Heavy Industries See Huge Improvements in Safety When Using Supply Chain Risk Management Technology

Avetta Connect\xe2\x84\xa2 enables clients to configure goals, create and customize analytic dashboards, identify trends, modify processes, and produce reports that will improve safety and compliance for their supply chain operations as verified by the data analysis.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, May 4, 2021
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Supply chain management, Other Energy, Data management, Energy, Technology, Other Construction & Property, Other Manufacturing, Construction & Property, Steel, Retail, Engineering, Telecommunications, Manufacturing, Supply chain management, Supply chain risk management, Supply chain, Intel X99, Supply chain management, Other Energy, Data management, Energy, Technology, Other Construction & Property, Other Manufacturing, Construction & Property, Steel, Retail, Engineering, Telecommunications, Manufacturing, Supply chain management, Supply chain risk management, Supply chain, Intel X99
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United States, UTAH, United States, UTAH, TOTAL
⚠ generated by AI ↴
Organisation: 
AVETTA
Summary
Key Points: 
  • Avetta Connect\xe2\x84\xa2 enables clients to configure goals, create and customize analytic dashboards, identify trends, modify processes, and produce reports that will improve safety and compliance for their supply chain operations as verified by the data analysis.
  • Avetta is building the world\xe2\x80\x99s most intelligent supply chain risk management network to advance clients\xe2\x80\x99 safety, resilience and sustainability programs.
  • Avetta leads the world in connecting leading global organizations across industries, including telecom, construction materials, manufacturing, facilities management, high tech and energy with qualified and vetted suppliers and contractors.
  • The company brings unmatched access and visibility to its clients\xe2\x80\x99 supply chain risk management process through its innovative and configurable technology coupled with highly experienced human knowledge and insight.


Avetta® (www.avetta.com) analysis of tens of thousands of suppliers in numerous industries worldwide shows companies that use the Avetta Connect™ Platform in these sectors reduce the number of safety incidents and lost workdays by 40% to 70% compared to industry averages. Industries where suppliers saw the most improvement include telecommunications, environmental/waste services, utilities, industrial services, construction, chemicals, and oil and gas.

Avetta examined hundreds of thousands of safety data points and supplier performance reports over multiple years in 20-plus industries over a 10-year period.

“Our holistic approach to supply chain risk management includes innovative technology, embedded best practices and guidance, IT systems integrations, leveraging millions of data points from our network for advanced insights, and partnering with our market-leading clients,” said Arshad Matin, Avetta President and Chief Executive Officer. “Our data shows that over a ten-year period, suppliers in our network experience a 7% to 12% year-over-year decrease in incidents, which means continual business operations while more workers get home safely each night.”

The research revealed that the heaviest industries showed the biggest improvements in Total Recordable Incidents Rate (TRIR), Days Away, Restricted or Transferred (DART) and Lost Workday Case Rate (LWCR) compared to the Bureau of Labor Statistics (BLS) averages.

Safety results experienced by Avetta customers using the Avetta Connect™ platform:

  • Chemical suppliers: 51% reduction in TRIR, 48% reduction in DART, and a 56% reduction in LWCR compared to industry averages.
  • Commercial/Residential Construction suppliers: 53% reduction in TRIR, 48% reduction in DART, and a 57% reduction in LWCR.
  • Construction-Infrastructure suppliers: 50% reduction in TRIR, 46% reduction in DART, and a 53% reduction in LWCR compared to industry averages.
  • Engineering, Consulting suppliers: 50% reduction in TRIR, 46% reduction in DART, and a 54% reduction in LWCR compared to industry averages.
  • Environmental, Waste Services suppliers: 55% reduction in TRIR, 52% reduction in DART, and a 59% reduction in LWCR compared to industry averages.
  • Industrial Services suppliers: 53% reduction in TRIR, 49% reduction in DART, and a 56% reduction in LWCR compared to industry averages.
  • Manufacturing suppliers: 47% reduction in TRIR, 45% reduction in DART, and a 54% reduction in LWCR compared to industry averages.
  • Oil & Gas suppliers: 65% reduction in TRIR, 60% reduction in DART, and a 67% reduction in LWCR compared to industry averages.
  • Steel, Metals, Fabrication suppliers: 50% reduction in TRIR, 47% reduction in DART, and a 57% reduction in LWCR compared to industry averages.
  • Telecom suppliers: 49% reduction in TRIR, 45% reduction in DART, and a 50% reduction in LWCR compared to industry averages.
  • Transportation suppliers: 50% reduction in TRIR, 46% reduction in DART, and a 54% reduction in LWCR compared to industry averages.
  • Utilities, Power Generation, Energy suppliers: 54% reduction in TRIR, 52% reduction in DART, and a 58% reduction in LWCR compared to industry averages.

