Challenge
Northwell Health, New York’s largest healthcare provider and private employer, built an industry leading Vendor Risk Management (VRM) program, but also sought improvements with regards to scalability and managing supply chain risks. With the COVID-19 pandemic underscoring the importance of an efficient and resilient supply chain, Northwell looked to enhance and build upon its already robust VRM program. The organization was utilizing multiple tools for vendor due diligence, leading to inefficiencies and a desire for a consolidated, more effective approach. The need for a solution that could provide a comprehensive view of vendor risk and facilitate strategic decision-making was evident, especially in anticipation of more frequent and complex disruptions in the future.
Solution
After evaluating multiple providers, Northwell Health chose Exiger, a leader in supply chain and third-party risk management powered by artificial intelligence (AI), as a partner with the goal of leveraging Exiger’s advanced capabilities and leaning on its advisory services. Exiger’s platform offered a “one-stop shop” solution, combining third-party risk management (TPRM) and supply chain risk management (SCRM) capabilities with advanced market intelligence. This partnership enabled Northwell to streamline its VRM ecosystem significantly.
Exiger’s AI-powered platform allowed for the dynamic segmentation of vendors into risk tiers, leveraging natural language processing (NLP) and AI-assisted deep web searching to provide deeper insights into the supply chain and facilitate ongoing monitoring of critical suppliers. Moreover, a custom-built API ensured seamless integration with Northwell’s internal systems, including its Enterprise Resource Planning (ERP) system and Service Desk, thereby enhancing operational efficiencies and data flow.
Impact
The implementation of Exiger’s end-to-end platform solution has revolutionized Northwell Health’s approach to managing third-party and supply chain risks. The platform’s advanced technologies have enabled Northwell to free up resources previously tied to strategic transactions and improve its capability to rank vendors based on criticality and risk. This transformation has allowed Northwell to balance its risk response with its business needs more effectively and monitor suppliers in real-time.
By capitalizing on Exiger’s award-winning AI technology, Northwell Health has positioned itself to mitigate disruption risks better and enhance its operations through a more transparent and streamlined value chain. This partnership not only empowers Northwell to deliver exceptional, sustainable healthcare to New York families but also aligns with Exiger’s mission to create a safer and more transparent place to succeed. Northwell’s proactive approach to updating its VRM program, with Exiger’s expertise, sets a new standard for resilience and efficiency in healthcare supply chain and third-party risk management.
