Recently, RapidRatings attended ISM (Institute for Supply Management) World 2023, a three-day event that served as a gathering place for top professionals in the supplier space, risk management sector, sustainability, manufacturing, and more. The event offered an array of seminars, panels, and exhibitions, allowing attendees to showcase their capabilities and explore the latest trends in their respective fields. Our participation at ISM 2023 provided us with a platform to showcase our capabilities in supplier financial health analysis and our innovative solutions to navigate today’s perfect storm of macroeconomic conditions, which resonated deeply with the attendees.
Anchoring Home the Importance of Innovation
At the heart of the conference, the theme "Rise Up" was represented by its acronym:
While RapidRatings' comprehensive service offerings address all four themes, it was Innovation that struck a chord. In the past, many risk managers relied on payment scores as a means of assessing the financial risk of their private suppliers, and it’s well documented that a company’s bill payment history does not forecast its financial strength. RapidRatings obtains first-party sourced financial statements from private companies to provide ultimate transparency and cut through the noise through our financial health ratings. ISM World was a great platform to showcase these capabilities, especially in the context of the perfect storm we currently find ourselves in. We were excited to spotlight our innovative product portfolio, including HealthMark®—a cutting-edge rapid risk indicator tool developed by RapidRatings.
Alison Levine's Inspirational Keynote
The conference featured an awe-inspiring keynote speech by Alison Levine, who shared her remarkable experience of coming within 200 feet of reaching the summit of Mt. Everest, only to make the difficult decision to turn back due to treacherous weather conditions. Levine emphasized the importance of prioritizing the safety of her team over personal achievement, highlighting the need for adaptable plans and reliance on the team around you. This powerful message echoed throughout our conversations at ISM 2023, affirming the significance of transparent relationships, data-driven decision-making, and collaboration in surviving the storms we face.
Building Relationships for Survival
Levine further emphasized the criticality of forming meaningful relationships with fellow climbers, recognizing that in times of trouble, their ability to remember one another and their conversations could determine whether they put themselves in jeopardy to help. In today’s environment, transparency and collaboration between business partners is critical for success. The significance of transparent relationships, where trust and effective communication prevail, mirrors RapidRatings’ own focus on helping our clients strengthen relationships with their critical suppliers and third-party partners.
Aligning Themes and Inspiring Conversations
Throughout the event, we were reminded of three key themes: 1) the perfect storm is here and challenging suppliers, around the world 2) the importance of transparency in business relationships, and 3) data-driven, decision-making is critical in risk management. Engaging in conversations with both new faces and longstanding partners and clients, we were delighted to witness genuine appreciation for our industry and the unique value RapidRatings brings to the table.
Thank you to ISM for being a great partner, and for putting on a remarkable event that allowed us to show our capabilities with like-minded individuals. We look forward to continuing to make a positive impact in the supply chain management industry.
To learn more about the perfect storm and how we are helping companies across all industries navigate it, watch our Masterclass series “The Perfect Storm”