Craft's Product Year in Review

Throughout 2022, the Craft team focused on driving innovation across Craft’s supplier intelligence platform to better help users monitor, measure, and mitigate supplier risk. This push led to pivotal product enhancements and releases that have empowered our users to adopt a more proactive approach to supplier management and risk mitigation, while also allowing them to experience increased efficiencies across their organizations. 

In 2023, we plan to build upon this momentum to continue to create the leading supplier intelligence platform. But, as we do so, we want to take some time to thank our customers for their continued partnership with Craft and to celebrate our accomplishments from this past year.

According to Ingmar Mester, Director of Supplier Management at Hapag-Lloyd, "We count on Craft to tick off all requirements to face a supply chain law audit and not be nervous or sweat through it. Craft provides us the tools to efficiently monitor and act if there is anything and everything we need to do to improve things in our world."

Craft delivered value to its customers in 2022, providing the tools for seamless and efficient supplier monitoring and risk mitigation. 

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Craft expanded its data coverage to enable users to know their suppliers better. 

With over 450+ data points on any one company or supplier, Craft’s Portal and API have always been focused on providing users with a 360 degree view into the organizations they care about. In 2022, we worked to bolster this capacity by expanding our data partnerships and adding new risk signals to both our Portal and our API. Some key highlights include the addition of: 

• Credit score data, which allows users to understand previous and current credit rating for any supplier to inform reliable risk assessments and financial analyses. 
• Intellectual property data, which provides users with an accessible view into the patents tied to a company and/or their employees to better understand IP risk.
• Corporate hierarchy data, which empowers users to assess the beneficial owners and entities tied to an organization for better due diligence and active risk monitoring. 
• Regulatory risk information, which enhances visibility into the politically exposed people, compliance violations, and adverse media tied to a company or supplier.
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Craft launched Risk Hub and Insights to equip users with the necessary tools to measure and monitor supplier risk. 

The launch of Risk Hub in 2022 allowed Craft users to assess company or supplier data across four critical risk categories— namely, Financial, Regulatory, ESG, and Security— and better determine where suppliers may pose the greatest risk. Iterative improvements to the Risk Hub throughout the year provided users with richer explanations of risk scores, thereby minimizing the need for additional research or probing outside any single Risk Hub view. When paired with Craft’s curated Insights and industry benchmark analysis, Risk Hub allows users to quickly evaluate the overall health of their supplier network and better identify areas for intervention. 

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Craft added new Alerts categories to help users protect their supply chains from adverse events. 

To build a responsive and resilient supply chain, visibility into your suppliers is key. Craft Alerts allow users to stay up-to-date on crucial changes to a supplier, so that they may respond quickly to an adverse event or become privy to trends in a supplier’s behavior. The addition of new alerts categories in 2022, including Commodity Alerts, Freight Issues, Mergers & Acquisitions, and Energy Crisis, helped users expand their monitoring capabilities into additional risk areas . And, expanded weekend coverage of Craft Alerts ensured that users never missed a beat. 

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Craft launched Workspace to facilitate seamless collaboration between teams and accelerate risk mitigation efforts. 

There are many disparate, siloed systems and applications for looking up supplier information, discovering new suppliers, and keeping track of documents and information related to suppliers. With Workspace, Craft users have the opportunity to circumvent this challenge and create a unified workflow within Craft to tackle their required tasks. Craft Workspace empowers users to take notes on a supplier profile, log key changes with an image, and communicate directly with teammates through tagging or threading. These features allow Craft users to better document supplier relationships and reduce their time-to-action when intervention is  required. 

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Craft launched N-Tier (Beta) to empower users to identify supplier dependencies. 

To monitor supplier risk effectively, it is often necessary to look beyond Tier 1 suppliers. In 2022, Craft was excited to launch its Beta for N-Tier mapping, which helps to remove the fear of single-source suppliers, and sheds light into areas where users may have a false perception of diversification in their supply chain. 2023 will bring continued development in this area. 

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Craft enhanced key features and launched new security measures to improve the user experience within Portal. 

To offer an even more nuanced approach to company or supplier discovery, Craft added new filters, like Cyber Grade, to the Advanced Search view. This expansion allows users to better focus their company discovery according to their team’s priorities, and minimize any additional filtering efforts. To further enhance the security of the Craft Portal, Craft also tightened its security measures. These changes include: Users are automatically signed out of the Portal after a set period of inactivity and will be locked after a number of failed login attempts.