A supply chain without disruptions does not exist. And with cycles getting shorter thanks to consumers getting pickier, retailers can’t afford the cost—or time lost—because of those disruptions.
But what if retailers could suss out risk before it happens to at least reduce potential disruptions?
Part of KPMG Spectrum, Third Party Intelligence anticipates third-party vulnerability so companies can act before disruptions start disrupting.
“Many executives try to monitor disruptive events caused by third parties in real-time, minimizing their ability to react quickly enough to contain resultant damage—whether financial, reputational, legal, or otherwise. In the current environment real-time is no longer fast enough,” Head of KPMG Spectrum Larry Raff said. “Third Party Intelligence allows us to alert clients to vulnerabilities in advance, giving businesses the insight to act ahead of time and potentially avoid disruption altogether.”
Using data from the financials of third parties in 90 countries, millions of news feeds, websites, and blogs from 48 countries, the tool uses algorithms to pinpoint and project vulnerability trends in individual third parties and in the countries where they operate.
The differentiator here, according to KPMG, is that Third Party Intelligence analyzes that data for the user, rather than simply filtering and presenting it.
KPMG said early users of the tool have reported cost and time savings from avoiding supply chain disruptions and crisis management, and they’ve also been able to shift resources away from data management to value-added activities and strategic initiatives.
“Supply chain disruptions can completely derail production and distribution operations,” Brian Heckler, U.S. national sector leader for industrial manufacturing, said. “Third Party Intelligence improves transparency, giving manufacturers a broader view of the entire value chain and an early-warning system to identify growing risks, which enables them to take preventative steps before disruption strikes.”