Craft Launches New Solution to Simplify Supplier Risk Management
The first SRM designed specifically for team collaboration and proactive risk mitigation built with the industry’s most comprehensive data fabric and highly configurable AI-driven risk alerts
Craft Supply Chain Resilience Platform
ORLANDO, Fla., May 07, 2024 (GLOBE NEWSWIRE) — Gartner Supply Chain Symposium/Xpo 2024 — Craft.co (www.craft.co), the supply chain resilience company, today announced the launch of its next-generation supplier risk management solution, setting a new standard for data quality, usability, supplier risk and compliance monitoring, and proactive risk mitigation capabilities. The platform is powered by an expansive data fabric and a powerful risk engine enhanced by AI-driven intelligence. With comprehensive 360o supplier visibility, hyper-relevant risk signals, and the industry’s most user-friendly collaboration workspace, Craft makes it easy for organizations to stay in compliance while minimizing supply chain disruptions.
“Craft gives us a comprehensive view of risk across our entire supplier network without having to wade through a lot of disparate data and noisy alerts. The platform makes it easy to pinpoint potential relevant risk and share information across teams to proactively manage issues before they cause major disruption,” says Ingmar Mester, Director Supplier Management, Sustainability & Regulatory at Hapag-Lloyd AG.
Better, more comprehensive data fabric for smarter supplier decisions
Craft simplifies the complexity of managing a global supplier network by providing a single platform powered by a comprehensive data fabric with:
- 1,300+ data streams covering all major risk categories: financial, compliance, cybersecurity, geopolitical, ESG, and forced labor
- Third-party data verification for quality and consistency
- Best-in-class foreign influence data provided by Strider, Pitchbook, and Bluefoot
- Configurable portfolios for supplier grouping
- N-tier mapping connecting across multiple locations
- Intentional, use-case driven integration with operational data such as locations, product codes, etc. for easy search, export, and anchored risk evidence
A highly-configurable platform for risk prioritization and continuous monitoring
Craft’s powerful Risk Hub provides a simple view of risk across your entire portfolio of suppliers so you can quickly identify who needs further attention and then drill down for details.
Where traditional risk monitoring systems produce a lot of irrelevant noise, causing important signals to be overlooked, Craft cuts through the noise to enable you to proactively anticipate risk and be ready when it happens with:
- Highly-configurable, user-friendly capabilities with risk monitoring and alerts
- Signal and event tracking with AI-driven alerts by commodity, location, and keyword
- Weighting based on risk thresholds and critical priorities
- 40 risk alert types backed by event timelines and score trending
- Automated risk checks to speed discovery
- Proactive insight on impacts of new regulation and geopolitical issues on supply chains
Collaboration-centered design for enterprise-wide impact analysis
Craft’s user-friendly workspace centralizes data to improve visibility, communication, and risk mitigation to:
- Capture and display data documenting due diligence and compliance activity
- Automate actions based on risk type and business rules
- Centralize compliance requirements management with auditable reporting
- Share enterprise-wide views on supplier risk and performance
- Elevate response and follow-through with state-of-the-art case management, tracking, and analytics with anchor points and trending
- Track communications internally and externally when collaborating with suppliers for risk mitigation
“Some of the largest government organizations and commercial enterprises including the U.S. Department of Defense, Hapag-Lloyd, 3VRM, and others trust the Craft platform to provide reliable data and actionable insights to manage risk to their operations,” said Mimi Spier, Chief Marketing Officer for Craft.
The industry’s most flexible, scalable platform designed to grow with you
Craft is designed from the ground up to enable Supplier Intelligence for Due Diligence, Supplier Risk Management, and Supply Chain Risk Management. The Craft platform consists of four modules and offers flexible pricing based on your data priorities, required functionality, and number of suppliers.
- Craft Sense provides reliable intelligence across all risk domains and is configurable to meet a company’s specific risk concerns. Craft offers a complete view of your suppliers with holistic company profiles, advanced search capabilities, and value stream data about your most lucrative product lines and SKUs. Large-scale, repeatable due diligence efforts are simplified with portfolio-level management.
- Craft Protect helps minimize disruption with on-going monitoring to anticipate the most critical risks impacting your suppliers. Its powerful, centralized Risk Hub, timelines, configurable alerts, and insights based on AI and machine learning, can help connect the dots, understand impact, and proactively mitigate disruption.
- Craft Operate provides a central hub for communicating and tracking supplier risk across Procurement, Supply Chain, IT, Finance, Sustainability, Legal, and Risk Management teams. With collaborative workflows, private and group sharing of activities and conversations, case management and case analytics, you can efficiently manage risk, increase productivity, improve transparency, and ensure compliance.
- Craft Impact brings your supply chain operations together with 3rd party supplier intelligence and n-tier mapping so you can quickly anticipate disruption, understand impact, and optimize supply chain strategies in one central place.
All Craft modules are easily configured to align with the risk priorities of your business now and in the future as you scale your supplier network.
About Craft.co
Craft illuminates the path to global supply chain resilience. It empowers businesses to strengthen their supplier networks and supply chains with the industry’s most reliable and comprehensive data fabric and advanced risk mitigation engine. Craft’s user-friendly platform offers 360o visibility to explore and evaluate supplier networks, AI-driven insights to detect and mitigate disruptions, and collaborative tools to enhance supply chain strategies. Procurement and supply chain professionals can confidently navigate regulatory environments, adhere to ethical standards, and ensure business continuity. Headquartered in San Francisco, CA, Craft assists commercial and governmental organizations worldwide in creating more resilient supply chains. For more information about Craft, visit www.craft.co.
Contact: press@craft.co
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b28289a-6e32-45aa-b51e-6a7ac15a8798
