26/03/2020 – News / Technology / Apps / Cloud / COVID-19 / Eka Software Solutions
Eka releases free COVID-19 risk-monitoring app to help firms secure their supply chain
Eka Software Solutions, the number-one cloud platform for commodity management, has announced the release of its COVID-19 Risk Monitoring – a free app designed to help customers and prospects quickly gain visibility into supply chain risks in order to better assess and mitigate risk.
The app provides specific insights into the impact of COVID-19 by showing a firm’s contract position across countries with reported cases of the virus. Based on company data, the app instantly visualises contracts at risk and provides businesses with the ability to identify alternate suppliers to maintain business continuity.
Responding faster and smarter to market disruptions
As authorities around the world race to contain Coronavirus, governments, companies, and consumers are bracing for global economic fallout. As efforts to contain the pandemic start to hammer the global economy, the UN’s trade and development agency (UNCTAD) predicts the financial impact could soar to US$2 trillion.
Within such a context, creating a digital supply chain has never been more critical. Nothing demonstrates the value of a digital business more than a crisis that requires the analysis of large amounts of real-time data, advanced analytics, and a connected supply chain, so as to be able respond faster and smarter to market disruptions.
“Businesses are facing unparalleled challenges as governments make unprecedented decisions on how to contain the virus and protect their citizens, clients and family members,” said Manav Garg, CEO and Founder of Eka Software Solutions. “We are committed to helping commodity businesses through this period of intense disruption. As soon as we realised the impact of the virus, we turned our resources to create a new app to help mitigate the risk to businesses and supply chains. Our new COVID-19 Risk Monitoring app is available free of charge for 90 days.”
Continuous risk assessment and real-time intel
Eka’s COVID-19 Risk Monitoring Application quickly and securely imports real-time information relating to the virus outbreak from trusted sources. It analyses this data along with supply chain data using advanced machine learning analytical algorithms. The app enables customers to continuously assess the risks the virus is presenting to their businesses and provides real-time information about the impact to inventory, purchase and sales contracts across geographies, commodities, business partners, customers and suppliers.
Other insights include total contract value by supplier and customer, along with purchase, sales and inventory quantity and value in risk areas. Users get a clear overview of the level of risk to their supply chain and can quickly drill down to look at specific regions, projects or contracts in more detail.
Armed with this intelligence, companies can take preventative and corrective actions that mitigate risks and help keep supply chain operations robust.
Combining AI, machine-learning and blockchain
“Eka’s cloud platform was designed from the ground up to adapt to changing business needs using multiple applications on a single platform – this enabled us to quickly react to new client and market needs to address the threat of COVID-19,” advises Mr Garg. “The platform uses cutting-edge technologies – including artificial intelligence, machine learning and blockchain – to provide a unique risk management solution to guide businesses through unforeseen events such as this terrible outbreak.”
Additional general features provided from Eka’s solution are based on the capabilities of the overall Eka cloud native platform – including custom reports, customisable alerts, user-defined dashboards, enterprise-grade security and the ability to seamlessly integrate disparate data sources. The platform makes more efficient use of data to enhance decision-making and is specifically designed for commodity industries including agriculture, energy, metals and mining, and consumer packaged goods (CPG).
Harnessing real-time data and advanced analytics
“We want to help our clients manage the economic impact created by the COVID-19 outbreak and provide them the tools to make critical business decisions,” stressed Mr Garg in closing. “The impact of the virus reinforces the need for digital supply chains that enable commodity businesses to harness real-time data and advanced analytics, and respond quickly and intelligently to market disruptions. We hope that making the app free-of-charge for 90 days will help protect commodity businesses and guide them through this unprecedented event.”
Creating a digital supply chain brings siloed teams, systems and information together to create a single truth. It removes the need for manual data manipulation and provides the insights businesses need to improve decision-making and the efficiency of their operations. Using real-time data, it provides more in-depth market knowledge, robust views of exposure and foresight of potential risks to a business in a matter of minutes. This helps businesses navigate volatile markets and adapt to constantly changing situations.
For further information about Eka, its native cloud platform, the COVID-19 App, or the additional 50-plus business-critical and advanced analytical apps for trading and risk management, please visit: www.ekaplus.com/covid-risk-monitoring-app