As the first cloud-based supply chain risk management service, we had to innovate in order to ensure that our customers' production continued despite disaster events.
Redwood City, California (PRWEB) September 05, 2013
Supply Risk Solutions, the leader in cloud-based supply chain risk reduction, today announced that the United States Patent and Trademark Office awarded US Patent 8,515,804 to the company for its innovative supply chain risk management system. US Patent 8,515,804 is an important component of Supply Risk Solution’s intellectual property portfolio of supply chain management solutions.
Founded in 2005, Supply Risk Solutions is a pioneer in the development of scalable supply chain risk management systems implemented by top tier global manufacturers and remains the only supply chain risk management solution whose effectiveness is recognized by insurance underwriters. US Patent 8,515,804 describes the first practical approach for scaling risk management across large supply chains. Companies using this solution benefit from proactive supply chain risk mitigation and accelerated crisis response that covers all their suppliers and sub-tiers.
“Global manufacturers struggle with the effort it takes for internal resources to cover just their top suppliers with proactive risk programs. Furthermore, too often internal response capabilities do not scale to large disasters,” says Supply Risk Solutions CEO, Patrick Brennan.
The 2013 Supply Chain and Risk Management Study conducted by MIT and PwC emphasized the importance of covering supply chains with robust risk programs. The study reported that companies with mature supply chain risk management processes show significantly higher operational and financial performance. Such companies invest in processes that enable flexible, timely response to supply disruptions. Unfortunately, only 40% of companies self-reported as having mature supply risk programs.
Zurich Insurance recently published an article in Supply Chain Risk Insights which highlighted Supply Risk Solutions as unique in that it “manages on customers’ behalf regular data refreshes, data analysis, supplier production site risk assessments and recommendations and supplier risk mitigation resources such as templates, support and follow-up.”
“Disaster events can strike a supply chain at any time and result in hundreds of millions of dollars in lost revenue”, said Mr. Brennan. “As the first cloud-based supply chain risk management service, we had to innovate in order to ensure that our customers' production continued despite disaster events. We are honored to see our work recognized by this patent.”
About Supply Risk Solutions
Founded in 2005, Supply Risk Solutions enables manufacturers to continue production despite disaster events through its cloud-based supply chain risk management service. Unique rapid disaster response and proactive risk mitigation innovations protect customers’ revenue and result in massive time savings for sourcing managers.
Supply Risk Solutions is headquartered in Redwood City, CA and was a voting member of the committee for the US BCM standard (ANSI-approved). To see Supply Risk Solutions in action, visit the website or call +1 800 695 6204.