With the AI-powered digital tool, companies can now view a representative landscape of threats for critical commodities on a global scale
CHICAGO, IL (November 15, 2023) – Sphera®, a leading global provider of environmental, social and governance (ESG) performance and risk management software, data and consulting services, today announced the release of Sphera Supply Chain Risk Management (SCRM) Commodity Risk Tracker (CRT), providing businesses with insights into potential disruptions and reputational threats in commodity supply.
Commodities are essential in trade, encompassing specific unprocessed resources like metals and minerals that manufacturers across a host of industries depend on. Increasing supply chain disruptions and risks are impacting the delivery of commodities. If these risks are not addressed, they can cause profit losses. Suppliers can play an integral part in mitigating these vulnerabilities.
Supply chain disruptions are expected to persist due to ongoing and emerging factors such as geopolitical conflicts, inflationary pressures and climate change-related weather events. To stay ahead of such events, companies need to monitor the commodity side of their supply situation to proactively analyze and mitigate these risks. In order to do so, businesses need real-time information on commodity risk to manage vulnerabilities in their supply chains.
“Having visibility into critical commodities on a global scale is one of the most complex and pressing challenges in supply chain risk management,” said Paul Marushka, Sphera’s CEO and president. “Conventional commodity monitoring approaches primarily center on tracking price fluctuations rather than pinpointing potential disruptions and ESG-non-compliance across the supply chain. This is where Sphera SCRM CRT differentiates itself. The solution provides companies with real-time insights on potential threats to their commodity supply so they can make data-driven decisions to quickly mitigate risk. This empowers organizations to become more proactive as they gain significant lead-time advantages over their peers, protecting their top- and bottom-line results and avoiding reputational damage.”
With Sphera’s Commodity Risk Tracker, companies can:
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- Generate lead time advantages in the sourcing of raw materials by tracking commodity risks to anticipate price changes and adjust their sourcing strategy accordingly.
- Have access to a representative landscape of risk events to monitor their critical suppliers of defined commodities on a global scale and be more proactive.
- Protect their savings performance and price increases by securing alternative supply before market prices start to inflate.
- Gather and interpret real-time data on potential disruptions and ESG compliance in the commodity supply chain and identify the necessary actions in response.
- Save time and resources when identifying commodity suppliers and gain access to master data, so companies don’t have to perform the heavy lift of extensive research.
To gain an even more comprehensive view of risk, Sphera SCRM now also offers Supplier Risk History (SRH), a capability that accumulates the historical risk data of a supplier at a specific location–allowing companies to not only proactively monitor for potential risks, but also make more informed decisions about the suppliers they work with. A business’s total view of risk can be improved with Sphera SCRM through historic risk insights from SRH and visibility into commodity risk from CRT.
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About Sphera
Sphera is the leading provider of environmental, social and governance (ESG) performance and risk management software, data and consulting services focusing on Environment, Health, Safety & Sustainability (EHS&S), Operational Risk Management (ORM), Product Stewardship and Supply Chain Risk Management (SCRM). For more than 30 years, we have served over 7,000 customers and a million-plus users in 80 countries to help companies keep their people safe, their products sustainable and their operations productive. Learn more about Sphera at www.sphera.com. Follow Sphera on LinkedIn.
For media inquiries, please contact:
Denise Jones, Marketing Communications Manager, Sphera, djones@sphera.com