As we bid farewell to another remarkable year, we are thrilled to reflect on the achievements that have defined Craft’s journey in 2023. It has been a year of innovation, growth, and strategic evolution, and we are eager to share the exciting milestones that have shaped our product and positioned us for even more impact in the year ahead.
Unveiling The Intelligent Supply Chain Resilience Platform
At the heart of our achievements lies the unveiling of a new Craft platform and brand reflecting the exciting developments in market for Supply Chain technology. Craft’s early focus has been building a comprehensive, reliable supplier intelligence foundation illuminating the first mile of our rapidly evolving Supply Chain Risk Management solution. With the addition of Case Management, Multi-Tier illumination, advanced alerting, and more, Craft is poised to support enterprises on their path to Supply Chain Resilience. Accompanying this significant step is a refreshed brand identity for Craft that we are all very excited to share. This move has elevated our position in market while also upgrading the way we communicate our strategic value. The refreshed brand reflects our commitment to our core company values: excellence, humility, collaboration with empathy, and accountability, as well as innovation, and customer-focus, providing a clear narrative of Craft’s unique strengths and offering.
Welcoming a World Class Executive Team
This year, we made three significant additions to our Executive team. Mimi Spier joined as our Chief Marketing Officer. Mimi brings a wealth of expertise and experience to Craft from over 20 years across Turntide Technologies, VMware, SAP and more, with a proven track record of driving success in dynamic and fast-paced industries.
Tyler Mihevc, joined as Vice President of Worldwide Sales, bringing over 20 years of enterprise software sales experience from Okta, EMC and PredictHQ.
Brandon Evans, joined our team as Chief Technology Officer. Brandon brings over 20 years of technology leadership experience, including from Coupa Software, Yapta and the United States Navy.
Continued customer expansion and market momentum
Craft has maintained its commitment to product innovation that drives Supply Chain Resilience forward and we were honored to be selected as part of the ProcureTech 100 this year and recognized as a pioneer pushing the digital frontiers of procurement. The U.S. Federal Government has continued to adopt Craft, expanding into 15+ agencies this year. Hapag Lloyd, one of the world’s largest global shipping companies, continued to expand its use of Craft to identify and mitigate risk throughout its supply chain, rolling Craft software out to over 200 individuals within the organization. Craft also has seen increased presence amongst financial institutions (both banks and insurance providers) as they seek advanced visibility to better protect themselves against third party risk.
Product Developments: The Foundation of Supply Chain Resilience
Building a Reliable Data Fabric
Strong data, visibility and intelligence are the foundation of Supply Chain Resilience, and data reliability and comprehensiveness are paramount in identifying supply chain risk. Enhanced data capabilities include:
- Foreign influence data to identify foreign entities and affiliations
- Human capital and forced labor information
- Fraud risk
Craft also expanded its first party data capabilities, allowing organizations to integrate facility, location, part, and supplier information directly into Craft enabling more relevant and actionable insights.
Deeper visibility into the multi-tier supply chain
Craft’s enhanced multi-tier illumination capabilities include a Centrality Score for each supplier, and geographical and node views to better understand the relationships and dependencies that exist throughout their supply network.
Breaking down silos and bridging the gap between teams and organizations
New capabilities in Case Management including assigning and prioritizing tasks to groups and individuals, and communicating directly with suppliers and colleagues from the platform by email and commenting, and advanced case analytics are helping to break down communication silos across procurement, supply chain, risk, compliance, and the supplier ecosystem.
Enhanced Due Diligence for Federal Government and Private Organizations
Due Diligence remains one of the top priorities for US Government agencies and private organizations who must thoroughly understand the exposure to risk that exists when working with third parties. Craft’s expanded Due Diligence capabilities make this process more streamlined and efficient than ever, and include:
- Foreign Investments
- Regulatory and Compliance
- Foreign Affiliations
- Credit Risk
- Cyber Risk
Craft’s new Advanced Search capabilities also make it easy for organizations to understand GUP (Global Ultimate Parent), GUP location, investor locations, and much more. Craft remains committed to helping federal organizations, like the Department of Defense, conduct unparalleled due diligence to ensure the protection and safety of the country’s Intellectual Property.
Customized risk scoring and weighting for each organization’s needs and preferences
Each organization measures and identifies risk differently. Cyber risk may be a top concern for some organizations, while financial history and ESG health may be top priority for another. Craft is excited to incorporate customized risk scoring and weighting allowing organizations to customize the weight of each risk category, and determine levels of risk according to their specific tolerances, preferences, and scoring methodology.
Looking Ahead: A Future Fueled by Innovation and Excellence
As we look back with gratitude and appreciation on the achievements of the past year, we look forward to an even more exciting year ahead for Craft. The foundation laid in 2023 sets the stage for continued innovation, excellence, and customer-focused solutions. Our commitment to pushing the boundaries of what’s possible remains unwavering, and we are eager to embark on new challenges and opportunities in the coming year.
We extend our deepest gratitude to our customers for their continued trust and support, and to our investors for believing in the potential of Craft. Together, we have achieved remarkable milestones, and are confident that the journey ahead will be an exciting one.
Thank you for being a part of the Craft family. Here’s to wrapping up a successful year and to shared successes in the year ahead. Wishing you a very Happy Holidays!