VALLEY COTTAGE, NY / ACCESSWIRE / October 7, 2024 / CreditRiskMonitor.com, Inc. (OTCQX:CRMZ) is pleased to announce that its SupplyChainMonitor™ solution has been recognized as a top procurement technology in the Spend Matters Fall 2024 SolutionMap, particularly excelling in the Risk Management TPRM/SCRM (third-party risk management and supply chain risk management) category with a focus on financial risk. We also earned top marks for Supplier Risk Modeling and Supplier Risk Mitigation, solidifying our best-in-class position in this niche. When businesses need a point solution that truly addresses financial risk in the supply chain, no one does better than SupplyChainMonitor™. Additionally, SupplyChainMonitor™ exceeded industry benchmarks in Advanced Analytics (reporting), Technology (Automation & AI/ML), Servicing Customers, and Supplier Performance Management, highlighting the unique value SupplyChainMonitor™ brings to supplier risk mitigation.
Spend Matters' SolutionMap is a trusted industry resource that allows practitioners, consultants and investors to evaluate and compare procurement technology solutions based on feature sets and customer satisfaction metrics. The platform enables businesses to make informed decisions through data-driven comparison of leading solutions.
Mike Flum, CEO & President of CreditRiskMonitor.com, expressed his excitement over the recognition:
"Being recognized by Spend Matters as a top performer in Third Party Risk Management with an emphasis on financial risk reporting and analytics continues to validate our position as a best-in-class point solution provider in this niche. As geopolitical and nationalistic pressure combine with the macroeconomic risks from excessive global debt, financial risk will become even more important to supplier risk management, and we are well positioned to help subscribers in implementing the most effective mitigation strategies available. The difference between leaders and stragglers in this regard comes down to continuous monitoring of financial risk rather than relying solely on a one-time check during the onboarding process. Specialized solutions like SupplyChainMonitor™ make leveling up risk management practices easy thanks to our proprietary financial risk scores, in-depth analysis and advanced alerting, empowering clients to proactively avoid costly disruptions before they occur."
Key achievements
CreditRiskMonitor.com's SupplyChainMonitor™ platform was rigorously evaluated based on detailed RFI requirements, live demonstrations, and customer feedback. Exceeding competitive benchmarks in SXM (Supplier Risk Management), the platform demonstrated a strong competitive edge in managing and mitigating supplier-related risks, while also meeting or nearing the top of industry benchmarks across all categories except Knowledge Management.
"Yet it can seem like a near impossible task to compare solutions on an apples-to-apples basis given how fast the tech world is changing with generative AI and other new innovations. The Spend Matters Fall 2024 Insider dataset unpacks the product and company landscape in a new and even more granular way than before based on demonstrated functional capability of solutions and objective customer satisfaction metrics" said Jason Busch, Founder & Board Member, Spend Matters.
Among the platform's standout features:
FRISK® Score Accuracy: With a proven 96% accuracy in predicting a company's financial stress and bankruptcy risk over a 12-month period, the FRISK® Score solidifies our leadership in financial risk management, particularly within the SXM/Supplier Risk Management category. Updated daily, our score provides real-time risk monitoring, a key distinction that sets us apart from competitors who refresh their scores less often.
Comprehensive Service Support: Our Platform/Services capabilities offer robust support for supplier onboarding and implementation, including an add-on product for submitting confidential financial statements from our customers' private suppliers. Our Confidential Financial Statements Solution (CFSS) leverages AI for automated extraction, analysis, and bankruptcy risk scoring of private company counterparty financial statements. Read more about the Confidential Financial Statements Solution.
Supplier Onboarding & Data Management: We excel in SXM/Supplier Risk Management Services, with a strong emphasis on supplier onboarding and data management activities such as data cleansing and profile management. Additionally, we advocate for the continuous monitoring of suppliers for financial distress, enabling businesses to proactively mitigate quality fade and supply disruptions before they impact revenue-generating activities.
Advanced Analytics: Our Platform/Analytics capabilities empower users to leverage an extensive set of KPIs and perform deep financial data analysis through a streamlined, intuitive interface.
Pierre Mitchell, Chief Research Officer at Spend Matters, emphasized: "Beyond feature/function, we look at the platform elements to see what's real and what's not. Some users look for configurability, others don't. We reflect buyer needs against, for instance, the application of AI, user experience, low-code platforms. With SolutionMap, procurement has this information at their fingertips."
About CreditRiskMonitor
CreditRiskMonitor.com, Inc. is a leader in global business intelligence and predictive financial risk analytics. For over 25 years, our Company has been trusted to mitigate business-to-business (B2B) financial risk for thousands of companies worldwide, including nearly 40% of the Fortune 1000. We provide comprehensive counterparty risk management solutions to assess, manage, and anticipate business risk with the highest accuracy in the market. Our web-based SaaS subscription solutions, powered by Artificial Intelligence / Machine Learning, are paired with human analyst oversight to deliver high-quality, trustworthy information. We offer two distinct solutions for counterparty risk evaluations:
CreditRiskMonitor® is used by credit, finance, treasury, and risk professionals to support better decision-making in the extension of trade credit and related activities.
SupplyChainMonitor™ is used by supply chain, procurement, logistics and finance professionals to support better decision-making in supplier relationship management and enables timely deployment of risk mitigation strategies for financially challenged suppliers.
Learn more about how CreditRiskMonitor.com helps protect your supply chain at www.creditriskmonitor.com.
About Spend Matters
Solution Intelligence for Procurement: Spend Matters started as the first blog and social media site in the procurement and supply chain sector and has since grown into the leading source for data-backed technology and solutions intelligence. Serving private and public sector organizations, consultants, private equity and services and solution providers, Spend Matters drives strategic technology purchasing decisions and superior marketing and sales, product and investment outcomes for clients. Spend Matters is the only tech-enabled, proprietary data platform with exclusive IP that serves the global procurement, finance and supply chain technology ecosystem.
