Resilinc: AI to Support Weather Risk Assessment & Mitigation for Suppliers
Leading provider of supply chain visibility, Resilinc, identified a major oversight in terms of weather-related risk assessment and preparation within the supply chain. The company released surprising statistics revealing how unprepared supply chain suppliers are during potentially disruptive events such as hurricanes and weather-related catastrophes, sparking the deployment of an AI and data sciences-based hurricane-preparedness solution to better prepare supply chain resilience.
Among the statistics revealed in the Resilinc supply chain database, 35 percent have poor logistics recovery, 27 percent of supplier sites lack business continuity procedures, and 37 percent have no backup power.
“Unfortunately, it comes as a surprise to many supply chain managers that a large proportion of their suppliers are woefully unprepared to withstand major disruptive events like hurricanes,” said Sumit Vakil, Resilinc CTO. “This lack of transparency is especially true in the sub-tiers of a supply chain.”
More than seven years of supply chain and hurricane data in conjunction with the company’s expertise was combined to create a customized, automated solution for avoiding and assessing the risk at hand in the face of hurricane-related disasters and weather-related disruptions.
The company outlined the following core capabilities of the solution to include: multi-tier supply chain mapping down to the product and part-level, supplier surveys and site readiness assessment, dashboard incorporating AI and recommendations, and ongoing monitoring throughout hurricane season featuring real time supplier impact confirmation during live events.
Taking it a step further, Resilinc’s solution will evaluate customer key metrics, supplier site vulnerabilities, regional hurricane risks, revenue risks, and more.
“Based on data, heuristics, history and other factors, Resilinc will come back with very specific recommendations, such as ‘move inventory from that site,’ or ‘evaluate your safety stock for that part,’ to provide clients specific targeted recommendations to mitigation action and protect revenue,” said Resilinc Senior Director Jon Bovit.