The Basics of Prewave

This article is about the Prewave; what we are, how you can engage with our software and why is it in your interest as a business owner to do so

Introduction to Prewave

and why it all matters…

 

Prewave is a risk intelligence platform. We work with thousands of major companies in the world to support them in mapping their supply chains, understanding risks upstream, reporting and monitoring activities as well as improving business relationships.

 

The Prewave technology detects and predicts risks in supply chains, called Events. These are published in Prewave on a company’s profile and are called risk alerts. Imagine a fire happens at a factory in Vietman - within minutes of this happening, Prewave will have detected this and published an alert on that factory’s profile in Prewave as “Fire happens at Company XYZ in Vietnam”. This allows companies who do business with that supplier to know what is happening and take actions to reduce business risk.

 

 

We have over a million Sustainability Profiles on Prewave, split between Site Group (the mother company) and Sites (factories, offices or points of interest that belong to that site group). Each profile has a feed of alerts associated with it, and its own 360 Risk Score (see below). Customers work with us to better understand their supply chains and Suppliers work with us to be better understood and communicate their own sustainability and resilience to a world of enterprises.

 

The 360 Risk Score

We combine 100s of datapoints, like alert score, industry risk, country risk, assessment results and more, into an overall sustainability score for your company. There are ways in which you can improve your score and become more competitive and attractive in your niche, for example;

• upload certificates, policies, declarations and other documents - this is part of the Maturity of your profile and you can read more here
• answer self assessments - this is one of the keystones of the Assessment Score in your sustainability profile, and you can incrementally improve your 360 score the more you fill out. In addition to this, it will improve the completeness of your profile in Prewave. More can be read here on our article on Self-assessments here

 

Transparency and Ownership

Prewave wants to support you as a supplier to take ownership of your Sustainability Profile. The more you communicate and engage with Prewave, the more attractive and robust you become as a supplier. We give you free tools and ways for you to become the key player in your location and industry.

 

Sustainable Supply Chains

All of the companies we work with have one thing in common; they have strong sustainability strategies and want a better understanding of their upstream supply chain and the businesses they work with. Fitting into this general movement towards more sustainable supply chains works in your favour, both ethically and commercially. On top of this, more and more legislation and law is being passed for companies to better control and monitor supply chains - so this is not a “nice to have” now, its a “must”.

 

What is a Sustainability Profile

who sees it and why its important…

 

Prewave publishes 100s of datapoints onto a Sustainability Profile - basically the digital home of your company on the Prewave platform.

 

 

You can see below the aim to enrich a company’s profile in Prewave to a point where a viewer can, at a glance, get a good understanding of how mature, risky or stable a business is.

 

Each Company in Prewave has a minimum of two entries;

• a Site Group (the mother company, without a location)
• one or more Sites (physical locations of this Site Group)

 

In the above screenshot you see the amount of followers of this profile, what Site Group it belongs to as well as its Industry. We also show users whether a screening has taken place (automated search for Risk Alerts, see below) as well as the company size. 

 

We then show you tabs where you can navigate through the system. Important tabs will be

• your 360 Scorecard, where you see the different ratings we assign to your company, based on online information, what you yourself upload or complete, and commodity and industry data
• The Assessments section, where followers of your profile will see which Self-assessments you have completed
• The Certificates section, where followers of your profile will be able to see what documentation you report to the corporate world, namely certificates, policies, reports or declarations.
• The Data section, where you will get an overview of data we have on your company. If you notice anything wrong, or would like to add something, just reach out to use at supplier-success@prewave.ai
  
  

 

Risk Alerts

Prewave collects multilingual data from public online media, in realtime. This information is shown as Risk Alerts. 

Alerts that concern or mention your company will be published onto your profile, which also has a direct effect on your 360 Score. Alerts could reach your profile if:

• The media directly mentions your company
• A regional alert (for example a strike, major weather event or emergency measure) is happening where you have a site
• An alert happens across an entire industry (like a protest of all metal workers in an area), an industry in which your company operates

 

Companies doing business or looking to do business with you check this information regularly, so we encourage you to read alerts being published and engage with companies by responding to the incident:



1. Click on Respond to this alert

2. Provide a statement and add status information if relevant 

3. You can also provide responses to specific customers that you work with on Prewave in the next step

4. Post it to finish



Risk Overview

Companies using Prewave to monitor risk in their supply chains regularly run risk analyses on their suppliers. This information will be shown to them in their Risk Matrix, with you as a supplier of that company potentially included. Companies will then prioritise which suppliers they may need to take action on, in an attempt to improve business relationships and work with robust, sustainable suppliers. 

 

 

It is therefore in your interest to represent your business as a sustainable and resilient partner for these companies. Make sure you work towards improving your Risk Score by adding Certificates or running Self-Assessments and responding to incidents if and when they happen.