The Supplier Risk and Compliance Management Category

Building the Business Case for SRM (Part 1): Enhancing Supplier Performance

Spend Matters welcomes this guest series from Sean Harley, co-founder and CEO of LUPR.

In this post in our blog series on developing a business case for investing in Supplier Relationship Management (SRM) capabilities, we are focusing on enhancing supplier performance and the bottom-line impact that results. (See the first introductory post here.) The goal is to dramatically reduce service issues related to quality and delivery. This enables savings to be realized from suppliers such as those in low-cost countries that need to be developed.

Supplier Management: When the User Experience Guides Functionality (Part 3) [PRO]

This Spend Matters PRO series provides an insider perspective on what separates best-of-breed supplier management technology providers from the pack. It emphasizes both the user interface and underlying solution capabilities of technology solutions, and, in certain cases, how the two come together. We also provide a hint at what’s to come throughout the rest of 2018 and 2019 — that is, what top performing providers will be introducing when “procurement 2020” becomes reality rather than punditry.

Need to catch up on what we’ve covered thus far? Part 1 in our series explored messaging, chat and collaboration; guided survey and template creation; and leading functional elements that enable the uploading of templates and documents. Part 2 unearthed differentiation among leading capabilities that support supplier categorization and tagging, scorecards (inclusive of alerting and predictive analytics), corrective action management, innovation management and master data management.

As our series concludes today, we will turn our attention to:

  • Guided supplier workflow management
  • Relevant risk identification for both parties
  • Integrated smart catalog and product management

HICX: Vendor Snapshot Update (Part 2) — Product Strengths and Weaknesses, Customer Perspective and Summary Recommendations [PRO]

HICX is representative of a provider that excels in a single platform-level element of a particular discipline (i.e., master data management within supplier management), using this element to build competitive differentiation and a strong customer following in a highly competitive marketplace. While much of our original Spend Matters Vendor Snapshot from 2016 (see Part 1 and Part 2) on HICX remains an accurate review of the provider in 2018, the MDM specialist has leveraged its core strengths to deliver adjacent capabilities and product line extensions.

This two-part Spend Matters PRO Vendor Snapshot Update provides an update to our previous analysis HICX. Part 2 provides updated strengths and weaknesses, customer reference insight and summary recommendations on when to prioritize HICX as a shortlist candidate. The first installment of our 2018 update provides 2018 key facts on HICX, a solution overview, a recap of its overall footprint and solutions, insight into new features and capabilities, and a competitive landscape update.

Building the Business Case for Supplier Relationship Management Investment

category management

Spend Matters welcomes this guest series from Sean Harley, co-founder and CEO of LUPR.

Investing in enhanced supplier relationship management (SRM) capabilities is frequently discussed within procurement organizations but not often executed. The immediate need to achieve annual savings targets and satisfy stakeholders often drives a focus on sourcing, with its easily demonstrable return on investment, at the expense of SRM. Yet the basic value derived from robust SRM includes incremental gains in traditional procurement focus areas, such as price improvement, and even greater value derives from more aspirational areas such as risk reduction and the promotion of innovation and supplier diversity.

HICX: Vendor Snapshot Update (Part 1) — Updated Facts, Solution Footprint, Solution Enhancements and Competitive Landscape [PRO]

In our last deep dive analysis of HICX, a U.K.-based supply chain master data management technology firm, we noted that the provider delivered a unique set of supplier-centric MDM capabilities coupled with configurable workflow for buyers and suppliers. Our original HICX Vendor Snapshot series (see Part 1 and Part 2) still provides a useful foundation for those considering the MDM specialist as a shortlist candidate for supplier management.

For those evaluating HICX, we also recommend the latest Q1 2018 Supplier Management SolutionMap Insider coverage to understand how the provider compares in the supplier management and risk management market on a comparative basis.

This two-part Spend Matters PRO Vendor Snapshot Update provides an refresh to our previous analysis of HICX. Part 1 provides updated key facts on HICX, a solution overview and a competitive landscape update. Part 2 provides updated strengths and weaknesses, customer reference insights, and summary recommendations on when to consider HICX as a top shortlist candidate for supplier management.

