Procurement intelligence firm Beroe, Inc. has integrated with spend and revenue management tech firm Corcentric to equip procurement workforces with risk and compliance offerings, according to a Wednesday (April 28) announcement.
Organizations have become more and more worried about supply chain interruption during the last year. Less-than-satisfactory vendor management workflows and information systems have historically made it too cumbersome and costly to unify vendor profiles with third-party information in areas such as “financial, reputational, sustainability and cyber-risk,” according to the announcement.
However, Beroe says that the connection between Beroe Know Your Supplier (KYS) and the Corcentric Platform lets Corcentric clients connect their vendor profiles with third-party risk data. To that end, the Beroe KYS gives Corcentric Supplier Management clients data from top providers of vendor risk information, according to the announcement.
“This offering adds tremendous value to our customers for solving the supplier data challenge and truly gives them a competitive advantage in the ability for identifying and mitigating supplier risk and compliance,” Sean Regan, senior vice president of Global Alliances at Corcentric, said in the announcement.
Beroe presently works with over 10,000 firms throughout the globe, with the inclusion of 400 of the Fortune 500 companies, according to the announcement.
“When looking for a technology partner, we analyzed the market in the 3rd party risk space — and felt Beroe was [an] awesome complimentary offering — a true extension of our solution in terms of supplier risk and compliance management,” William Dorn, vice president of Strategy at Corcentric, said in the announcement.
As previously reported, the concept of “know your supplier” has become more important in recent years — and increasingly intricate. The metrics organizations need to get about their important business partners is a long list.
Factors such as how suppliers source their items, pricing and contract models, compliance and governance, payment terms and key performance indicators (KPIs) have to be considered.