Geoff Joynt, CROFor an organization, the better its relationship with the suppliers, the smoother will be its business to run. However, hiring a supplier to do the job has risk attached to it; risk not only economic in nature, but operational and strategic as well. Avetta, offers a cloud-based risk management platform to minimize the risk associated with supply chains—thus controlling costs, protecting market share, and reducing premiums. “Our job”, Avetta CRO Geoff Joynt holds, “is to help protect companies for sustainable growth by connecting them with qualified suppliers, contractors, and vendors. We bring unmatched visibility to our clients through cloud-based technology and human insight.” “As a result, we foster sustainable growth for clients’ business, as well as their supply chain.” The software achieves this by auditing the supplier’s credentials, making sure that the suppliers that Avetta clients hired have the necessary expertise for the task they have been hired for. Therefore, in Joynt’s words, “if an organization hires a supplier company and bring it on site, they know they’re qualified to do the job.”
Another risk management method Avetta makes use of is checking a supplier’s insurance coverage. The solution makes sure that the supplier’s insurance is on par with the corporate standard of the Avetta customer. In case of any mishap, the supplier will be responsible for the damage caused.
“We developed a solution that is cross industry,” Avetta CRO states. Indeed, their supply chain risk management service is flexible enough, configurable enough to fit different kinds of industries. Oil and gas, construction materials, chemical, telecommunications, and transportations are only some of the industries covered by Avetta. Over 300 world-class companies across those industries are numbered in the current clients, with more than 50,000 contractor companies hosted in the Avetta network.
Each of those 300 plus have a multilayered, 4-level system of risk management at their disposal, and a robust reporting tool in Avetta Analytics.
Our job is to help protect companies for sustainable growth by connecting them with qualified suppliers, contractors, and vendors
First of the four is called DocuGUARD, the heart and soul of the Avetta solution. Layered onto it are the InsureGUARD, the AuditGUARD, and the EmployeeGUARD, which covers the risk management on the level of the supplier’s individual employees. Having this multi-layered system running will not only improve the workflow of Avetta clients, but significantly reduce the cost that the traditional, labor-intensive database risk management carries.
Supply chain management ecosystem is changing. Companies are becoming ever-more aware of the importance of various kinds of sustainability in their businesses. “What we are trying to do for our customers is to provide the solution that protects them not only from the economic perspective, but also environmentally and socially,” says Joynt. Avetta risk management software, besides bringing the economic sustainability, also provides the environmental and social sustainability to make sure that contractors are environment-friendly and share important social stands with the hiring company.
Achieving the desired level of sustainability preserves company’s future course. Speaking of future, enterprise risk management sustainability space is a relatively new arena, and Avetta will continue to be at the forefront of it. It is the fastest growing company of its kind, doing its very best to keep up the self-imposed pace. Avetta will, as Joynt states, try to “make the difference for our clients by helping them operate in a safer fashion.”