Day in and day out, the global flow of goods routinely adapts to all kinds of glitches and setbacks. With tight cash flow plans, low inventory of goods, even small glitches can cause an unexpected stoppage negatively impacting sales or services driving customers away.
Supply chain delays or disruptions is just one tiny little aspect of business continuity. Wikipedia defines business continuity planning as the process of creating systems of prevention and recovery to deal with potential threats to a company. This includes threats to people, property, data, facilities, product disruption, or supply chain.
Lloyds TSB published a six-page business guide headed "What can go wrong, will go wrong - so plan ahead". In the opening paragraph the, by now, famous "Some 80% of companies that suffer a major disaster and don't have any form of contingency planning go into liquidation within 18 months".
Nowigence, provides daily insights on business risks and opportunities either existing or evolving in a client’s eco-system. An eco-system for a client is its entire marketplace comprising customers, suppliers, competitors, products, applications, industry and demand and cost drivers. Nowigence is dynamic, sifting through millions of news items daily from over 60,000 sources to search and select a critical few to include in a client’s marketplace.
Nowigence InsightTM complements the needs of a business continuity platform which has traditionally focused on weather-related or man-made events to either develop risk averting plans or to alert leaders if there is a likelihood of work stoppage or disruption. InsightTM offers a comprehensive solution, a platform that captures changes to already existing risks and identifies new ones. It’s ability to search, store, extract, trend and predict changes by analyzing news at different tiers of the supply chain, allows businesses to be relevant and “in the know” every day and anywhere. Its capability to decipher changing patterns on events in social media within a few miles of client’s own or supplier/customer facilities becomes an early warning system, alerting clients to protect its valuable assets in the form of people, property or data. An event like a shooting in a location nearby is more likely to be reported in social media first before being announced over radio or television news. Nowigence alerts you quickly allowing you time to act.
Within two years after Hurricane Andrew struck in 1992, 80 percent of the impacted companies that lacked a business continuity plan failed (FEMA). When a volcano erupted in Iceland, spewing ash across northern Europe, supply chain wizards were put to a test, juggling production and shipments worldwide to keep supplies flowing.
Could Nowigence’s business continuity platform have helped better plan the supply chain disruption caused by the March 11, 2011 100-foot high tsunami that inundated Japan’s northeastern shoreline and disrupted nuclear power generation on the island?
The answer is yes. Nowigence tracks nearly 50 different categories of news types including supply and demand, capacity infusion, innovation, legal and compliance issues, strategic moves, and labor changes across the value chain for a client. Risk factors are not static. Daily tracking brings new information. If a new supplier is developed along any Faultline such as the one in Japan, the platform assigns high probability for an event triggering a possible failure. Risk planning teams can then locate a new supplier to mitigate the risks should an act of God trigger disruption.
Nowigence keeps you in the know, all-the-time, everywhere. Call us today to learn more about how market intelligence when tracked daily across thousands of research attributes pertaining to your business can help drive decisions, unite teams, improve planning and reduce business risks. All who have called have been pleasantly surprised by its innumerable features and benefits calling InsightTM a very powerful product.
Source - IBM