OREM, Utah—Mar. 17, 2022—Avetta®, the leading provider of supply chain risk management (SCRM) software, announced today an enhanced Subcontractor Management solution within the Avetta One™ platform. The solution gives clients visibility into their connected suppliers’ subcontractors that may pose hidden risks when coming onto a client’s site. The ability to manage both high-spend and low-spend contractors is easier than ever in the Avetta One platform, a single-source solution for managing operational, reputational and regulatory compliance risks.
According to an Avetta survey, about one third of suppliers use subcontractors. Most organizations can focus only on top-spend suppliers, causing them to miss significant risks with smaller contractors and subcontractors in their supply chain. The 2021 BCI Supply Chain Resilience Report says 59% of disruption in the supply chain comes from smaller contractors, subcontractors or lack of visibility into the supply chain itself.
Now clients can view their supply chain risk programs through the subcontractor level, observing multi-risk analytics, risk trends and performance benchmarking. Clients can access real-time insights on their subcontractors such as supplier and worker compliance, supplier onboarding progress, safety, financial, cybersecurity, diversity qualifications and sustainability risk by site, location and supplier.
Subcontractor Management provides data driven insights based on industry benchmarking, market trends and predictive recommendations. Data analytics dashboards provide a simple, succinct report on whether prime contractors and their subcontractors are fully compliant, building confidence in their supply chain. With Avetta One, customers and their suppliers improve 7-8% per year on safety measures after joining the network, while customers reduce administrative expenses on average by 75%.
“Our enhanced Subcontractor Management solution helps clients mitigate previously unseen job site risks by extending their compliance programs to all supplier tiers,” said Taylor Allis, Avetta’s Chief Product Officer. “This solution has the added benefit of ensuring projects are completed on time and gives suppliers a new network feature where they can source their own compliant subcontractors to deliver on large and complex client projects.”
Suppliers can add more contractors to their team by simply inviting other suppliers in network to connect or by inviting suppliers outside the system to join. Avetta facilitates this process, so proper client requirements are met before subcontractors visit the job site, and suppliers can build teams quickly and easily for large projects.
Subcontractor Management allows a contractor’s training requirements to cascade down to the subcontractor for overall approval. Clients have access to reports on their contractor and subcontractor statuses and receive notifications when their standings change. Other key features include:
- Ease of configurability: Avetta’s subcontractor management solution is immediately available when needed. Turn it on, and it’s done.
- Prime to subcontractor instant transparency: A connection request is all that’s needed for subcontractors to allow the prime contractor to see their information, providing full transparency of the subcontractor’s profile.
The feature is part of the Avetta One™ Platform, a global platform that manages critical risk areas in supply chains, creating the industry’s largest and most comprehensive supply chain risk management platform.
# # #
The Avetta SaaS platform helps clients manage supply chain risk and their suppliers to become more qualified for jobs. For the hiring clients in our network, we offer the world’s largest supply chain risk management network to manage supplier safety, sustainability, worker competency and performance. We perform contractor prequalification and worker competency management across major industries, all over the globe, including construction, energy, facilities, high tech, manufacturing, mining and telecom.
For suppliers in our network, our audit and verification services help lower their safety incidents rate by 29%. As a result, nearly 50% of members find additional job opportunities within the first year of joining. In addition, our suppliers receive privileged access to the Avetta Marketplace, where dozens of partners offer special discounts for business services like insurance and work gear. Avetta serves 500+ enterprise companies and 125,000+ suppliers across 120+ countries.
Visit https://www.avetta.com/ for more information.
Mark Fredrickson, +1 801-806-0161
Scott Nelson, +1 801-850-3363