riskmethods, which Spend Matters estimates is the fastest-growing supply chain risk management provider based on customer acquisition and year-over-year percentage revenue growth as of Q3 2016, is more than just a cloud-based provider of supply chain risk management software. It is a new type of supply chain intelligence utility. riskmethods combines risk management application functionality (i.e., management of risk types, monitoring, recovery workflows, etc.), a graphical cockpit, aggregated/curated market intelligence, machine learning algorithms (e.g., to reduce occurrences of false positives), human flagging/reviews/scoring, and guidance/recommendations. It is sort of the equivalent of a Bloomberg terminal for managing a risk portfolio in the supply chain – as opposed to managing a stock portfolio in the financial markets.
Until recently, riskmethods was focused entirely on European sales, but earlier this year, it expanded into North America, and as of Q3 2016, riskmethods told Spend Matters the region represented over 20% of overall revenue less than four months from launch (which for a company with a subscription revenue model is all the more impressive). While the provider is still too small to have a solution that is “going viral,” given its limited sales and marketing footprint to date, its growth gives it a unique position in the market.
This Spend Matters PRO Vendor Snapshot explores riskmethods and its methodologies, processes, technology and intelligence to support supply chain risk management, including strengths and weaknesses in the market, providing facts and expert analysis to help procurement organizations decide if they should shortlist the vendor. Part 1 of our analysis provides a company and detailed solution overview and a SWOT analysis, as well as a summary recommended fit suggestion for what types of organizations should consider riskmethods. The remaining parts of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.