The future is here. Nearly 4 years ago to the day, The Financial Times printed a special report on supply chain risks and an industry transformation. According to a survey, by 2019 it was predicted that companies would consider Geopolitical Events, Complexity of Operations and Regulatory Compliance as the biggest culprits of increasing risk in supply chain risks. The result, a $65-billion USD market approaching a tipping point that favors technology companies founded by career compliance experts.
The sizeable market opportunity has attracted companies motivated by anything from profit to changing the world. Some have grown organically without investment, as iPoint has, or strategically with minimal investment, as Source Intelligence has, or extravagantly as noted by Assent’s $100 millionfinancing announced yesterday. Regardless of motivation or growth strategy, one thing is certain: The industry of supply chain compliance will forever be changed by technology innovation.
How big is the opportunity?
According to an industry report conducted by Grand View Research, spending on Governance Risk and Compliance (GRC) in supply chains is expected to reach $65 billion by 2025. Driving the expected spending on supply chain risk management is as predicted. Complexity and Requirements.
“The Source Intelligence platform is an easily configurable yet powerful engine that centralizes compliance information, simplifies data management and strategic decisions,” commented Matt Thorn, President and visionary behind the Source platform. “In partnership with our clients our technology has advanced substantially over the last decade.”
With the platform well into its 3rd generation, Source Intelligence is currently in discussions to implement a program which will use artificial intelligence and known variables to conduct predictive analytics for risk on nearly 100,000 suppliers.
“It’s a very exciting time for our company,” commented Jess Kraus, CEO and Co-Founder. “Our Mission has not changed from the day we began bringing supply chain transparency to the world’s largest brands. We’ve mastered data management to ensure legal and ethical sourcing and by doing so, we make the world a better place one brand at a time.”