Avetta’s modern SaaS platform was used by leading organizations to achieve these results by digitizing their supply chain operations. Avetta features that helped produce these safety improvements included:

  • Supply Chain Risk Assessments and Onboarding: A proprietary solution that rapidly determines risks and onboards third-party suppliers and workers across global industries.
  • Rapid Compliance Deployment: Instant and scalable deployment of new supply chain compliance programs, including safety, legal and financial risks as well as new risks like COVID-19 Health and Safety protocols.
  • Supply Chain Analytics: Safety metrics, KPIs and benchmarking across multiple supply chain segments gives clients the ability to manage the impact their risk programs are having in real time.
  • Supplier and Worker Access Management: The automated approval or rejection of site, facility and/or IT access based on compliance status through real-time integrations with company back-office procurement, security and/or IT systems. This streamlines the operations of compliant vendors and adds an additional safety control to non-compliant vendors.
  • Expert Safety Audits: A trained and certified staff of safety auditors adds an extra layer of safety protection through robust safety, policy and program audits for a client’s highest-risk suppliers.
  • Avetta Marketplace: Improving the overall safety of all suppliers in Avetta’s network, the Avetta Marketplace provides free and affordable training, guidance and discounts on insurance and safety products to all suppliers to help them improve their overall operations and safety programs.

More information regarding recommended safety improvements and the statistics report can be found at https://www.avetta.com/global-performance-indicators.

Avetta Connect™

Avetta’s platform, Avetta Connect™, helps companies worldwide with supply chain risk management, enterprise and workplace safety through contractor management and prequalification with a SaaS-based system that is the most configurable in the industry. Avetta Connect™ enables clients to configure goals, create and customize analytic dashboards, identify trends, modify processes, and produce reports that will improve safety and compliance for their supply chain operations as verified by the data analysis. Avetta Connect™ also supports companies’ efforts regarding sustainability and environmental, social and governance (ESG) priorities.

Clients use the data provided by Avetta Connect™ to help suppliers achieve more specialized performance indicators. This visibility removes barriers and silos between departments. Suppliers know the client’s expectations and employers have the ability to select from the most qualified and safest suppliers in the country. Through this process, EHS, Risk and Procurement areas of a company work together to achieve the desired outcome.

About Avetta

Avetta offers a configurable SaaS-based solution that assists organizations – both large and small – in managing supply chain risk across a variety of disciplines. Avetta is building the world’s most intelligent supply chain risk management network to advance clients’ safety, resilience and sustainability programs. Avetta leads the world in connecting leading global organizations across industries, including telecom, construction materials, manufacturing, facilities management, high tech and energy with qualified and vetted suppliers and contractors. The company brings unmatched access and visibility to its clients’ supply chain risk management process through its innovative and configurable technology coupled with highly experienced human knowledge and insight. We contribute to the advancement of our clients’ sustainable growth by protecting supply chains from a wide range of potential risks through trusted contractor prequalification, safety training and monitoring, regulatory compliance, insurance/financial stability and other areas of risk. Avetta serves more than 450 enterprise companies and 100,000 suppliers across 100+ countries. Visit https://www.avetta.com/ for more information.

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Copyright Business Wire 2021