SpendHQ Adds Supplier Risk Management Solution to Procurement Platform

SpendHQ launched a Supplier Risk Management solution that can be added to its procurement platform.

The new tool is designed to give procurement teams real-time insights into financial, geopolitical and operational factors that could cause supply chain disruptions, the company said in a Thursday (March 27) press release.

“Procurement teams face growing complexity as supplier relationships increase and supply chain risks intensify,” SpendHQ CEO Scott Macfee said in the release. “This solution unites intelligence from leading procurement and supply chain risk providers, equipping teams to mitigate supplier risks related to financial health, cybersecurity, ESG compliance and more.”

Through a single interface within the SpendHQ platform, Supplier Risk Management provides updates on supplier health, including financial health reports, peer benchmarking and predictive risk assessments; cybersecurity vulnerabilities; ownership and political risk, including sanctions, forced labor, political ties and compliance violations; and supplier ESG performance, according to the release.

The financial risk insights are provided by RapidRatings, the cyber threat data comes from apexanalytix, and the supplier ESG performance information is sourced from EcoVadis, the release said.

SpendHQ’s new solution is available as an add-on to its procurement platform that includes Spend Intelligence and Performance Management, per the release.

Businesses across the board have upped their investments in technologies to support their procurement process, according to the PYMNTS Intelligence report “Digital Payments: Modernizing Procurement Processes.”

The report found that 31% of retailers are investing in procurement systems and another 53% plan to do so. It also found that 42% of manufacturers are already investing in upgrading their procurement technology and another 44% plan to invest in this area.

SpendHQ said in a June press release that in the first five months of 2024, its product implementations increased by nearly 40% compared to the same period in 2023 across both the North American and Europe, Middle East and Africa (EMEA) markets.

“Our customers understand the transformative potential of AI to convert spend insights and procurement processes into significant impact and savings,” Macfee said in the release. “…Our innovative solution ensures a seamless flow of data between analytics, strategy and execution, driving continuous improvement and value.”

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