The COVID-19 pandemic has caused or exacerbated supply chain disruptions in various industries, affecting businesses of all sizes. According to a U.S. Census Small Business Pulse survey, 36% of small businesses reported delays with domestic suppliers. Each missed shipment or material shortage can be costly, and the impact is not limited to small businesses alone.
The Financial Burden of Supply Chain Disruptions
A 2021 Deloitte survey found that over 40% of chief financial officers indicated that supply chain shortages or delays increased their companies’ expenditures by 5% or more. This highlights the significant financial burden caused by supply chain disruptions, which can have far-reaching consequences for businesses.
The Rise of Supply Chain Technology Companies
Supply chain technology companies have emerged as a solution to this problem, promising to mitigate the effects of supply chain disruptions. One such company is Keelvar, a Cork, Ireland-based supply chain analytics platform that weighs different sourcing scenarios to guide customers in making informed decisions for their supply chains.
Keelvar: A Supply Chain Analytics Platform
Keelvar was founded by Alan Holland, who left his position as a lecturer in AI at the University of College Cork to commercialize advances in AI for procurement teams. According to Holland, "My goal was to use my specialist knowledge in optimization, game theory, and mechanism design to commercialize advances in AI for procurement teams."
How Keelvar Works
Keelvar allows customers to canvass an array of direct and indirect procurement bid information from suppliers and then analyze multiple awarding scenarios based on those criteria and other constraints. The platform uses algorithms to sort through data on supply chain disruptions and vendors, cleansing it and extracting information before offering recommendations.
AI-Powered Sourcing Bots
Keelvar’s AI-powered sourcing bots are designed to execute several tasks and reason about inputs they receive, such as identifying suppliers to invite to a bidding event, managing supplier communications and bid analysis, and making recommendations. These bots can significantly reduce the time and effort required for procurement teams to make informed decisions.
Series B Funding
Keelvar has recently secured Series B funding, bringing its total raised to $43 million. The company plans to use this funding to further develop its product and expand into new markets, including the United States.
The Future of Supply Chain Technology
As supply chain disruptions continue to pose a significant challenge for businesses, companies like Keelvar are emerging as a solution. With their innovative approach to supply chain analytics and AI-powered sourcing bots, they have the potential to mitigate the effects of supply chain disruptions and help businesses make informed decisions.
Conclusion
The COVID-19 pandemic has highlighted the importance of resilient supply chains in mitigating the effects of global disruptions. Companies like Keelvar are emerging as a solution to this problem, offering innovative approaches to supply chain analytics and AI-powered sourcing bots. As the world continues to navigate the challenges of supply chain disruptions, it is essential for businesses to invest in technology that can help them make informed decisions and mitigate the financial burden caused by these disruptions.
Related Articles
- "The Impact of Supply Chain Disruptions on Businesses"
- This article explores the effects of supply chain disruptions on businesses, including increased costs, reduced revenue, and decreased competitiveness.
- "Supply Chain Resilience: Strategies for Mitigating Disruptions"
- This article provides strategies for businesses to mitigate the effects of supply chain disruptions, including diversifying suppliers, investing in logistics technology, and developing contingency plans.
About the Author
Kyle Wiggers is a senior reporter at TechCrunch with a special interest in artificial intelligence. His writing has appeared in VentureBeat and Digital Trends, as well as various gadget blogs.