Richard Parke SVP, Global Supplier Services @ Avetta Interview w/Nasdaq at Silicon Slopes Summit '23

Summary

In this interview, Richard Park, Senior VP at Avetta, discusses the company's role as a B2B SaaS platform that helps multinational enterprises manage complex networks of contractors and suppliers. Avetta ensures safety, compliance, and ESG standards in supply chains, minimizing risks for clients while helping small and medium-sized businesses streamline operations. Park highlights the challenges of managing global supply chains and regulatory requirements, as well as Avetta's use of AI to improve user experience. Avetta's innovative solutions have earned multiple awards for product innovation and customer support.

Takeaways

• 💼 Avetta is a B2B SaaS company based in Silicon Slopes, focused on industries like energy, communications, manufacturing, and construction.
• 🌐 Avetta provides a platform connecting enterprise clients, suppliers, and workers to ensure safety, transparency, and risk management.
• 🛠️ The platform helps enterprises manage large networks of contractors and suppliers, ensuring they are vetted, financially solvent, and adhere to safety standards.
• 📊 Suppliers benefit from the platform by showcasing their compliance with safety and ESG (Environmental, Social, and Governance) requirements to enterprise clients.
• 👷 Avetta supports the safety and credentialing of workers to ensure they have the proper training and qualifications to work on-site.
• 🔒 Avetta’s platform aids in managing and mitigating risks that come with engaging contractors and suppliers on job sites.
• 🌍 Avetta operates in over 100 countries, offering support in 25 languages, which helps clients navigate complex global regulatory environments.
• 📈 ESG is a growing focus for many companies, and Avetta helps them track and report their environmental and social responsibilities effectively.
• 🤖 Avetta is leveraging AI to improve customer support and make their platform more intuitive, streamlining the compliance process for users.
• 🏆 Avetta has received multiple awards for its innovative platform and customer service, recognizing its leadership in global business support.

Q & A

What is Avetta and what services does it provide?

Avetta is a B2B SaaS company focused on industries such as energy, communications, manufacturing, construction, and facilities management. It provides a platform that helps companies manage their supply chains and contractors, ensuring that suppliers are vetted and that safety and compliance standards are maintained.

Who are Avetta's main customer groups?

Avetta has three main customer groups: Enterprise clients (large multinational companies), suppliers (small and medium-sized businesses that provide services to these enterprises), and the workers of those suppliers who perform the actual work on-site.

What problem does Avetta solve for its Enterprise clients?

Avetta helps Enterprise clients manage the risk associated with working with numerous contractors and suppliers. The platform ensures suppliers are properly vetted for safety, financial stability, and compliance with regulations, allowing clients to mitigate reputational and operational risks.

How does Avetta benefit suppliers and their workers?

Avetta helps suppliers by giving them a platform to demonstrate their compliance with the requirements of their hiring clients, such as safety standards, certifications, and financial solvency. For workers, Avetta ensures they have the correct training and credentials to work safely on-site.

What role does Avetta play in supply chain and contractor management?

Avetta serves as a bridge between Enterprise clients, suppliers, and workers, allowing for seamless communication, ensuring compliance with safety standards, and mitigating risks associated with bringing external contractors onto a worksite.

What challenges does Avetta help its clients navigate?

Avetta helps clients navigate challenges such as tracking relevant safety data, compliance with ESG (Environmental, Social, and Governance) standards, and managing the complexity of working with suppliers across multiple industries and regions.

How does Avetta address the growing focus on ESG standards?

Avetta helps clients understand and track ESG standards, ensuring they meet environmental, social, and ethical requirements such as avoiding suppliers involved in child labor or modern-day slavery. Avetta provides tools to navigate the complexities of ESG compliance.

What challenges do small businesses face in managing compliance, and how does Avetta help?

Small businesses often lack the resources to deal with bureaucracy and submit compliance documentation. Avetta simplifies this process by providing an intuitive SaaS platform that allows them to meet their clients' requirements easily and focus on their work.

What improvements has Avetta made to its platform in 2023?

In 2023, Avetta improved its platform's user experience, making it more intuitive for both clients and suppliers. It also integrated artificial intelligence (AI) to streamline compliance processes and provide customers with relevant information quickly and easily.

How has Avetta been recognized for its efforts and innovations?

Avetta has received multiple Stevie Awards for product innovation and customer support in 2022. It was also recognized by an international body for being a leader in supporting businesses globally across different countries and languages.