LexisNexis Entity Insight: Vendor Snapshot (Part 1) — Background and Solution Overview [PRO]

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Almost overnight it seems that the supply risk management (SRM) solution area has exploded with new options. Available solutions fall into a range of categories. On one end of the spectrum, technology suite vendors are adding basic supplier risk functionality, providing what amounts to a starter package for procurement organizations to quickly “risk categorize” their suppliers. While solutions like this may lack the feature and monitoring depth that more advanced procurement and supply chain organizations may require, they deliver a combination of integrated ease of access and use that can be difficult to pass up as an add-on to existing capabilities.

At the other end of the spectrum, more advanced supply and supply chain risk management solutions now provide multiple dimensions of insight through integrated software and content packages that can stand on their own as an independent solution area separate from traditional “source-to-pay” suites and modules or integrate with existing systems. These types of solutions, which include LexisNexis Entity Insight (LNEI), the subject of this analysis, are typically best suited for procurement and supply chain management teams where risk management practices and solution requirements are well developed or more strategic.

This Spend Matters PRO Vendor Snapshot provides facts and expert analysis to help procurement organizations make informed decisions about LNEI and whether its solution is a fit for their supplier and supply chain risk management needs. Part 1 of our analysis provides company background information and a solution overview, as well as recommended fit suggestions. The remaining parts of this research brief will cover product strengths and weaknesses, competitor and SWOT analyses, and insider evaluation and selection considerations.

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