Supplier Management: When the User Experience Guides Functionality (Part 2) [PRO]

digital

When it comes to procurement and supplier management technology solutions, you can learn a lot when spending time looking both at and below the user interface surface of specific solutions. However, the user experience and underlying technology stack are increasingly interconnected — and coupled. Thus, separating the two from each other can be difficult.

This Spend Matters PRO series explores what separates best-of-breed supplier management vendors from the pack, with an emphasis both on the UI and underlying technology capabilities. Part 1 in our series explored messaging, chat and collaboration; guided survey and template creation; and leading functional elements that enable the uploading of templates and documents. In Part 2, we continue with an emphasis on exploring the intersection of functionality and usability.

Supplier Management: When the User Experience Guides Functionality (Part 1) [PRO]

tech

When it comes to supplier management technology, there seems to be a near universal playbook that most of the top technology providers follow for defining, capturing and managing supplier data. It’s not surprising, then, that when it comes to marketing such capabilities, there's essentially no differentiation at all. As a result, you'd be forgiven if you thought that many supplier management vendors sound interchangeable, despite claims of advanced master data management, metric tracking or portal superiority.

In practice, however, nothing could be further from the truth. As our latest Supplier Management SolutionMap indicates, there is significant differentiation among providers, and our PRO Vendor Snapshot reviews on providers such as Aravo, HICX and Lavante only further illustrate this point. But you need to dive deep to find the variation that counts — differentiation that only comes into play when you start unpacking the specific supplier information management, performance management, supplier portal, relationship management, initiative management, discovery, master data components and related capabilities of best-in-class providers.

The purpose of this series on supplier management functionality and user design is to, in effect, share the ingredients to the secret sauce we see in use today among both top performing providers and those making the recipe list for tomorrow’s supplier management menu. We kick off our series by first exploring messaging, chat and collaboration, guided survey and template creation, uploading of templates and documents, and simplified data creation and validation.

Why Relationship Management Will Be Critical to Procurement’s Cybersecurity Strategy

Cybersecurity was much more than a buzzword at ISM2018, as procurement professionals packed several related sessions earlier Tuesday to learn more about how they can build a defense against this intangible threat.

Throughout these presentations, a common theme emerged. Procurement may be facing numerous cyber risks as it expands its supply base complexity and adopts interconnected software systems, but it never does so alone. Rather, procurement sits at the nexus of a large number of actors who all have a stake in the security of their IT operations.

From Watch to Know in 2018: How RapidRatings is Helping Procurement Filter the Risk Signals from the Noise

Each year, some companies on the Spend Matters 50 Providers to Know and 50 Providers to Watch lists push themselves beyond simply a standout performance. They earn the recognition that they are not only bringing innovation into procurement organizations but also leading the charge to change the way we do business for the better. These are the providers who shifted from Watch to Know in 2018.

To learn more about these providers, we reached out to the four such cases in our 2018 50/50 lists, asking how they’ve changed over the years and what differentiates them from the competition. Today’s Q&A features Jim Gellert, chairman and CEO of RapidRatings, a supplier risk management solution that specializes in financial risk management.

Sponsored Article

May Resilience Be With You, Because Risk Sure Is

Like all great adventure stories, every one of the “Star Wars” movies is full of risk. The heroes and heroines of the series must overcome seemingly insurmountable odds to ensure that good prevails in the face of evil. Of course, the Jedi have the force on their side. Even a long time ago in a galaxy far, far away, however, success depended on many of the same practices that apply on Earth today.

On Supplier Risk Management, Financial Health Scores and Bad Lettuce

While the scramble to identify the Yuma, Arizona-based romaine lettuce supplier(s) that is the source of the ongoing E. coli outbreak continues, a new and rather apropos report from A.T. Kearney and RapidRatings shows that companies are taking supply chain risk management more seriously. The majority of both average and leading procurement organizations expect to be given more risk management responsibility in the next two years, the report finds. Considering that 83% of all companies believe that it will be increasingly crucial to implement a procurement risk management strategy within the next few years, it is not surprising that many are investing in risk management techniques.

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

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.