riskmethods: Vendor Analysis 2022 Update — SCRM solution overview, roadmap, competitors, tech selection tips, analyst summary

In this Spend Matters PRO Vendor Analysis, we provide an update on riskmethods, a company that specializes in providing solutions for supply chain risk management (SCRM) and monitoring. The company is growing quickly (40% ARR growth in the last three years) and has recently introduced new capabilities that our update will cover.

riskmethods focuses on location- and supplier-based risk. The system can model all company locations/sites, suppliers, and logistics points (e.g., ports, shipping lanes). It currently monitors 860,000 sites and hubs. Then, it applies a proprietary risk-scoring methodology against supplier and external data to monitor global risk events and support mitigation and action planning with suppliers. The company recently enhanced its offering by adding capabilities for sub-tier visibility, supply risk network management, and risk assessments.

Considering the economic and political issues in the world today, such capabilities are in high demand as organizations that have distributed and global supply chains are impacted directly and indirectly by events that jeopardize their business continuity. Also, regulators are increasing pressure on companies to ensure they understand and monitor their supply chain regarding social and environmental impacts.

Here’s why riskmethods matters:

• To the market — riskmethods’ growth over the years shows the appetite for deep SCRM solutions and is also a recognition of the robustness of the company’s offering that is being enhanced to provide more depth and insights.
• To customers — riskmethods provides a robust solution to map a supply chain up to tier-2 to identify and address potential risk and to monitor it 24/7.
• To potential buyers — riskmethods’ solution is a leading SCRM solution that can be quickly implemented to ensure that a company monitors risks in its supply chain based on its own locations, supplier sites, and logistics routes it uses.

This Spend Matters PRO Vendor Analysis will give an overview of the vendor’s capabilities, its competitors, provide tech selection tips and close with key analyst takeaways.