At the onset of the 2020 pandemic, one industry leader in shipping transportation promised on-time delivery to all of its clients. It was a big promise. The COVID-19 pandemic quickly and dramatically impacted global markets and supply chains across the world. And the shipping company soon discovered that one of its suppliers was going to go bankrupt—without this supplier, they wouldn’t be able to secure bunker for their fleet, jeopardizing their entire shipping operation and risking costly delays in shipments.
To ensure an undisrupted supply stream, the company agreed to fund a couple of years’ worth of prepayments to keep their supplier afloat. This arrangement cost the company millions of euros and put pressure on the organization to minimize threats to their supply chain going forward—or they would run the risk of serious cashflow problems in the future.
With millions of euros invested in a supplier rescue package, the question then became: How do we look to the future to prevent this?
The company needed to anticipate and respond to problems before they turned into another crisis. To do this, they needed clear visibility into their supply chain to monitor supplier risks and identify potential problems and opportunities long before they create a negative impact.
The company set out to find a solution that could not only provide important supplier data but also delivered actionable insights into their supply chain.
Before partnering with Craft, they considered several other options. But other platforms didn’t have the comprehensive data integration they needed. They either required additional purchase and integrations or only supplied data without additional analytical tools or insights—making it difficult to use the data strategically.
Craft’s powerful, user-friendly platform and robust supplier data sealed the deal for them.
Craft helps the company deliver on its original promise of on-time shipments and move forward with confidence through its robust alert system and comprehensive data monitoring.
Today, they are using Craft to track over 1500 suppliers—with plans to expand even further.
They have discovered that financials aren’t the only key indicators of future success and challenges. Since many of their suppliers are medium-sized private businesses, it can be difficult to access their financial information.
Craft bridges this gap, providing additional data points and a more holistic view of their suppliers so the company can make better-informed decisions and get a clearer picture of upcoming changes in their supply chain.
Craft’s portal and alerts system notify the company of any major changes in the supplier data and all 1500 strategic suppliers are listed in the portal for users to access and view in organized portfolios.
Each supplier’s data points include
With alerts delivered in the portal and emailed directly to category managers, nothing gets lost in the shuffle.
With the uncertainty of the next year surrounding COVID-19, it’s more important than ever for the organization to have the right risk monitoring capabilities in place to identify and anticipate changes or problems early.
Craft is more than just a data aggregator. It’s a comprehensive, agile platform that makes it easy for organizations to gain visibility into their entire supplier base and gain a better, more holistic view of risk.
“We were looking to gain better and deeper supplier monitoring capabilities from the start. Receiving information earlier than finding it in the news, [or from] typical internet searches, is important —even if it’s just one hour earlier. No supplier is going to call you beforehand to tell you something negative is going to happen, so using Craft to minimize and mitigate risk much earlier has proved invaluable for us.”
And with over 100 users, the company found Craft had the perfect blend of data, insights, and alerts, combined with a simple, intuitive user interface that was easy to learn and easy to use at scale.
Craft's solution provided high-quality and wide-ranging data covering all of the core requirements and an even wider lens to provide early warning signals from operating metrics, human capital fluctuations, and much more.
Craft delivers both the data and the platform for 100% coverage of suppliers and a turnkey solution.
Uncover the company data you care about with Craft.