Aravo Solutions, a small startup provider of SaaS-based tools for supplier management, today released an application that lets manufacturers continuously monitor and mitigate supplier-caused risk.
Aravo Risk, a SaaS-based offering, automatically collects information such as the financial health of suppliers, their performance levels, and geopolitical risk. The information is gathered from a wide variety of sources, including supplier-provided data and third-party sources. The Aravo Risk tool provides visibility into the data through real-time, role-based dashboards. The tool also can trigger notifications and workflows when risk exceeds acceptable levels.
The company developed Aravo Risk, Aravo CEO Tim Albinson told Managing Automation, in response to two trends common to global manufacturers: increasing dependence on global suppliers and a rapidly rising number of problems that can disrupt supplies, including increasing regulation and financial troubles at suppliers.
The Aravo Risk tool is built on top of the company’s Supplier Information Management (SIM) platform, which, Albinson said, acts as a global master data repository for suppliers. The SIM platform includes a supplier data model as well as tools that suppliers can use to enter and update information required by their manufacturing customers. In addition to the Aravo Risk service, the company offers Aravo Sustain, a SaaS tool that also builds on SIM and can be used to track suppliers’ compliance with sustainability regulations and policies.