EcoVadis: Vendor Analysis, 2020 Update (Part 3) — SWOT, Competitors and Tech Selection Insights

In this update of Spend Matters’ Vendor Analysis series, we have been analyzing EcoVadis, a provider of a cloud-based sustainability rating and monitoring “Solution” (with a capital “S” to denote a solution that transcends software) for your critical supply chain suppliers.

The supplier-friendly and buyer-friendly platform offers three modules: IQ for broad-scale risk assessments and visibility, and Ratings for in-depth supplier sustainability ratings. Ratings is the core of the solution and allows suppliers to self-register, complete a profile customized to them based on their UN ISIC industry code (and country and size), upload all relevant documentation and get assessed/rated for a 12-month period. As we wrote in Part 2 of this series:

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 CSR 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.

This final installment of our update of this PRO Vendor Analysis series covering EcoVadis offers a SWOT assessment, a look at competitors and a comparison with other similar and “crossover” providers in the supplier management market that also address ratings, CSR, risk and related initiatives. It also includes a user selection guide and summary evaluation and more tech selection considerations. Part 1 has a company and solution overview, as well as a recommended fit analysis for what types of organizations should consider EcoVadis. Part 2 offers a deep look at the product strengths and weaknesses.