Resilinc’s EventWatch platform alerted customers to 7,929 potential supply chain disruptions (a 46% year-over-year increase) with the life sciences, healthcare, high tech and automotive industries being most impacted, according to Resilinc research.
“To ensure supply chain resiliency, companies need to be able to detect disruptions promptly, understand the impact and act quickly. Our technology allows just that. Leveraging 12 years of rich, annotated news, we have trained the EventWatch to sift through billions of data sources, flag relevant events and alert customers about a potential disruption. Through the power of reinforced learning, the AI continues to get smarter as it processes a continually increasing volume of news,” says Sumit Vakil, chief product officer and co-founder of Resilinc.
“When this type of monitoring is layered with multi-tier supply chain mapping, customers have unmatched visibility into where a disruption is occurring and the impact it will have across the entire network, all the way from parts and raw materials to the customers’ customers. Our technology can even predict if a purchase order is going to be late, and by how long, and propose a risk mitigation action plan.”
- The Top 5 reported disruptions included factory fires, mergers and acquisitions, business sale, leadership transition and factory disruption.
- Of these disruptions, 54% were impactful enough to trigger the creation of a WarRoom (virtual platforms in the Resilinc dashboard where customers and their suppliers communicate and collaborate to assess and resolve disruptions).
- Factory fires ranked as the No. 1 disruption for the first half of the year with the number of fires up 131% YoY. This year is on track to have the most factory fires ever reported, a trend driven by gaps in regulatory and process execution as well as a shortage of skilled labor in warehouses.
- The data also reveals that disruptions due to geopolitical events, most notably the Russia-Ukraine war, were up 521% YoY.
- Geographically, North America experienced the most disruptions, accounting for over 40% of the total alerts issued in the first six months of this year.