Avetta: Strengthening Supply Chain Resilience with AI

Avetta, a global leader in supply chain risk management software, has made major advancements to its various solutions.

These innovations are delivering clearer insights and faster decision-making for companies using the Avetta platform.

As a result, the companies are able to better-adapt to macroeconomic pressures and build business resilience. 

Supply chain risk management

Avetta is a contractor risk management platform providing help with building stronger relationships and making sure workplaces are adhering to sustainable practices. 

It is a platform dedicated to the transformation of the supply chain, including the implementation of environmental, social and financial guidance.

The Avetta SaaS platform helps clients manage supply chain risk, as well as helping the suppliers become more qualified. 

It offers solutions across major industries, including construction, energy, high tech, telecom, manufacturing and mining.

Using Avetta One, clients can manage risk on a single platform, using end-to-end products tailored specifically to each company's risk management needs. 

Within this AI-powered platform, Avetta has made improvements to the Business Risk solution, as well as the Sanctions and Adverse Media solution. 

As supply chain and procurement pressures are increasing due to ongoing geopolitical turmoil, more companies are turning to AI-powered solutions to speed up processes in order to increase accuracy and allow employees to focus on other aspects of the job.

"The velocity of AI innovation in procurement is accelerating, not stabilizing," says Caldwell Hart, Principal, Procurement & Supply Chain Management at Avetta. 

"The organisations that master this technology today will define what procurement excellence looks like tomorrow.

"The question isn't whether AI will transform your procurement function — it's whether you'll lead that transformation or be forced to catch up."

Avoiding financial risk

The geopolitical turmoil has led to significant economic volatility, with pressure for businesses to reduce costs, maintain efficient supply chains and modernise procurement operations.

This is all meant to occur whilst navigating inflation, labour shortages and shifting trade issues. 

According to The Hackett Group, procurement leaders are prioritising spend reduction, supply chain continuity and combating inflationary price increases within their work. 

As these risks do not appear to be slowing down, Avetta's solutions are aiming to tackle them, helping support procurement leaders establish supplier visibility and better decision-making. 

The Business Risk solution offers a comprehensive view of supplier and contractor financial health and operational stability. 

It provides risk scores for each supplier and contractor after gathering and analysing data, which then can be passed on to the procurement teams.

This gives the leaders full transparency into their suppliers, avoiding hidden risks by allowing procurement teams to enforce compliance policies. 

The solution offers critical support in tracking trends and protecting the business' financial reputation, with new contextual explanations which defines what each score means.

Latest developments to this solution means clients no longer need to use external documentation and can measure scores alongside industry benchmarks, providing a holistic overview. 

“Economic uncertainty is no longer a temporary condition—it’s the new normal,” says Dawn Andre, Chief Product Officer at Avetta. 

Avetta's solution

Avetta's Sanctions and Adverse Media solution scans global databases, government lists and news sources so it can spot potential issues with suppliers.

It allows clients to identify regulatory and reputational risks among their suppliers and contractors, such as unethical practices like fraud and bribery. 

“Our enhanced Business Risk solution and Sanctions and Adverse Media solution give clients the clear and accurate intelligence they need to act decisively amid shifting market conditions and operational complexity," Dawn continues.

"By surfacing meaningful insights and eliminating blind spots through innovative design and powerful data, we continue to help our customers gain the clarity, speed and confidence to not just respond to disruption, but anticipate it and turn it into opportunity.”

Since its update, the solution can now include near matches and location-based data, providing a more comprehensive view of risks than exact name matches.

This ensures clients can receive the full picture of their suppliers, evaluating every risk and prioritise follow-ups.