The last two decades have seen a powerful shift towards ‘conscious businesses’. While most companies around the world are attempting to place sustainability (financial, environmental and human rights-related) at the top of their list of priorities, the majority fail.
Finding the source of non-sustainable practices is a struggle with seemingly unbreakable barriers, leaving many with no choice but to stick to practices that ensure only the easiest minimum level is fulfilled.
Existing approaches to risk monitoring along the supply chain are either based on desk audits or self-assessments. Both of these methods are heavy on resource expenditure: they can take up to 2 years to come up with the relevant results, and many cost a fortune if done well.
Not a small detail, the results of these reports tend to be biased, outdated, or not accurate enough. An industrial accident being reported two years later by the person who was in charge at the moment of its occurrence is past its relevant timing and probably simplified by its reporter to protect their reputation.
Another big issue with these approaches are the barriers of distance and language. Most situations of civil or labor unrest are reported worldwide with some sort of delay or not even reported at all. A national newspaper in Netherlands might not find it relevant to buy and report news from a faraway country such as Singapore, yet a fire at a Singaporean factory could affect a Dutch firm directly.
Prewave tackles these key deficiencies and many more by applying AI-powered technologies to the management of supply chains in their entirety. Prewave supplier monitoring keeps track of every part of the supply chain across a vast array of countries and languages, so that no risk events ever go unnoticed. Our solutions are not only 50% cheaper than the aforementioned approaches, but they also offer 10 times faster onboarding processes, guaranteeing your company can be set up and start using our system in as little as 2 weeks.
Receiving real-time alerts helps your company stay on top of what goes on at every level, and to stay one step ahead of your competitors. Tackle risks at their source before they even get the chance to escalate and simultaneously generate invaluable competitive advantages.