@Risk

New survey results from Aon eSolutions offer some valuable insight into how the use of risk technology can impact an organization’s risk and data management, as well as the total cost of risk.

For example, according to the survey of more than 400 risk professionals from 57 countries:

• The number one benefit and driving force behind the use of risk technology is accurate and reliable data. Companies use risk management information systems (RMIS) to manage business operations and generated accurate financial information.
• More organizations are now closely tracking return on investment (ROI) for risk technology tools.  The study results revealed that more than 25 percent of those polled expect to save up to $50,000 per year from using risk/insurance and claims technology.
• Compliance is an emerging benefit of using risk management tools.

Based on the survey results, Aon eSolutions identified these top ten benefits of risk technology: (more…)

Analysts are forecasting continued global economic volatility in 2012, so it makes sense for forward-thinking companies to bolster their focus on improved efficiencies and the mitigation of supply chain risks.

Recent research from IDC Manufacturing Insights confirmed that many Asia/Pacific manufacturers are doing just that. Drilling down even further, the IDC Manufacturing Insights report, Asia/Pacific Manufacturing 2012 Top 10 Predictions, concludes that in 2012 there will be greater use of predictive analytics tools among the region’s manufacturers.

Why? Because countering supply chain risks now requires better decisions at strategic and tactical levels –the kind of decisions made possible by predictive analytics, automation and enhanced supplier collaboration.

Noting that countries in the West are battling sluggish economies and high unemployment rates, IDC Manufacturing Insights also predicts that Asia/Pacific manufacturers will focus on producing goods where there is demand and growth – domestically, in the Asia/Pacific region. (more…)

Supplier collaboration is essential to supply chain risk management, and as PRTM has shown, companies that have implemented operational flexibility and collaborative initiatives are now realizing significant business benefits.

Unfortunately, though, building collaborative relationships with suppliers is often easier said than done.

Even though virtually every aspect of our work day has been transformed by Web 2.0 communication platforms, these technologies have been slow to infiltrate supply chain management. In fact, most companies today still rely on phone, fax, email and spreadsheets for collaboration with suppliers. These methods are frustrating, costly, inefficient –and perhaps worst of all, they’re risky, too.

Shouldn’t there be a better way?

At Aravo, we think there absolutely should be a better way. And that’s why this week we released Aravo Assure^TM, an innovative web-based B2B social network built to revolutionize the way businesses engage, share data and collaborate.

The concept is relatively simple . . . and long overdue. Using Aravo Assure’s^TM Enterprise 2.0 technology, trading partners are empowered with an industrial-strength collaboration platform and many-to-many communications framework designed to facilitate information exchange, while reducing the expense and administrative burden on both parties. That means Aravo Assure^TM makes it easier than ever before for suppliers and buyers to build robust, collaborative relationships –the kind of relationships that ultimately, mitigate supply chain risk. (more…)

The Food Safety Modernization Act, which was signed into law in January, requires the U.S. Food and Drug Administration (FDA) to establish at least two pilot projects: one involving produce and one involving processed foods.

Last week, the FDA announced that two pilot projects are underway.  These pilots, designed to enable both the agency and the food industry to better trace products responsible for foodborne illness outbreaks, will evaluate methods and technologies for rapid and effective tracing of foods, including:

• types of data that are useful for tracing,

• ways to connect the various points in the supply chain and

• how quickly the data is made available to the FDA.

Key stakeholder groups from industry, government and consumers will have input into the pilots, and the FDA also will make efforts to include those representing the food supply chain – from farms to restaurants and grocery stores.

After completing the pilots and gathering additional data, the agency will begin rulemaking on recordkeeping requirements for high-risk foods to facilitate tracing. Step one will be to define high-risk foods, considering such factors as: (more…)

Is your company prepared for today’s supply chain risks?

As we’ve seen over just the past few months, the global business environment is teeming with supply chain threats, ranging from key supplier financial failure and product quality or compliance issues to disruptions due to natural disasters, infrastructure failures or geo-political factors. At times, it can seem like the list is endless.

What’s more, off-shoring, emerging market sourcing and spend reduction initiatives have increased exposure –without a related increase in comprehensive closed-loop risk assessment, planning and mitigation solutions. Clearly, companies must now look beyond supplier credit ratings to understand and control their full supplier risk exposure in a single view.

What can you do to better evaluate and manage your global vendors?

For starters, tune into Aravo’s newest webinar, Identifying and Managing Supply Chain Risk, scheduled for Tuesday, September 27, 2011 at 10 am Pacific (1 pm Eastern).

During the one-hour presentation, our featured guest speaker Stephanie Moore, Vice President, Principal Analyst at Forrester Research, Inc., will discuss how you can better recognize and prepare for vendor risk in your supply chain. More specifically, you’ll learn how to: (more…)