RapidRatings Listed in the Spend Matters Almanac and ProcureTech100 for 2021
For many companies around the world, this October has been a defining month.
Beyond the typical trappings that come with any budget season, there are new, late-stage pandemic priorities, adjustments, and concerns that are top-of-mind for chiefs of sourcing, procurement, risk, and finance.
Just a few weeks ago, at the Americas Procurement Congress in Boston, some of the most influential leaders in procurement and sourcing discussed many of those priorities: delivering cost savings, reducing the impact of supplier risk, developing team skills & talents, and driving operational efficiencies.
We also conducted our own informal poll on LinkedIn—asking folks to rank those same priorities.
While the results were close, “reducing impact of supplier risk” reigned supreme. And this will come as no surprise to our own clients and other major enterprises experiencing significant supply chain disruption (read: all of them), but the in-between and unsaid parenthesis in that phrase is a need to collaborate more closely with critical suppliers and gain deeper sub-tier visibility across complex supply chains—of which the vast majority remain wholly or near-wholly dependent on private companies.
There’s data behind this as well.
Earlier this month, Gartner revealed some of their own (more formal) polling at the EMEA Supply Chain Symposium. One of the key questions asked: What Investments or Adjustments is Your Company Making, or Planning to Make, to Achieve Greater Resilience and/or Agility?
More than three-fourths (77%) said that “Collaboration With Key Customers and Suppliers” was a primary investment area—right now.
For all of us at RapidRatings, this October has been a big October too.
We’re hearing from clients (current and future), globally, that a common data-based language (through the Financial Health Rating and Financial Dialogue Report) is a meaningful tool for achieving exactly what has been said—via the Gartner poll, at the Americas Procurement Congress, and many other places—and corroborated: to not only reduce the impact of supplier risk but also to create better relationships and strengthen the resilience of their supply chains—upstream and downstream.
In fact, we were recently recognized (for these very reasons) by two major industry selections.
This month, RapidRatings was listed in the Spend Matters Almanac—as one of the top 50 “Providers to Know”—and in the ProcureTech100—as one “the definitive 100 pioneering digital procurement companies”.
But all of these accolades come with clear expectations. And as an organization, we’ll continue to challenge ourselves—bringing more transparency, empathy, enabling collaboration, and helping drive better business outcomes in an era where the challenges are more complex, decision-making is more dynamic, and the stakes are ever higher.