RAPIDRATINGS BLOG

RapidRatings for Suppliers: The World is Depending on You

Posted by RapidRatings on December 04, 2020
 
pexels-tom-fisk-2226458Every day, vendors across the globe are making difficult decisions that affect the livelihoods of their employees and the futures of their businesses.

Large and small pressures exist on multiple fronts—with daunting, ever-changing challenges in the background:

All of which (and more) continue to impact inventories, payments and cashflow, as well as the strain on (invaluable but often immeasurable) buyer/supplier relationships.

But contrary to the additional fears that that strain might bring, buyers are actually less apt to cut off suppliers due to hardship or distress (now more than ever), and are increasingly hungry for more transparency and collaboration—to strengthen relationships deep into their supply chains.

Last month, we announced the expansion and enhancement of The FHR Network®—a secure membership platform for private company suppliers to build more meaningful business relationships through greater transparency.

In the release, RapidRatings President & Co-Head of Product, Douglas Cameron, mentioned:

“More than any other year in recent memory, 2020 has demonstrated that interdependence in the global supply chain runs deeper than simple buy-and-sell relationships. Sourcing and procurement teams want to work with private suppliers who can collaborate effectively, consistently, and transparently. The FHR Network now gives them expanded capabilities that help suppliers communicate their exposures and opportunities—discreetly and securely.”

Ultimately, The FHR Network® was designed as a business relationship tool to arm suppliers with more context and insights, a better understanding of their position in the chain (compared to their industry peers as well), and an advanced, modern toolkit to communicate that position with buyers—regardless of financial expertise.

With analytics and reports based in a common, objective data language—for businesses of all sizes, in any country, and across industries—private company suppliers can:

  • Learn: by understanding strengths and vulnerabilities compared to your peers
  • Grow: by sharing financial health ratings with prospects and winning new business
  • Protect: through continuous demonstration of resiliency, stability, and improvements
  • Prepare: for collaborative conversations with tips on what buyer-clients are likely to ask about your financial health

In a recent article from the Institute for Supply Management, (“Understanding Supplier Constraints is Critical to Success") our Chairman and CEO James H. Gellert noted:

“How each supplier—as a big part of a company’s supply chain—is able to get through this time is going to be a function of the communication, the collaboration and the transparency that the customer and supplier are able to give each other.”

 

Bottom-line: buyers don’t want to stop working with their critical suppliers but they need more information—consistently.

Because your distress isn’t isolated; it’s shared.

And your success isn’t optional; it’s needed.

The FHR Network was created to help you start (or continue) that conversation. Download this quick overview or request to join; strengthen your position in the global supply chain and build better business relationships—on which the world depends.

 

 

Topics: Supplier Risk Management, Risk Assessment