New York, June 14th 2018.- 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. 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
Eric Evans, Managing Director, Business Development at RapidRatings
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. 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
Roger Blumberg, VP of Strategy at SynerTrade