NEW YORK--(BUSINESS WIRE)--RapidRatings, the leader in financial health analytics, and SynerTrade, a leading procurement technology provider, today announced a partnership to help companies gain greater visibility and control of the financial risks of prospective suppliers throughout the sourcing, procurement, onboarding, and relationship management lifecycle. Leveraging the RapidRatings Risk Management API technology to deliver the financial health rating for public and private companies into Accelerate Platform, clients will be able to identify the suppliers vetted to meet the company’s financial viability and compliance requirements.
Financial health is the gateway to understanding a company’s underlying strengths and weaknesses and provides a universal benchmark for choosing whom to partner with in the short and long term. Procurement and risk organizations leverage the FHR’s® predictive analytics to understand their third-party relationships in terms of financial viability, operating efficiency, and probability of default. SynerTrade specializes in helping companies advance their procurement organizations by using applications to improve their sourcing process and establish a clear line of communication with their suppliers. Embedding financial health scores into the procurement process, especially during sourcing events, helps companies build partnerships founded on transparency which can result in supply chain continuity and resilience.
“More companies are leveraging their supply chains to become industry disruptors and gain a competitive advantage in their respective markets. Evaluating the financial health of prospective and current suppliers and gaining forward-looking visibility into potential risks helps companies take action to maintain resilient supply chains,” said Eric Evans, Managing Director, Business Development at RapidRatings. “We’re excited to partner with SynderTrade to deliver financial health analytics on public and privately held suppliers, globally. This partnership provides clear visibility of risk into the entire supply chain earlier in the procurement and sourcing processes.”
“For global corporations, a disruption in any part of the supply chain could mean lost sales and a damaged brand reputation. Proactive risk management which can often be costly and resource-intensive, is the best approach for mitigating risk and maintaining continuity of operations,” said Roger Blumberg, VP of Strategy at SynerTrade. “We are excited to be working with RapidRatings, whose research show a direct correlation between poor financial health and supplier performance issues. By incorporating the FHR into the vetting process, our mutual clients will be doing business with suppliers who are less likely to experience quality or delivery issues down the road.”
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. For more information, please visit www.rapidratings.com.
SynerTrade is a leading international provider of cloud-based procurement solutions for the digitalization of companies’ procurement processes. Since 2000, we have helped companies meet all their procurement challenges in a different way and is a recognized industry leader in Source to Contract, Procure to Pay, Supplier Relationship Management, and Purchasing Intelligence. A part of the Econocom Group, SynerTrade’s complete end-to-end SaaS platform, SynerTrade Accelerate, has a tremendous global presence as it focuses on flexible, scalable and easy-to-use solutions. With a deep ERP knowledge, SynerTrade is extremely easy to implement as a single source, homegrown option. Find out more at www.synertrade.com.