By Jeanette Jones and Kelly Barner
Standing still is the fastest way of moving backwards in a rapidly changing world. – Lauren Bacall
Innovative procurement and supply markets research providers are definitely not standing still. They are moving forward at a rapid pace by launching new products and services and/or upgrading current offerings to not only keep pace, but excel with digital transformation initiatives.
As we update key resource listings for the open access ProcureSearch hub, new patterns and trends continuously reveal themselves. The digital transformation trends we are seeing center on how providers are innovating around the themes of connection, comprehension, visualization, communication, and data capture.
The theme we find most interesting to note involves the capturing and gathering of data. Analytics and AI have allowed providers to focus on capturing data as quickly as possible (real-time), as close to the primary source as possible (crowdsourcing), that is comprehensive (extensive use of partnering with other providers), and is provided by those who “are there with the data” and have access and are affected by its practical use (user reviews).
We also see a unique opportunity for competitive advantage emerging: the strategic combination of people and technology to generate actionable market insights. The data capture examples listed above are not just about straight machine data capture. Crowdsourcing, partnerships, and a “boots on the ground” point of view are powerful sources of insight that require skilled human beings. It is the companies that combine the best people with the most refined technology that will take the day – partially because doing so is no easy feat.
For procurement and supply markets research resources here is a listing of recent key updates, product launches, and newly added service/product offerings, many of them highlighting enhancements around these dynamic themes.
Direct Spend
Farmers Business Network – Farmers Business Network (FBN) is a network that allows farmers to share their field knowledge data, and in return receive intelligence and analysis that enables them to make better decisions for their own field strategies.
ICIS – Market information provider ICIS launched an enhanced customer platform in November 2018 where “real-time news stories are published on the website every 15 minutes on average. Recognizing the importance of speed and discoverability, the new homepage gives users instant access to data and market updates.”
Fastmarkets – In October 2018, Metal Bulletin Group announced its rebranding to Fastmarkets. This includes brands formerly known as Metal Bulletin (now Fastmarkets MB), American Metal Market (now Fastmarkets AMM), Industrial Minerals (now Fastmarkets IM) and Scrap Price Bulletin (now Fastmarkets SPB). In early 2019, RISI and FOEX (forest industry) will rebrand as well. “Fastmarkets advances the Company’s vision to be a single, definitive source for trusted commodities data.”
Indirect Spend
Amber Road and Dow Jones – Amber Road announced a new partnership in June 2018 with Dow Jones that integrates Dow Jones Risk & Compliance’s Sanctions Ownership Research (SOR) list within their RPS Global Knowledge database.
FreightWaves – FreightWaves partners with important data providers in the freight marketplace, aggregates “hundreds of sources…representing billions of individual data points,” which they use to “understand and model near-time changes and impacts to the freight market.”
Kantar Media – In December 2018, Media intelligence provider Kantar Media launched a new solution, TGI Global Quick View, that provides fully harmonized data from a sample of thousands “connected consumers in 22 countries for comprehensive understanding of consumers’ online interests, media preferences, and online shopping habits and brand choices.” They also launched an enhanced version of its data visualization tool, TGI Snapshot.
Xeneta – Ocean freight rate benchmarking and market intelligence provider Xeneta launched Xeneta Shipping Index (XSI), which allows all parties to set rates at transparent prices that directly follow market fluctuations.
Supplier Risk
BitSight Technologies – Recently added to ProcureSearch, BitSight, founded in 2011, provides cybersecurity ratings and is a key player in an emerging market that is quickly growing. All data collected by BitSight is “externally observable,” meaning from data on compromised systems, diligence, user behavior and public disclosures.
CreditRiskMonitor – The new PAYCE score measures financial stress for private companies. Payment and U.S. federal tax lien data from its own database is analyzed with neural network modeling technology to deliver accurate scoring.
LexisNexis – LexisNexis Entity Insight has replaced Smartwatch and is a real-time proactive risk media monitoring solution that leverages Lexis’ impressive range of news sources and market intelligence.
Opus Global and BitSight – In June 2108, Opus Global integrated BitSight security ratings with its Hiperos 3PM Information Security Platform. In December 2018 Coupa Software acquired Hiperos.
RapidRatings and EvoVadis – In June 2018, RapidRatings and EcoVadis announced a partnership that blends RapidRatings’ predictive financial analytics with EcoVadis’ sustainability scorecards.
RapidRatings – In August 2018, RapidRatings launched a new API suite consisting of FHR Generator, Portfolio Health, and Financial Analysis. In May 2018, RapidRatings released a new user interface that focuses on three major areas: enhanced visualization for a more personalized experience, easier access to online training and resources, and a responsive design and accessibility for mobile devices.
Resilinc – In October 2018, Resilinc upgraded its EventWatch news monitoring service to be more comprehensive (covers “about 10 times as many news and information sources as the current version”) on global events and is offering a new version of the software for use by small- to medium-sized companies.
riskmethods and IntegrityNext – In June 2018, riskmethods announced the Risk Intelligence Add-On based on IntegrityNext, which allows them to extend their sustainability and compliance risk coverage and have access to IntegrityNext’s real-time social media monitoring capability.
All-Inclusive (Multiple Market coverage)
Mintec – Mintec launched a new platform for procurement professionals in October 2018 called Mintec Analytics, which provides independent price information for 11,000+ commodities, in addition to advanced analytics tools.
Supplier Discovery
Amazon Prime – In October 2108, new Business Prime benefits were unveiled allowing members to now visualize spend data, set policies to improve compliance, maximize budgets with Guided Buying, and receive additional delivery and shipping options.
GovShop – New in 2018 and created and designed specifically for government procurement researchers, this open access resource by Public Spend Forum is a single platform that allows you to search, find, and connect with authorized government suppliers.
Note: Quotes taken from press releases and websites.
