Risk management solution providers and what their customers really want – Exiger

As part of our Q4 research into supplier risk, third-party and supply-chain risk management (TPRM/SCRM) and the solutions that support it, we have not only conducted analyst- and market-led research in the shape of analyses, advisory, definitions and webinars, but taken the pulse of the practitioners who use that technology and who deal with risk on a daily basis (for example here and here). To round off that perspective, we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions.

Visit our In-Depth Guide to Risk Management for an explanation of this complex environment.

For today’s vendor viewpoint we asked Austin Fuller, Director, Product Marketing at supply chain risk management specialist Exiger

Have you witnessed a significant change of appetite for risk-related tech over recent years from your customer base?

“Yes, we’ve seen a clear increase in demand for risk-related technology from our customers, driven by the growing complexity and volume of data they are required to manage. Traditional, manual risk management methods are no longer enough, and organizations are now seeking technology that integrates both internal and external data to give a full picture of risk. This shift is evident in the growing size and complexity of RFPs for risk-related tech solutions. We’re seeing larger RFPs over time asking for greater complexity. The past three quarters saw 62% larger RFPs according to deal size and averaged 66% more quarter-on-quarter growth of deal size than the three preceding quarters. Bottom line: organizations are spending more on risk-related tech, but expect it to do much more than before.

“Today’s organizations expect risk technology to not only provide data but also enable quicker decision making and faster action that leads to measurable impact. They are looking for solutions that can automate and streamline processes, minimizing manual work. For example, if a supplier fails, there should have been leading indicators of their impending failure. The technology should be able to give advance warning of risk to disruption and failures in advance and then quickly identify viable alternatives, allowing the organization to respond swiftly. This move towards proactive and predictive risk management is transforming how businesses handle risks.

“Overall, customers want tech that integrates diverse data sources, speeds up risk analysis and offers clear guidance on potential mitigation steps. With innovations like generative AI, risk management tools are becoming more advanced, helping organizations across the public and private sector navigate an increasingly complex risk landscape.”

What are the primary areas of risk concern for your customers and what are their requirements?

“Our customers’ top concerns include expanding risk types, gaps in technology and a lack of full supply chain visibility. New regulations, such as those around Scope 3 and modern slavery, have made it harder for organizations to stay compliant, leaving many unsure where to start. There is a disconnect between what is written in the regulation and what it takes to practically meet the requirements leaving compliance officers with an increased demand for tech that helps bridge this gap.

“Supply chain risk is also more complex now. Beyond timely delivery, companies need to consider ethical and long-term sustainability issues. Compliance and operational resilience are becoming inseparable priorities.

“Finally, customers are worried about the lack of visibility into sub-tier suppliers. While most have insight into their top-tier suppliers, they often don’t know what’s happening further down the supply chain, making them vulnerable. Enhanced supply chain visibility is becoming a key requirement in RFPs as organizations strive to both satisfy regulations and protect their operations.”

How do you see the future of TPRM tech and what should be the response of providers like yourself?

“The future of risk tech will focus on delivering comprehensive, actionable insights. As global supply chains and regulations become more complex, risk tech must offer multiple views — on products, materials, suppliers — to help users assess disruptions and make quick, informed decisions about alternatives pricing, and mitigation.

“Rapid response will be key. The ability to swiftly identify and address risks, such as finding alternative suppliers, will be crucial to resilience. Automation will streamline these processes, reducing the time needed to act.

“Additionally, as supply chain, cybersecurity and compliance increasingly overlap, risk tech will need to integrate data across these areas, providing a unified view that helps all stakeholders collaborate cross-functionally.”

How has the evolution in customer needs influenced your product?

“Customer needs and market trends have driven Exiger’s product evolution. We have expanded our risk management capabilities to offer detailed views of products, parts and raw materials, helping customers identify risks before they arise. Through acquisitions and new technologies, we provide connected insights, empowering users to make smarter decisions.

“A key shift in our approach is moving from reactive to predictive risk management. This is enabled by a new, simplified common data schema that allows a single digital thread to extend beyond organizational boundaries. By leveraging artificial intelligence, proprietary data and open-source data, we help organizations draw this digital thread into the multi-tier infrastructure that represents their delivery capabilities. With this digital thread, organizations can spot vulnerabilities in their supply chains and act before issues escalate. The impact of this data is further amplified with AI — when coupled with a complete view of multi-tier supply chains — can identify risks and opportunities in real-time. For example, understanding dependencies on tier-2 suppliers enables companies to secure alternatives before a crisis hits, boosting resilience.

“We are committed to making data more accessible and actionable. Our AI-native platform simplifies data interaction. When you can combine the criticality of parts, supplier vulnerabilities and potential threats, you turn analysts into proactive decision makers who can quickly address risks and drive business value — turning risk into reward.”

Many thanks to Exiger for sharing its observations. At the end of our series our analysts will consider both the vendor and practitioner contributions we have received and summarize the findings from the authors’ perspectives.