Cloud-based solution provides real-time, predictive and prescriptive insights and alerts leveraging big data collected from IoT devices around the world
Alexandria, VA—TransVoyant today announced the introduction of TransVoyant Precise Predictive Risk (P2R), a live and continuous machine learning-based risk management and prediction solution that enables organizations to monitor, analyze and remediate a diverse set of risks to physical facilities, inventory in motion and in storage, human capital, competitors and extended trading partners – around the world.
According to a 2013 research report published jointly by MIT and PwC, over 69% of the 209 global enterprises surveyed experienced a supply chain disruption that resulted in a 3% or higher increase in total supply chain costs. For the average Fortune 500 company, that equates to $73 million in incremental costs annually. Meanwhile, a 2014 survey of supply chain executives conducted by the Global Supply Chain Institute found that “many supply chain execs have done very little to formally manage supply chain risks.”
“As global supply chains have become more interdependent, distributed and complex, risk managers have struggled to keep track of their growing list of living assets and to identify and mitigate their risk exposure,” said TransVoyant CEO Dennis Groseclose. “Doing so requires risk managers to be nearly everywhere and to see nearly everything in real time and accurately peer into the future. By tapping into massive real-time big data streams that we collect every day from Internet of Things (IoT) devices around the world, and applying machine learning algorithms and behavior modeling, we not only enable organizations to see a broad range of risks unfolding in the now, but also to predict and avoid risks in the future.”
By collecting and analyzing massive real-time big data streams from IoT devices—over one trillion global events a day—P2R provides risk managers with a continuous global view of a broad set of live and predicted risks resulting from natural disasters, severe weather, social unrest, theft, terrorism, labor strikes, infrastructure threats, compliance violations, competitor behavior and many other risk types.
The solution uses advanced machine learning algorithms to constantly evaluate the current and future impact of these risks on the behavior of supply chain nodes, modes, lanes, routes, business partners, people and other entities.
P2R triggers alerts to users when a disruptive event occurs or is imminent, and enables them to initiate actions. These actions include tasking airborne imagery, directing personnel to perform on-site inspections and assessments, assigning resources to fortify, protect and extract resources, and evaluating and initiating alternative scenarios via integration to supply chain planning and execution systems.
Other capabilities include continuously updated risk ratings for every tracked asset, filtering and querying risk types and locations, visualization tools, dashboard views, and assessing downstream impacts on financial and operational performance.
Combining its years of experience serving the most innovative companies within the Fortune 500 as well as U.S. government agencies in national security and intelligence, TransVoyant has proven its ability to predict national security and global supply chain risks based on patterns of life data.
P2R does not require an up-front network modeling effort that entails interviewing and hard-coding the locations of suppliers, shipping lanes, manufacturing facilities, warehouses or customers. By continuously tracking the flow and behavior of goods through an organization’s supply chain, P2R self-discovers nodes, shipping lanes, partners and their behaviors, automatically.
P2R is designed for organizations that need to proactively manage supply chain risks, and a wide range of enterprise and operational risks, such as protecting physical assets, people, goods in storage or in motion, production, supplier and transportation facilities, etc.
“We believe that P2R is a unique and disruptive offering,” said Groseclose. “We are unaware of any supply chain risk management solution with a comparable combination of real-time big data, continuous predictive insights and intelligent remediation options, all of which stem from our innovative work with Fortune 500 and national defense and intelligence community customers. TransVoyant has turned the live and predictive supply chain into a weapon of competitive advantage for our customers and P2R will do the same for global risk. For the first time ever, our customers will get far enough left of risk to take offensive competitive action and win in their markets.”
From devices such as radar, sensors, satellites, smartphones, meters and other devices that make up the Internet of Things (IoT), TransVoyant collects, cleanses and constantly updates one of the world’s largest repositories of real-time big data—over one trillion events each day. By applying advanced machine learning algorithms to these real-time data streams, TransVoyant gives commercial organizations and governments a live global picture of their global assets, as well as predictive insights that enable them to anticipate and avoid threats and disruptions resulting from weather, port congestion, natural disasters, supplier failure, road construction, labor strikes and competitor actions to name a few.