Supplier Risk Management
The underlying driver of this initiative is better risk management. If a supplier is headed for crisis, lean companies want to know about long before it impacts the business—and more importantly—in time to actually do something to prevent it.
Unforeseen supplier-related issues can significantly affect a supply chain's business: The cost to switch suppliers is extremely high, and the impact of missed deliveries can be crippling financially. Signing on solely with Tier-1 suppliers doesn’t provide the security needed, and the globalized nature of today’s supply bases adds yet another level of complexity.
To overcome these challenges, deep, predictive supplier insights are available from Open Ratings
to monitor the financial and operational performance of thousands of suppliers worldwide. As a result,
these experts have at their fingertips far more detailed information than ever before, creating a foundation
for insightful collaboration—as well as a system of early warning alerts.