riskmethods, the technological market leader in supply chain risk management, was honored with the "Austrian Supply Excellence & Purchasing 4.0 Award 2017" by the Austrian Federal Association for Materials Management, Purchasing and Logistics (BMÖ). With the award in the "IT & eProcurement" category, the jury recognized the software development for innovative risk management, which includes geotagging and learning algorithms.
With the software from riskmethods Companies can seamlessly monitor risks along their global supply chains and initiate tailored preventive and countermeasures. The SaaS-based solution uses several so-called "digital enablers" for this purpose. It digitizes the material flow in the supply chain using geocoding and monitors a variety of unstructured information sources such as radio station websites, TV channels, or magazines using near-real-time big data monitoring. The software also supplements structured data from databases of insurance companies, rating agencies, and sanctions control providers. Self-learning algorithms evaluate the incoming data and selectively filter out irrelevant risk information.
Fully automated early warning solution
The entire supply chain is monitored, including suppliers and subcontractors, as well as logistics hubs, countries, and production sites. This fully automated early warning solution covers all risk factors – from natural disasters and economic stability to changing compliance and CSR requirements. This enables companies to maintain their delivery capability, protect revenue, and safeguard their reputation from damage.
riskmethods' supply chain risk management software is currently used by more than 100 companies of all sizes and across industries worldwide, particularly in manufacturing segments with global supply networks. Key customers include market leaders such as Siemens, Leica Camera, Bosch, Miele, Swisscom, Mahle, and Deutsche Telekom.
Since 2003, the BMÖ has been awarding prizes for outstanding procurement concepts. With the "Austrian Supply Excellence & Purchasing 4.0 Award," the jury recognizes commitment, competence and professionalism, uniqueness, and business excellence in the four categories of Purchasing 4.0, Supply Excellence, IT & eProcurement, and Science.
