Looking to improve your risk mitigation processes? Are your operations driven by subjective decision making?
Inspectorio’s Factory Risk Prediction feature is the first of its kind: a data-driven factory risk profile powered by machine learning and AI.
This feature makes ensuring quality in production facilities simpler, faster, and more actionable than ever before. Quickly gain insights into a facility’s risk of failure, its comparative standing in relation to other facilities, and individual metrics contributing to overall risk — all in a radically simple interface.
Traditionally, assessing risk in a factory has relied on the instincts and experience of internal quality assurance teams tasked with identifying attributes that contribute to risk. It has not been possible to base such assessments on data in any meaningful way, as there hasn’t been a means of capturing sufficient data for a truly dynamic and comprehensive analysis of busy factories.
Being a network-based platform, Inspectorio Sight continuously accumulates vast quantities of data from thousands of organizations. Guided by our in-house team of world-class data scientists, Inspectorio’s robust machine learning software analyzes all collected data and distills it into actionable insights for the end user. This removes the burden of data collection and analysis from you, letting you focus instead on managing and improving risk metrics and risk management strategies.
A Risk Score tool shares the facility’s color-coded risk score (1 to 100) with all users, with a lower score indicating lower risk. To put this score into context, the tool displays the relative change in score since the last assessment, the factors its calculation is based on, and the history of inspections.
To create the proper incentives and benchmarks for facility improvement, a Population Position tool shows graphically where the factory ranks compared with others.
The Score Breakdown tool outlines the metrics contributing to the risk score for defects. Factories, vendors, brands, and retailers can view over 100 different attributes that correlate with risk of failure, such as Total Fail Rate and During Production Fail Rate, and compare them with the previous score and the industry average. Additionally, two separate modules show recency factors and volume factors. This empowers all involved parties to take in the big picture, then hone in to precisely identify which attributes are having the greatest effect on overall risk.
Another tool is the Risk Score Trend, which shows risk score for a particular factory over time. This tool is particularly useful for gauging whether a facility consistently maintains its risk score. Does the risk score fluctuate over time, and is it cyclical? Does it correlate with peak demand seasons? Are there long periods of time with no inspections? To use this feature, simply click on a timepoint to view all relevant information about that particular inspection. All of this is vital information for facilities, vendors, and brands and retailers seeking to proactively manage potential problems. Advanced filters allow the user to customize this trend by dates, retailer, oversight office, country of production, and more.
Continuously Updated Metrics
All of this data is continuously updated with every single inspection from every organization on the network.
This creates an unprecedented level of detail and immediate update, considering the majority of existing risk models use a static approach – only updating risk scores on average once or twice per year. Inspectorio’s dynamic risk assessment model takes into account every inspection performed and updates risk scores in real time.
Value of a Data-Driven Quality Cycle when Calculated & Predicting Risk
Our data-driven Factory Risk Prediction Feature empowers all stakeholders with the following assets:
- Quick, easy, and large-scale data capture.
- Deep and actionable analytics. All of the data captured is analyzed automatically through machine learning algorithms.
- Assistance for teams on the ground. Assists and augments the efforts and processes of teams on the ground.
- Better resource allocation to high-risk areas. Brands and retailers know where to allocate their resources for maximum returns.
- A common source of truth. Inspectorio’s network platform gives all stakeholders access to the same data.
- Improved quality. By removing barriers between the user and the data they need, the Factory Risk Prediction feature makes it easier to ensure high quality.s.