Integration enables direct procurement teams
to manage supply chain risks holistically via AI technology.
Research Triangle, North Carolina, October 24 2023: JAGGAER, the global leader in Autonomous Commerce, has announced a new partnership with Prewave, a leader in end-to-end supply chain risk management, in pursuit of its objective to help customers identify and mitigate risks. The integration of the JAGGAER Direct procurement solution with Prewave’s software gives JAGGAER customers the ability to assess suppliers based on risk factors, identify and fully understand direct procurement risks, and mitigate any disruptions, should they occur, with strategic corrective actions, working with their suppliers.
Prewave’s AI algorithm monitors millions of publicly available data sources, analyzing risk alerts across 140+ categories and in 50+ languages.
“We’re delighted that the integration is already live and available to our customers. It offers a holistic approach to risk management, ensuring businesses are well prepared and resilient in the face of potential supply chain disruptions that have become all too common in recent years,” said JAGGAER Chief Product Officer, Dawn Andre.
“JAGGAER customers can now directly access millions of historical risk data points across different categories and regions to support better supplier management decisions. Live events and news on suppliers are now accessible directly from JAGGAER. Participants at our upcoming REV2023 conference will be able to see this for themselves,” Andre added.
Jonas Artmeier, Prewave’s VP Sales & Advisory, commented: “In today’s interconnected world, managing supply chain risks is essential. Our collaboration with JAGGAER marks a significant milestone in this ambition. Combining Prewave’s external risk data and advanced supply chain mapping and monitoring capabilities with JAGGAER’s internal data excellence allows us to offer businesses an unmatched opportunity to gain real-time transparency into our mutual customers’ multi-tier supply chains, proactively address disruptions, and comply with upcoming legislations.”
Compliance with national and international supply chain legislation, together with stakeholder pressure for environmental, social and governance (ESG) best practices, requires companies to perform systematic risk analysis. Prewave leverages AI to relieve the administrative burden this imposes on procurement and sourcing departments. With this integration, JAGGAER customers will receive real-time alerts about events affecting all levels of their supply chain (Tier-N). Automated risk scoring will enhance their ability to assess and evaluate external risks, which are typically unknown and can take businesses by surprise in any supplier category at any level in the supplier network. These risks can include emerging threats such as cyberattacks (up 42% in 2022) and data privacy breaches, as well as more common supply chain disruptions.
“This is a valuable complement to JAGGAER ONE’s supplier management offering, which augments skills around risk management through supplier onboarding, qualification and workflow creation. Customers will now be well equipped to comply with the toughest due diligence regulations that are already in force or yet to come,” Andre concluded. Prewave is taking part in JAGGAER’s REV2023 conference at the W Hotel in Barcelona, November 13-15, where the company will host a breakout session.
Prewave is a pioneering technology company that is revolutionising the way businesses manage their supply chains. By leveraging the power of artificial intelligence and machine learning, Prewave empowers companies to predict and proactively mitigate risks in their supply chains, ensuring resilience in an increasingly volatile global market.
Our platform harnesses the power of a vast array of data sources, including news, social media, and specialized databases, to provide real-time alerts on present and potential disruptions, including emerging issues related to the CSDDD, UFLPA compliance, natural disasters, social unrest, and more. To learn more, visit: www.prewave.com
JAGGAER is leading the Autonomous Commerce revolution, a self-governing B2B commerce experience between buyers, suppliers, things (IoT), and partners. Over $500 billion worth of goods flows frictionlessly through our Enterprise Commerce Network every year. Leveraging AI and machine learning, our intelligent procurement solutions provide enterprise buyers and suppliers with smart-match recommendations that align buyer needs with supplier capabilities. Our solutions autonomously execute many of the repetitive, behind-the-scenes tasks required to facilitate enterprise commerce. We are Networked, Intelligent, Comprehensive, and Extensible. We have over 1,100 employees strong, all focused on customer success. For further information please visit www.jaggaer.com