EcoVadis: Vendor Analysis, 2020 Update (Part 2) — Product Strengths & Weaknesses

The market demand for supplier intelligence and data within procurement continues to increase. Whether it’s supply chain and supplier risk data provided by originators and aggregators or category and supply market-based general intelligence offered by analyst-driven models, an increasing number of firms are looking to third parties to augment their internal data-gathering and analysis efforts.

EcoVadis fits within this supplier intelligence/data and software landscape as a cloud-based sustainability rating/monitoring solution for global suppliers.

The buyer-friendly and supplier-friendly platform allows suppliers to self-register, complete a profile customized to them based on their UN ISIC code and categories of products or services offered, upload all relevant documentation, and get assessed and rated for a 12-month period. The EcoVadis sustainability rating is not a formal certification from a regulatory agency, but the criteria is interestingly built up as a "best of breed" superset of requirements from existing sustainability standards, such as Global Reporting Initiative, the United Nations Global Compact and the ISO 26000. This relevance helps improve attractiveness and adoption by organizations that don't want to reinvent the wheel and can use a single rating to also help comply with the other certifications that are in force within their supply chain.

Part 2 of this Spend Matters PRO Vendor Analysis Update explores EcoVadis’ product strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide whether they should consider this provider of supplier intelligence solutions. Part 1 of our analysis provided a company and detailed solution overview and a recommended fit list of criteria for firms considering EcoVadis. The third part of this series will offer a company SWOT analysis, user selection guide, a look at EcoVadis’ competitors, and additional evaluation and selection considerations.