Get a Competitive Edge with Supplier Risk Management Technology
As per Gartner® Hype Cycle™ for Procurement and Sourcing Solutions 2023 report, 79% of large organizations are prioritizing resilience and risk management in the next two years, but adoption of supplier risk management tools is in early “adolescent” stages.
The need is critical: From cyber attacks and forced labor violations to geopolitical sanctions and climate crises, supply chain risks appear daily. When early insights about these events are embedded into your supply chain applications, you gain agility and resilience. The report also notes that timely notice of these risks can increase your competitive advantage.
For organizations looking to boost supplier risk management capabilities, the report recommends several actions, including:
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Design and build a solid process framework and a set of metrics, before evaluating a technology supplier risk management vendor.
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Evaluate the relevance and criticality of each information source to supply chain processes and create a dependency matrix to quickly convert relevant events to actions that impact specific processes.
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Include input from other functions, including IT and sustainability, in supplier risk management initiatives.
For complimentary access to this Gartner research, courtesy of Exiger, complete the form. Exiger is mentioned in the report as a Sample Vendor for supplier risk management technology.
Gartner, Hype Cycle for Procurement and Sourcing Solutions, 202319 July 2023, Kaitlynn Sommers, Micky Keck, Lynne Phelan, Naveen Mahendra, CianCurtin, Chaithanya Paradarami
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