Through real-time risk monitoring and integrated sustainability and due diligence data, Sphera Supply Chain Transparency helps strengthen every link in the supply chain
CHICAGO, Oct. 17, 2024 (GLOBE NEWSWIRE) -- In today's world where risk exposure in global supply chains is dynamic and regulations related to sustainability and supply chain due diligence are ever-evolving, businesses need tools and actionable insights that enable them to withstand the uncertainties, get ahead of disruption and be compliant.
Supply chains are under closer scrutiny now in many parts of the world as regulations - such as the EU Corporate Sustainability Due Diligence Directiveproduct line provides organizations with end-to-end visibility across the entire supply chain to effectively manage supply chain risk, sustainability and regulatory compliance.
"Supply chains have been facing unprecedented volatility with network disruptions resulting from extreme weather events, economic trends, cyber incidents and ESG-related risks," said Paul Marushka, Sphera's CEO and president. "Companies are also facing growing pressure to meet global ESG regulations and consumer demands for greater transparency and ethical sourcing practices. A holistic approach to managing risk and sustainability in the supply chain not only enables businesses to address risk before it disrupts operations but also enables enterprises to build resilient supply chains that can adapt faster to evolving situations, withstand impacts and recover quickly."
The Supply Chain Transparency (SCT) product line from Sphera, the leading provider of Enterprise Sustainability Management (ESM) performance and risk management software, data and consulting services, provides procurement, supply chain and sustainability professionals with an innovative solution for mitigating risk and strengthening their supply chain. Having the ability to proactively monitor risk, collect and assess direct supplier data and comply with evolving standards, helps businesses reduce potential costs associated with risk, gain competitive advantage and build transparent, agile supply chains.
Sphera SCRM (formerly riskmethods) leverages AI along with a team of risk research experts to validate and manage information from internal and external data sources to provide real-time risk monitoring. Having an improved risk profile helps companies gain competitive advantage with a well-managed approach to ensure business continuity, protect their reputation and reduce the costs related to supply chain risk. Sphera SCRM issues alerts to users, which provide actionable insights that enable companies to implement countermeasures at the earliest opportunity, proactively monitor the situation to address additional developments and mitigate consequences. Some examples include:
- In the lead-up to the traffic jam in the Panama Canal - which sees 6% of global maritime trade and 40% of all U.S. container traffic relying on the passageway - the first alert went out in April 2023 when the Panama Canal Authorities imposed restrictions for the first time. Starting August 8, 2023, Sphera SCRM began informing customers about delays on the Panama Canal due to low water levels and continued during the crisis.
- During a period of historic flooding in Europe, alerts indicated heavy rainfall in the southern parts of Europe as early as September 5, 2024, and a total of 115 alerts were issued to users as the flooding progressed and included impacts such as power outages and product delays. The impacts caused some factories to stop production lines, some stores to close and challenges in moving materials by rail.
- When a potential for a strike by dockworkers at 36 major ports along the East Coast and Gulf Coast of the United States loomed, early warnings were sent to users on August 13, 2024, via the Countrywide Industrial Disputes indicator and sent 10 alerts between then and the second day of the strike.
Sphera SCS (formerly SupplyShift) provides unparalleled tracking of ESG-related and regulatory risks with direct visibility into every tier of a company's supply chain. The solution empowers streamlined supplier engagement and direct performance visibility with standardized assessments, multi-tier data collection and audit-ready, quantifiable supplier data to ensure regulatory compliance and help companies build more responsible supply chains. Sphera SCS helps businesses:
- Connect every tier of supply chain data with broader sustainability initiatives.
- Identify, analyze and measure supplier performance to drive improvement.
- Operationalize compliance and sustainability goals by integrating industry-specific supplier data with enterprise systems, including the collection of direct Scope 3 data.
- Ensure legislative compliance through robust tracking, auditing and validation processes.
Naved Siddique, Sphera's chief product officer, said, "With increased regulatory pressure coupled with a host of hidden risks in the supply chain, companies need to be empowered to proactively mitigate risk and build resilient, sustainable supply chains. This is what we deliver with our Supply Chain Transparency solution. Supply Chain Sustainability provides deeper visibility into multiple tiers of the supply chain and enables seamless collection of supplier environmental, human rights and other sustainability data, while Supply Chain Risk Management provides AI-powered insights for early risk detection and real-time monitoring throughout a supply network. This provides businesses with unparalleled risk visibility, proactive risk management, sustainability integration and regulatory compliance."
About Sphera
Sphera is the leading provider of Enterprise Sustainability Management. Follow Sphera on LinkedIn.
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