All companies worldwide communicate through a complex supply chain. It includes products, raw materials, and consumers. There is a need for more visibility into the factors affecting this network. This clarity will be beneficial across political borders.
Evan Smith is the CEO of Altana Technologies. In a press release, he stated that most global business issues occur within this network. It is not enough to look at the individual relationships between companies.
Smith stresses the importance of this network. He states that most of the data is unclear now because companies only analyze it at the lower levels. Enterprises need to treat it as one big supply chain spanning the globe.
The calculations for a network of this size will be complex, but the means to do it are available. Smith states that Altana Atlas uses machine intelligence and structured data. They aim to move towards Globalization 2.0. They use updated information about the global supply chain. It helps them predict the localized as well as remote risks surrounding trade.
This global network is where Google Maps for Business Networks comes in. Smith has prior experience with renewable energy and textile supply chains. He believes creating a map by filling in consumer data is vital. The Altana Atlas acts as a Google Maps equivalent for businesses. It connects around 420 million data entries worldwide in various languages.
Atlas is one of many such supply chain networks. A few businesses have come up with similar databases. But Smith states that industries need more than the current degree of connectivity. All businesses need to incorporate global networks. Additionally, the different networks should communicate for better risk assessment.
Equipped with machine learning, Atlas takes hypothetical products as input. It then predicts their movement through the virtual system. These results give the scope of Altana products in the real-world consumer network.
Smith said that he looks forward to tackling the issue of purchase order financing in the supply chain. Altana has raised around $100 million to help researchers and developers add it to Atlas. Smith considers this a significant step in the future. All enterprises need this feature.