Craft’s Intelligent Supply Chain Risk Management

Supply chain resiliency is more critical than ever in today’s complex global landscape. Craft, an intelligence-driven supply chain resilience platform, is on a mission to empower organizations to make smarter supplier decisions, minimize disruptions, and optimize their strategies. By providing supplier intelligence, risk management, and supply chain risk management, Craft offers a comprehensive solution to the ever-growing demands of the procurement and supply chain sectors.

Craft’s Key Differentiators

Craft distinguishes itself in a competitive market with three powerful features:

1. Comprehensive Data Fabric: Craft pulls in data from hundreds of third-party validated sources and has built a deep historical database of supplier information. This vast data fabric allows organizations to monitor and assess risks, compliance areas, and disruptions in real time.
2. Flexible & Configurable Solution: Craft allows businesses to tailor the platform according to their unique needs. Whether it’s configuring risk engines to align with a business's risk appetite or adapting workflows to match organizational processes, Craft ensures that its solution fits seamlessly into any procurement or supply chain operation.
3. Actionable Workflow Capabilities: Craft doesn’t stop at monitoring and alerting—its collaborative workflows enable businesses to take decisive action when issues arise. From onboarding suppliers to managing disruptions, Craft helps organizations optimize supply chains while mitigating risks.

Tackling Procurement Pain Points

Many procurement professionals today struggle with disparate data sources and limited insights into supplier risks. Often, financial data alone isn’t enough to protect businesses from threats. Craft addresses this challenge by centralizing all relevant supplier information into a single platform. This enables organizations to assess risks holistically and make informed decisions, ultimately protecting their business from disruptions and compliance issues.

Additionally, Craft’s platform supports global enterprise customers by standardizing due diligence across various regions, ensuring that all teams benefit from shared intelligence and previous supplier assessments.

Pricing and Flexibility

Craft’s pricing model aligns with the specific use cases of their clients. They offer tailored packages that include different levels of supplier intelligence, supplier risk management, and full supply chain risk management. These customizable packages ensure that businesses only pay for what they need while benefiting from the flexibility and configurability of Craft’s platform.

Looking to the Future

Craft’s vision is to help global supply chains become more transparent, ethical, sustainable, and profitable. Their roadmap focuses on enterprise quality and scale, enhanced usability for risk management capabilities, and optimizing supply chain strategies through intelligent data insights. By continuously refining their platform, Craft is positioning itself as the go-to solution for companies looking to future-proof their supply chains against emerging risks.

A Customer Success Story: Department of Defense

The U.S. Department of Defense has standardized on Craft, demonstrating the platform's ability to serve even the most security-sensitive organizations. Craft supports over 23 organizations within the DoD, with more than 450 users actively conducting due diligence on suppliers. By leveraging Craft, the DoD has conducted over 38,000 due diligence checks in the past four years, helping to identify and mitigate risks associated with 15-17% of their suppliers. Craft’s comprehensive approach has enabled the DoD to collaborate across organizations, sharing intelligence and ensuring compliance with regulatory standards.

Lessons Learned: Building a Supplier Risk Management Program

One common mistake leaders make when implementing Craft’s technology is rushing into the deployment without first establishing a solid supplier risk management program. Craft emphasizes the importance of a crawl-walk-run approach, ensuring businesses build out their people and processes before fully leveraging the platform’s technology. Craft partners with organizations like Wonder Services to help clients structure their programs effectively, driving successful adoption and ensuring long-term risk mitigation.