RapidRatings and POOL4TOOL Partner to Drive Risk Visibility and Compliance in SRM and E-Sourcing
May 31, 2017
Partnership delivers streamlined solution to improve supply chain risk management (SCRM)
NEW YORK, NY and DETROIT, MI: May 31, 2017 – RapidRatings™, the leader in financial health analytics, and POOL4TOOL, a leading procurement software vendor, today announced a partnership to streamline the supplier relationship and risk management within the supplier management process. Technology integration will incorporate RapidRatings’ Financial Health Rating (FHR®) within the SRM, SCM, and Sourcing Portals, allowing mutual clients to select from a list of suppliers that have already been vetted for financial health and approved for compliance.
POOL4TOOL specializes in helping manufacturing companies improve their sourcing processes and to facilitate transparent communication with their suppliers. The partnership will allow companies to leverage the forward-looking FHR for a predictive view of the financial stability, operating efficiency, and probability of default for vendors, suppliers, and other third-party relationships. Incorporating financial risk visibility into the due dilligence process helps companies maintain compliance while saving time and resources by working with pre-vetted suppliers in the procurement and sourcing process.
“We are excited to be working with POOL4TOOL to provide a complete 360 degree view of suppliers during the procurement and sourcing processes through the lens of financial health,” said David Barton, Chief Revenue Officer of RapidRatings. “Private companies typically make up 70% or more of a company’s supplier portfolio. RapidRatings’ ability to assess the financial health of both public and private companies means risk visibility into the entire supply chain.”
“Supply chain risks can pose a major financial and reputational cost, particularly for complex, global corporations. Proactively managing that number of suppliers is a significant time and resource cost, and poses a massive risk to the company if a vendor fails to meet any of those standards,” said Roger Blumberg, Chief Commercial Officer at POOL4TOOL. “We are thrilled to be working with RapidRatings, whose studies show a direct correlation between poor financial health and supplier performance issues. Incorporating the FHR into the vetting process means our clients will be doing business with suppliers who are less likely to experience quality or delivery issues down the road.”
According to The Hackett Group’s Supply Risk Management Performance Study, for most companies, the most critical aspect of any supply risk management program is ensuring supply continuity. This includes guarding against supply bottlenecks, logistical issues, low stock and unexpected breakdowns. The second most critical driver for creating a supply risk management program is to ensure regulatory compliance.
RapidRatings is transforming the way the world’s leading companies manage enterprise and financial risk. RapidRatings provides the most sophisticated analysis of the financial health of public and private companies in the world. The company’s analytics system provides predictive insights into third-party partners, suppliers, vendors, customers and securities issuers. Every business conversation becomes more productive, transparent and efficient with the RapidRatings Financial Health System™.
POOL4TOOL is the intelligent procurement platform. The global leader in Direct Procurement software helps customers get the most out of eSourcing, Supplier Management and more. The all-in-one software can be built step-by-step. Connecting seamlessly to ERP, it uses workflows as unique as its users. With expertise from 15 years of partnership with manufacturing industries, the company is developing cognitive procurement. Over 300 customers worldwide use the platform to connect to a network of more than 300,000 suppliers. Learn more at www.pool4tool.com.