Spend Matters 50/50: HICX Solutions – A Provider to Watch
Categories: Services Procurement & Contingent Labor, Solution Providers, Supplier Management | Tags: Almanac, HICX Solutions, L2, Technology
Every once in a while, you come across a high-growth procurement services provider that has largely flown under the radar (often because they’ve focused on a targeted geography and have not raised outside capital), yet has a tremendous set of capabilities and depth that would truly surprise even the most sophisticated potential customer. HICX Solutions, which we’re excited to include in our 2014 Spend Matters 50/50 list (see Providers to Know and Providers to Watch), is one such provider. In their Spend Matters Almanac listing, HICX themselves say that their solutions span “supplier onboarding, supplier master data management, supplier management, supplier risk and performance scorecarding, supplier compliance and supplier cockpit [dashboard].”
But in our view, what makes HICX so interesting is the depth of their approach in certain areas. For example, see HICX Solutions: Supplier Management Meets Master Data (Part 1 and Part 2). As we noted in our own analysis, even with just the basics, the tool “is just well thought out” and covers “all the mundane tasks in capturing various data points needed for successful onboarding. For example, insurance documents, NDAs, diversity and other certifications, W8/W9, or any document really … But where HICX begins to shine is in master data and data governance and stewardship.”
Compared with other supplier management vendors, HICX differentiates itself in its abilities to consider the various nodes between suppliers, such as lanes or ports. As we wrote prior, “part of the secret sauce in the HICX approach is creating linkages between the BOM information and multi-tier supply chain participants to trigger specific sets of actions/alerts/workflows based on events.”
HICX has quietly gotten some of the largest global companies onto its supplier management solution stack – sometimes on a targeted basis for specific initiatives, other times for broad-based supplier management. Regardless, we promise that if you take the time to see what they’re up to, that you’ll come away with fresh ideas regarding the broader applicability of supplier management activities to both procurement and supply chain (not to mention a way to address all the mundane accounts payable related vendor onboarding and maintenance activities).
As a final note, unlike many other solutions in this area, the HICX solutions are available via SaaS, on-premise, and hybrid delivery models.