Quadrant Knowledge Solutions defines a Supplier Relationship & Risk Management Solution as a software application that effectively manages relationships with suppliers & businesses while mitigating the associated risks. Supplier relationship management (SRM) focuses on helping businesses seamlessly handle supplier selection, onboarding, performance, and engagement. While risk management helps businesses recognize, manage, and measure risks (economic, environmental, legal, political, and others) throughout the supplier lifecycle. The software provides complete visibility into supplier performance and risk assessment by gathering, monitoring, and analyzing data from multiple internal and external sources. The software also helps automate workflows while adhering to company and government compliance.
Quadrant Knowledge Solutions’ Supplier Relationship & Risk Management market research includes a detailed global market analysis of major vendors. The research comprises vendors’ product features and functionalities and competitive differentiating factors. The research provides competitive landscape and vendor analysis to enable technology vendors to enhance their understanding of the market and implement a growth-oriented technical roadmap.
The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK Matrix analysis. The SPARK Matrix includes ranking and positioning of the leading Supplier Relationship & Risk Management vendors with a global impact, including – Aravo, Avetta, Corcentric, Coupa, GEP, HICX, Ivalua, JAGGAER, LevaDeta, Oracle, Proactis, Procurence, SAP(Ariba), SourceDay, Synertrade, TESISQUARE, and Zycus.
According to Pruthvi Raj V, Analyst at Quadrant Knowledge Solutions, “Supplier networks are one of the most critical parts of the supply chain. With globalization, organizations have been exposed to global opportunities and complexities. Supplier relationship & risk management software can help to maintain the relationship between suppliers & organizations through the 3C’s- commitment, communication, and cooperation. It helps organizations track & manage internal supplier risks, such as supplier performance & financial stability, and external risks, such as environmental, political, and federal instability. This is done by integrating with organizations’ internal systems & third-party risk information providers. Some vendors leverage emerging technologies such as AI/ML and NLP to capture data from various sources, identify/predict supplier-related risks, and support organizations in making data-driven decisions to mitigate risks & improve overall business performance.”
2023 Supplier Relationship & Risk Management SPARK Matrix
Source: Quadrant Knowledge Solutions
Table of Contents
Market Dynamics and Overview
- Market Definition
- Market Overview
- Key Supplier Relationship & Risk Management capabilities
Competition Landscape and Analysis
- Competitive Overview and Analysis
- Factors and Technology Differentiators
SPARK Matrix™: Supplier Relationship & Risk Management, Q2, 2023
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