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There’s an emerging category of business—supply chain risk management—of which many companies aren’t yet aware. For the largest companies, this is a jugular area—imagine the exposure of a large oil company or a large online retailer when a supplier they’ve contracted with makes a mistake or even causes an all-out disaster? (Think oil drilling contractor, for example.)
And imagine how much worse any such disaster would be if in the fallout it’s determined the organization you approved has failed to meet compliance requirements or carry proper insurance? The level of risk, the cost and the complexity of managing an increasing network of partners an organization may use has made this a jugular issue and a vital area of business that enterprise organizations know well.
However, imagine the benefit of having a strong and specialized organization available to take on the qualification and management for you and to assess where any vulnerabilities lie. Safety on work sites. Reliability and correct performance of functions. It could save lives, most importantly, but would also be world changing in terms of customer satisfaction, positive PR (and avoidance of crisis) and company profitability and efficiency as well.
This is the focus of a company that I spoke to this week called Avetta, which is one of the top participants in this specialized space. The company is global but has headquarters in Orem, UT.
In conversations with Richard Parke, Avetta’s leader of the Integrated Supplier Organization at the company’s Utah headquarters, I learned about another aspect of supply chain risk management that applies to the majority of smaller organizations and contract suppliers as well.
Avetta has created one of the strongest – perhaps the very strongest—networks of qualified supplier organizations. What this means: beyond meeting the requirements for hire by the organizations Avetta supports (such as major oil & gas concerns, construction, online marketplaces, etc.), participation in the system helps suppliers grow their businesses faster and better.
The “Avetta Marketplace” is a shopping ground that exclusively benefits members of the company’s network by saving them time and money on the products and services they use most. Beyond meeting annual certification and compliance requirements for contractors working or hoping to work with the organizations Avetta supports, the program provides them with additional selling, educational and advancement opportunities as well.
As a concept, the program is especially beneficial for highly specialized industries such as energy, alternative energy and oil and gas (the power industries, along with power industry construction). Logistics and supply are also important, along with telecom and facilities management—industries that are highly specialized but have been harder to network and gain traction within before now.
While each hiring client in the Avetta network has its own set of qualification criteria, participating suppliers get exposure and access to all of them, giving them the chance to connect and grow their business with enterprise companies that would otherwise be extremely difficult to reach. Also, regardless of the criteria, participation gives the hiring organization (and their customers) the assurance that the work you do as a corporate partner is serving them ideally and well.
Strong visibility into sustainability, reporting and analysis on effectiveness, training and onboarding and resilience in the face of natural disasters are just a few of the reasons supply chain risk management, as a sector leader will become much more aware of in the seasons to come. It is an area that is destined for growth.
January 9, 2019 at 12:13PM
Forbes – Entrepreneurs