SEATTLE--(BUSINESS WIRE)--Suplari, the Spend Agility™ company, today announced that it is integrating Financial Health Ratings (FHRs) into Suplari’s Spend Intelligence Cloud by partnering with RapidRatings, the leading provider of financial health data and analytics. Procurement, sourcing, supply chain risk, and finance professionals who manage spend from thousands of direct and indirect suppliers using Suplari’s spend analytics and insights platform can now view and get notified about a supplier’s degrading or improving financial position ahead of time, and take timely actions to mitigate supply risk, ensure business continuity, and build deeper relationships with suppliers.
In many large enterprises, supplier risk information is not integrated with spend, contract and supplier data. Corporate risk is often managed in a separate organization that uses its own systems. This exposes procurement and finance teams to significant supply chain and financial risk problems when a supplier with large spend or a critical component of the company’s supply chain fails or cannot deliver on contractual terms. Entire businesses or product lines are often caught off guard as finding a new supplier, negotiating a new contract, or running a sourcing event can take several months.
The addition of RapidRatings’ FHRs to Suplari’s Spend Intelligence Cloud creates an early warning system that monitors all critical suppliers’ financial health risk and lets the customer take timely decisive action. Powered by clean normalized data and Suplari’s AI-driven spend driven insights and predictive actions, customers see each supplier’s FHR and receive alerts that proactively notify them when issues are forecast.
Derived from RapidRatings’ unique quantitative analytics model that uses 70+ financial ratios from company financial statements, the FHR® provides early, accurate, and actionable warning of default probability over the next 12 months. It also measures a company’s core health and resiliency factors, including how that company measures against global peers. This means that Suplari customers are able to not only understand their spend better, but also explore which suppliers are distressed or at a high risk of default or even bankruptcy. Customers can then negotiate spend with alternate suppliers or take appropriate action using Suplari’s Connect workflow and performance management platform.
“The integration of RapidRatings’ Financial Health Ratings into the Suplari Spend Intelligence Cloud provides customers with unique, valuable, actionable financial insights into their suppliers,” said Nikesh Parekh, Suplari CEO. “Not only can customers reduce spend and increase supplier leverage, they can protect mission-critical supply chains and mitigate against future risk. This integration continues Suplari’s focus on delivering actionable, intelligent data that tells our customers where to save money.”
“Corporate risk is often managed in silos across different business lines or units—often supported by disparate systems,” said Pete Tantillo, COO and CFO at RapidRatings. “This lack of meaningful, internal collaboration not only increases inefficiencies within enterprises, but creates unnecessary risk throughout critical supply chains. Spend is not only a line item on balance sheets—it’s a strategic tool that should be deployed thoughtfully, with clear insights, and based on accurate data. We’re incredibly excited to partner with Suplari and bring these capabilities to Spend Intelligence Cloud Users.”
Financial Health Ratings are now available as a part of the Suplari Spend Intelligence Cloud. Ratings are seen directly alongside individual supplier spend analytics—without any technical integration or data mapping. Suplari customers can access RapidRatings financial health data if they are a RapidRatings client, making it easy to take immediate action and better collaborate internally and externally.
Suplari is the Spend Agility™ company. Suplari delivers the first-ever Spend Intelligence Cloud that enables finance, procurement and business leaders to continuously and collaboratively optimize sourcing, forecasting, risk and compliance. Built upon advanced machine learning, Suplari helps mid-size and large enterprises achieve spend agility by automating data, insights and actions to predict and manage costs, cash flow and investments across the enterprise. Suplari’s cloud-based software is quick to deploy and delivers value in less than 90 days. Learn more about Suplari at www.suplari.com and contact us at firstname.lastname@example.org.
RapidRatings® sets the standard for financial health transparency between business partners, 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 over 140 countries worldwide. The company’s predictive analytics provide insights into how suppliers, vendors, and other third parties are likely to perform. For more information, visit rapidratings.com.