The AIM-listed firm said it will use the GBP157,612 grant specifically to identify reasons why only 6% of companies have achieved “full supply chain visibility”.
Crossword added that it will also investigate the reasons why organisations are reluctant to share details of their supply chains with their customers, alongside its academic partner and two well-known British manufacturing businesses, and propose solutions for these issues based around its Rizikon Assurance platform.
The company said the grant has been awarded by the Industrial Challenge Fund, which aims to bring together the UK’s world-leading research with businesses to meet major industrial and societal challenges.
“We believe that a radically new approach to supply chain risk management can improve the UK’s economic performance significantly. This feasibility study will look at the root causes of why manufacturing businesses can’t always have full supply chain visibility, often caused by commercial confidentiality and lack of standards in supply chain risk systems”, Crossword’s chief product officer Jake Holloway said in a statement.
“We’ll propose and prototype solutions – be they methods, standards or systems, with our Academic and Manufacturing partners, and then plan on incorporating the solutions into our Rizikon product family”, he added.
Shares in Crossword were steady at 279p in early deals on Tuesday.