Avetta®, the leading provider of supply chain risk management software, announced today it is being honored as a recipient of the Top Supply Chain Projects Award for 2021 by Supply & Demand Chain Executive. The award recognizes Avetta for helping a Fortune 50 company reduce safety incidents by nearly 30% and save $12 million each year.
Avetta worked with the company to better understand its supplier performance data and global impact of its contractor management program, overall safety trends, top-performing trades, program efficiency and more. Here are the results of the collaborative effort:
- Avoided internal software development, annual roadmap and maintenance costs
- Reduced the company’s average incident rate by nearly 30% based on 2019 data
- Saved Cost/Incident of approximately $40,000 and Cost/Fatality of $1.3 million based on National Safety Council (NSC) estimates
- Lowered supplier loss (discontinued, bankruptcy, legal issue) cost of $100,000/event
- Eliminated costs of about 170,000 contractor hours at an hourly rate of $76 to manage supply chain risk, compliance and qualification for more than 4,000 suppliers
After implementing Avetta’s solution, the company witnessed about a 40% drop in Total Recordable Incident Frequency (TRIF) within its supplier base in Canada, an almost 30% drop in supplier Accident Frequency Rate (AFR) across the U.K. and a nearly 30% drop in Total Recordable Incident Rate (TRIR) within the U.S. supplier market.
“To make sure we understood the big picture, Avetta analyzed three years of OSHA safety metrics before this company joined our platform,” said Arshad Matin, Avetta President and Chief Executive Officer. “This honor is significant because it recognizes Avetta’s ability to take a deep look at how a company is performing and work with them to make meaningful changes that reduce costs and protect workers.”
The Top Supply Chain Projects (formerly known as SDCE 100) spotlights successful and innovative transformation projects that deliver bottom-line value to small, medium and large enterprises across various supply chain functions. These projects show how supply chain solution and service providers help their customers and clients achieve supply chain excellence and prepare their supply chains for success.
“The supply chain industry has been challenged with a host of supply chain disruptions over the last year. Yet, the winners on this list continued to re-tool and innovate,” said Marina Mayer, editor for Supply & Demand Chain Executive and Food Logistics. “These top supply chain projects reflect the supply chain industry’s strength and resilience to overcome disruptions and work better, smarter and more efficiently in the years ahead.”
Go to SDCExec.com to view the complete list of all 2021 Top Supply Chain Projects winners.
About Supply & Demand Chain Executive
Supply & Demand Chain Executive is the only supply chain publication covering the entire global supply chain, focusing on trucking, warehousing, packaging, procurement, risk management, professional development and more. Go to www.SDCExec.com.
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.