![]() Prewave: This cloud-based, risk intelligence platform is known for using public information to automatically identify risks in automotive supply chains at an early stage. More sophisticated enterprise-level applications may also provide stakeholders with the ability to improve supply chain execution by integrating SCRM workflows with internal enterprise resource planning ( ERP) and procurement systems. Some platforms use heat maps to make it easier for stakeholders to understand areas of high risk. Scores are based on the likelihood that a risk will occur, its potential impact and the organization's ability to deal with it. Unlike supplier risk management platforms, which focus narrowly on how a specific provider's known actions could result in undesirable consequences, SCRM platforms factor in the potential perils of unpredictable variables such as poor weather conditions, COVID-19 lockdowns or changes in a country's political or social landscape.ĬOTs SCRM platforms typically use a scoring system to assess risk. ![]() This includes choosing a supplier who charges less than other suppliers, seeking out providers known for interoperability and partnering with providers who have the ability to roll out new product features on a frequent basis. Techopedia Explains Supply Chain Risk Management (SCRM)Īccording to the National Institute of Information Technology (NIST), the business priorities that lead an organization to choose one supplier over another are almost the same as those that introduce more risk to the supply chain. Cross-reference supplier software bill of materials (SBOM).Automate communication and smart contract updates with supply chain partners.Vet new suppliers by automating the processes required to collect, analyze and manage supplier information.Manage third-party risk more effectively by identifying more than one supplier for key purchase items.Experiment with graph databases to map dependencies between supplier components.Take advantage of machine learning algorithms to identify and prioritize risk remediation efforts.Use real-time data and big data analytics to optimize supply chain resources.
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