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Interos Launches Multi-tier Catastrophic Risk Visibility to Get Companies Ahead of Supply Chain Disasters
News provided byInteros
Sep 19, 2023, 8:30 AM ET
Industry-first technology empowers enterprises to stop disruption by pre-empting weather, climate and infrastructure shocks
ARLINGTON, Va., Sept. 19, 2023 /PRNewswire/ -- Interos, the AI-first operational resilience company helping enterprises achieve Resilience by Design™, today unveiled Catastrophic Risk visualization and monitoring to get ahead of shocks deep within the supply chain. Going beyond mere threat identification, the technology empowers organizations to pre-plan months in advance to mitigate the impact of hurricanes, wildfires, floods, grid failure, disease outbreaks, and other hazards.
The announcement comes amid a record-breaking year for climate disasters in the US and elsewhere, with 23 billion-dollar disasters resulting in $57.6 billion in losses, according to NOAA. Interos stems these losses and protects lives by moving enterprises from lagging to leading indicators, providing the earlier possible assessment of suppliers in harm's way.
"These proprietary models integrate a spectrum of past, present, and future hazard risk, enabling enterprises to get ahead of crisis at a time when natural disasters drain $3 trillion from the global economy annually," explains Andrea Little Limbago, SVP, Research & Analysis, Interos. "These issues are exacerbated by a deep supply chain visibility crisis that cripples resilience. A majority of organizations don't understand or monitor extended sub-tier networks and won't know about a sub-tier weather shock until 48 hours after it happens, too late to prevent the ripple effect on parent operations and the extended supply chain ecosystem."
Interos' new technology visualizes suppliers impacted by a range of hazards, including weather patterns, climate, communication, infrastructure, and healthcare capacity. By blending immediate and seasonal hazard intelligence, enterprises for the first time can identify and prevent seasonal as well as disaster-related disruption of suppliers hidden deep in extended supply chains.
New Jersey-based Cooper University Health Care is one organization at the forefront of hazardous risk management. The renowned academic health system leveraged Interos' intelligence to get ahead of Hurricane Idalia as it barreled toward Florida last month, where several sub-tier suppliers are based.
"Interos gave us the ability to track potential impacts before the storm hit," says Thomas Runkle, VP, Supply Chain. "We identified three suppliers in the path, two of which provide products to our system. We discovered one placed a cutoff on orders with no notice. Having acted on the new risk map data, we reached out in time to get several days of orders placed before they were stopped due to the hurricane."
Organizations that lack sub-tier supplier visibility face substantial financial repercussions, with businesses collectively losing a staggering $45 million annually due to delayed awareness and response to catastrophes. The figure climbs to $82 million when cyber, restrictions, ESG, financial, and geopolitical, and other multi-factor supplier risk variables are included.
The company's latest supply chain resilience report shows disruptions across these areas increased 33% since 2022, and enterprises believe they can save $37 million annually by preparing earlier and better to speed crisis avoidance and mitigation.
"Leaders throughout industries recognize the need to take control of risk in an environment where resilience delivers competitive advantage," said Jennifer Bisceglie, Interos Founder & CEO. "If you think about large-scale, multi-year programs, enterprises need the ability to project where things are going with respect to weather, inflation, energy crisis and other trends to make better-informed business decisions based on impact to their supply chains ongoing operations."
Interos' award-winning technology modernizes traditional supply chain risk management by embedding proactive resilience measures into the foundation of the enterprise. It expedites essential supplier-related processes, including shortlisting, vetting, and negotiation to move organizations ahead. By leveraging continuous mapping and monitoring, enterprises can proactively manage supply chain disruption – at speed and scale – in today's increasingly complex and interconnected risk environment.
Interos is the AI-first operational resilience company – helping clients achieve Resilience by Design™. Our pioneering scoring and relationship discovery technologies enable customers to automate risk assessment, detection, and response. As the world's first, and only, automated supplier resilience platform, we map and monitor physical and digital supply chains at scale to protect organizations from regulatory violations, unethical labor, cyber-attacks, bankruptcy, catastrophe, and other systemic vulnerabilities. Interos serves a variety of commercial, government, and public sector customers around the world including a host of Global Fortune 500 companies from within the members of the Five Eyes nations.
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