Sourcemap, a software provider of supply chain management (SCM) services, has received a $10 million investment from a venture capitalist. According to announcements, the company will use this money to increasingly offer its business in Europe. It aims to help its customers increase transparency in supply chains.
Sourcemap: Supply chain networker
The American developer Sourcemap is considered a pioneer in the establishment of SCM solutions. This management software is able to bring much more transparency to supply chains than before by increasing the tracking rate.
University project becomes influential startup
Born in 2008 from a PhD project at the MIT Media Lab, the portal for consumer information on product origins and their impact on the environment and society quickly advanced to become a company with a huge customer base. Today, it provides 400,000 companies in the healthcare, agriculture, jewelry, and cosmetics sectors with all available information about partners, producers, and suppliers.
Social medium of logistics
The company’s own platform is strongly reminiscent of well-known social networks in terms of design and function. The difference to them, however, lies in the target direction. Here, manufacturers and distributors can enter all the data they need for seamless tracking of goods.
The data generated in this way about raw materials and goods is collected on the platform, analyzed and played out again for further use. Companies that are already active can invite their partners and their allies to do the same, thus gradually increasing the added value for all involved.
Data becomes services
It is already becoming apparent that new services can be developed with the increased collection of data. This also applies to the logistics sector. For example, detailed information on raw material extraction, production conditions and distribution channels can lead to applications that significantly increase transparency in the chains. This is accompanied by solutions that help drive automation in these structures. In addition, these offer scope for a steady reduction in the risks involved.
Exclusion of climate and delivery time offenders
Rationalization potential of a completely different kind also results from the data generated. If, for example, it can be seen from the values obtained that some of the raw material producers, product developers, manufacturers or suppliers listed here repeatedly violate the green and sustainable goals of Sourcemap and its supporters, this can have drastic consequences.
On the one hand, the accompanying social and economic pressure of many stakeholders on a few non-compliant ones can lead to exclusion from the network. On the other hand, in the worst case scenario, the affected parties may even be forced to break off their business relationships for the long term.
Most companies are not prepared to sacrifice their profitable good reputation to unwilling partners. This procedure has been known for some time, in the case of collaborations that fail to meet agreed deadlines.