BMW Group and Prewave forge ahead in supply chain risk management, expanding their collaboration to achieve unparalleled visibility and resilience. Leveraging Prewave’s cutting-edge solutions, the BMW Group anticipates and mitigates risks, setting a new standard in supply chain excellence.
Prewave is thrilled to announce the extension of its partnership with the BMW Group, solidifying their joint commitment to advancing supply chain risk management. The expanded project encompasses a comprehensive coverage of suppliers and partners across 130 Prewave risk categories and 50 languages. Notably, the collaboration introduces additional suppliers and modules, including commodity and Tier-N monitoring, aligning with international supply chain legislation such as the German Supply Chain Act.
In today’s business landscape, complete supply chain transparency is crucial for both competitiveness and compliance with evolving due diligence regulations like the upcoming European CSDDD (Corporate Sustainability Due Diligence Directive). To stay ahead in the market and ensure smooth operations, companies must comprehend the risks associated with their supply chain. The BMW Group aims to lead in supply chain technology, leveraging Prewave’s AI-based monitoring and supply chain mapping solution for comprehensive risk visibility across their global supply chain.
Having been a partner since the inception of Prewave, the BMW Group has continually collaborated on various use cases and analytic approaches. Since December 2021, the BMW Group has actively utilized Prewave to monitor its supplier base. The latest expansion includes Tier-N Monitoring, enabling the identification of risks for both direct and indirect suppliers, providing a comprehensive risk overview of the entire supply chain.
Prewave empowers the BMW Group to proactively identify potential risks, including disruptions, ESG (environmental, social, and governance), and reputational risks well in advance. Additionally, the BMW Group monitors the availability and prices of critical commodities through Prewave’s Commodity Monitoring dashboard.
With the introduction of international supply chain legislations like the German Supply Chain Act, the BMW Group is integrating Prewave’s compliance solution into its existing compliance systems. This collaboration signifies an exciting opportunity to elevate the BMW Group’s supply chain risk management to new heights, showcasing their dedication to innovation and resilience.
Source – Prewave
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