Cooperation brings risk monitoring and transparency to complex supply chains
Munich, December 15, 2021: The digital solutions, consulting, and software company valantic has entered into a strategic partnership with Prewave. The AI (artificial intelligence) start-up Prewave contributes a global AI risk management platform that analyzes current information from more than 50 countries and categorizes risks. This collaboration between valantic and Prewave will enable companies to link current and planned material flow data to risk information.
Supply chains are becoming more and more complex. At the same time, legal framework conditions such as the German Supply Chain Act are coming into force. For companies, this means that they need to optimize supply chain transparency and resilience in order to respond to unforeseen events in timely fashion. This is where the cooperation between valantic and Prewave will begin. With the wayCloud Platform, valantic provides Web-based collaboration software that can be used to map complex supply chains. This makes it possible to anticipate delivery bottlenecks based on inventory on hand and in transit, but also to detect planned delivery capacities within the supply chain.
Prewave analyzes news and social media from more than 50 countries and in different languages, categorizing supply chain risks in about 100 categories such as fires, accidents, strikes, and human rights violations. The company was formed on the heels of a five-year research project at the Technical University (TU) Vienna and relies on an AI technology it developed specifically for this purpose.
Detailed information creates planning security
The cooperation between valantic and Prewave will provide customers with new and combined information for complex supply chains. valantic draws on many years’ experience in supply chain management and is a particularly sought-after partner when it comes to supply chain transparency and making the right decisions in bottleneck situations. “By visualizing the supply flows and inventories within supply chains, it is possible to predict whether current customer requirements can be fulfilled and how long demand forecasts can be met,” said Markus Schedel, Managing Consultant and Teamlead SaaS Solutions at valantic. “Specifically, it enables the linking of material flow data with risk information from the Prewave supply chain intelligence platform. Users can therefore access a detailed information base and now also include forecast information. In practice, this enables us to better evaluate the effects of current and potential risks in complex supply chains and to take measures in a timely manner.” Planning security is also increased significantly because it is possible to find alternative suppliers in time, who can step in in the event of an existing partner’s potential failure.
Identify risks before they occur
In order to give companies insight into the supply chain, a digital twin of the supply chain is built using the Web-based software-as-a-service (SaaS) platform “wayCloud Platform” – if necessary, even down to the raw material supplier. Prewave can then analyze the supplier information and create risk profiles based on historical data. On this basis, real-time risk monitoring is possible; it generates alerts, which in many cases even provide a warning before the event occurs. With its “Commodity Monitoring” tool, Prewave also has a tool in its product portfolio that provides unprecedented insights into raw material markets such as steel, rubber, and components such as semiconductors. Customers thus have access to an even larger information base. The cooperation between valantic and Prewave enables customers to reduce costs by minimizing risks and damage to their reputations. At the same time, companies are in a position to make their supply chains more resilient and sustainable, and to implement legal requirements for supply chain documentation.