riskmethods is also a proud multiple prize-winner at the German, International, and US Stevie Awards. https://www.riskmethods.net/awards

Various media outlets such as SupplyChainBrain, Commercial Risk, Wall Street Journal and Forbes also recognized the riskmethods solution as a valuable contribution to reliable supply chains and compliance in the supply network.
https://www.supplychainbrain.com/blogs/1-think-tank/post/31506-why-supply-chain-disruptions-are-like-earthquakes-and-how-to-protect-against-them"
https://www.commercialriskonline.com/supply-chain-risk-falls-in-may-but-more-covid-19-related-pain-to-come-riskmethods/
https://www.wsj.com/articles/u-s-factories-work-around-coronavirus-impact-11584447707?mod=business_lead_pos1
https://www.forbes.com/sites/kenrapoza/2020/05/04/three-things-to-expect-in-the-new-normal-post-pandemic/?sh=565b1c1bc105

To find out what sets The riskmethods Solution apart from other applicants, watch the interview with Brock Schegetz, Purchasing Coordinator at Sub-Zero. https://www.riskmethods.net/media/Content/Success_stories/Videos/2019-sub-zero-what-differentiates-the-riskmethods-solution-from-other-tools.mp4

Explainer Video: The riskmethods Solution https://www.riskmethods.net/lp/supply-chain-risk-exposure-video-en/
Solution brochure https://www.riskmethods.net/media/Content/Resources/riskmethods-solution-brochure-en-two-pager.pdf
Award shttps://www.riskmethods.net/awards
Customer references https://www.riskmethods.net/customer-stories

Press:
Wall Street Journal- Coronavirus Pushes Factories to Stagger Shifts, Separate Workers https://www.wsj.com/articles/u-s-factories-work-around-coronavirus-impact-11584447707?mod=business_lead_pos1

Forbes - A Very Agile Supply Chain: The Inside Story Of AGCO’s Response To COVID-19 https://www.forbes.com/sites/stevebanker/2020/04/15/a-very-agile-supply-chain-the-inside-story-of-agcos-response-to-covid-19/?ss=logistics-transport&;sh=44c00d55574d

Forbes - Three Things To Expect In The ‘New Normal’ Post-Pandemic https://www.forbes.com/sites/kenrapoza/2020/05/04/three-things-to-expect-in-the-new-normal-post-pandemic/?sh=565b1c1bc105

Commercial Risk - Supply chain risk falls in May but more Covid-19-related pain to come: riskmethods https://www.commercialriskonline.com/supply-chain-risk-falls-in-may-but-more-covid-19-related-pain-to-come-riskmethods/

Supply and Demand Chain Executive - riskmethods Launches Supply Chain Continuity Academy to Train Professionals on Building Reliable https://www.sdcexec.com/professional-development/press-release/21138277/riskmethods-inc-riskmethods-launches-supply-chain-continuity-academy-to-train-professionals-on-building-reliable-supply-networks

Spend Matters - Go To sources for coronavirus updates, status reports and advice for procurement and supply chain professionals https://spendmatters.com/uk/go-to-sources-for-coronavirus-updates-status-reports-and-advice-for-procurement-and-supply-chain-professionals/

Newsweek - 41% of Americans Say They Won't Buy Products Made in China, While 35% of Chinese Say They Won't Buy American-Made Goods https://www.newsweek.com/41-americans-say-they-wont-buy-products-made-china-while-35-chinese-say-they-wont-buy-1504503