Company: Avetta, Orem, UT
Nomination Submitted by: SnappConner PR
Company Description: The Avetta SaaS platform helps clients manage supply chain risk and their suppliers to become more qualified for jobs.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Supply Chain Management Solution
 Nomination Title: New Avetta One™ Platform Provides Unified View of Supply Chain Risk for Companies and Their Suppliers
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Update: January 19, 2022
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 349 words used.
Avetta One is the industry’s largest Supply Chain Risk Management (SCRM) platform and a single-source solution for managing operational, reputational and regulatory compliance risks. The platform reduces safety, liability, sustainability, workforce, cybersecurity and financial risks for corporations, suppliers, contractors and their workers.
- For corporate users, Avetta One delivers a unified global platform that manages risk across, safety, workforce qualification, sustainability, diversity, financial health, legal cyber security programs.
- For suppliers, Avetta One delivers a reduction in time and cost by being able to demonstrate superior business qualifications, across many clients, from a single system.
- For workers, Avetta One provides a centralized workforce portal where they can digitally store their required job roles, trainings, competencies and certifications.
- For partners, Avetta One delivers an open marketplace and community to provide services on the world’s largest SCRM platform.
The platform gives clients an unprecedented view of their supply chain risk programs through multi-risk analytics, supplier risk trends and supplier performance benchmarking. Avetta One uses almost two decades of data from millions of collected data points to provide real-time views on risks and delivers alerts on deviations from baseline measures. The analytics software includes customizable, interactive dashboards to gain insights that help build supply chain confidence. Avetta One focuses on seven types of risk:
- Health & Safety. Supplier pre-qualification ensures safe and compliant suppliers among all industries and geographies.
- Workforce Qualifications. Determine competencies required for each role and worker delivering services; Verify worker training, certifications, and qualifications so only qualified workers are allowed on-site.
- Sustainability & ESG. Avetta One provides sustainability ratings and maturity scores based on the company’s specific ESG standards and goals. A scorecard shows status and progress toward improvement.
- Diversity Qualifications. Locate and connect with suppliers committed to diversity and inclusion by applying 25 included diversity filters.
- Liability. Ensure adequate insurance coverage is achieved for suppliers and contractors.
- Financial Viability. Supplier financial health is measured through financial filings, business liens, bankruptcy filings and general financial health ratings.
- Cybersecurity. Evaluate vendor adherence to critical security controls and ensure suppliers have been trained to use sensitive information and protect it with appropriate tools.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 351 words used. If the word count is more than 25 words over the limit, please deduct one (1) point from your score.
Avetta One has been proven to reduce supply chain accidents and environmental incidents by 40% to 70% compared to industry averages, improving thousands of lives and environmental sustainability while ensuring continued business operations. Members on the network outperform industry standards and improve 7-8% per year on safety measures after joining, reducing administrative expenses on average by 75%.
“Most organizations have the means to focus only on top-spend supplier risks, causing them to miss significant risks in other areas of the supply chain,” said Arshad Matin, president and CEO of Avetta. “Those risks can be costly at $47,000 per accident, $1 million per day/environmental violation and $4.2 million per cyber incident. Avetta One helps companies focus on leading indicators that help companies proactively manage risks through a holistic view of the entire supply chain.”
Within Avetta One™ is a powerful Environmental, Social and Governance (ESG) risk mitigation solution that provides an ESG scoring system that considers individual company goals and global standards in 20 industry trades.
For multinationals, up to 90% of their environmental footprint is in the supply chain. But most companies do not have visibility into each supplier’s sustainability readiness and goals. Avetta One solves this challenge by providing suppliers with analytics, sustainability ratings and maturity scores based on specific ESG standards and goals, such as Value Reporting Foundation (VRF – formerly SASB), Global Reporting Initiative (GRI), and Sustainable Development Goals (SDG).
According to McKinsey & Company, organizations that fulfill ESG criteria see an overall cost reduction of up to 10%.
Customer Case Studies from Fortune 500 companies
World’s largest e-commerce company
- Manages over 5,000 suppliers
- Reduced safety incidents by 32%
- Suppliers outperform OHSA standards by 33%
- Saves $12 million in accident avoidance, program management and software development costs
Large U.S. food manufacturer
- Manages 4,500 suppliers
- Reduced safety incidents by 34%
- Suppliers outperform OSHA standards by 52%
- Saves $12 million in accident avoidance, program management and software development costs
Global leader in sustainable building solutions
- Manages 9,000 suppliers with sustainability assessments
- 7,000 supplier sustainability ratings
- Almost 1,000 different trades rated
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
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