Specialising in extreme environment components and sub-systems, Meggitt’s supply chain is both complex and geographically diverse. Ian Taylor, Group Head of Supplier Excellence within Meggitt, joined the business in August 2013 with the specific mandate to develop and implement a Supplier Excellence Framework across the 50+ sites within the organisation.
Whilst risk management processes and tools were already in place, it was clear to Ian that a more effective use of technology would not only significantly improve upon existing practices but could be used a key differentiator in maintaining and winning new business.
Meggitt has a long standing relationship with Vendigital dating back to 2007 and subscribe to a number of its SaaS based procurement solutions. In 2014, Meggitt and Vendigital jointly worked on the development and roll out the Vendigital Risk Intelligence in Supply Chain (RiSC) application across the business.
Based on an industry standard ‘Impact vs Likelihood’ methodology, the web based application drives a common and consistent approach to assessing supply chain risks providing immediate insight of critical risks whether at an individual supplier, business unit or aggregated group level. However, assessing supply chain risks is only half the battle. The Vendigital RiSC application also allows users to define strategies for risk mitigation and proactive manage actions that drive improvement.
‘The benefits are numerous’ says Ian. ‘We now have a simple, highly visual means of assessing, analysing and proactively managing supply chain risk. Furthermore, the ability to run automated risk assessments based on various external and internal data feeds such as supplier financials, quality and delivery performance allows us to continually stay on top of our critical risks within an ever changing market place.'
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"By working with Vendigital, we've made some dramatic improvements in our procurement processes."