What is the ConnXus Risk Scorecard™
As a business, buyer-supplier partnerships are a vital part of your operations. In a perfect world, the only factor you would need to consider when forming these partnerships is whether the other company is capable of meeting your business needs, but instead, you also have to weigh the risks against the benefits of each potential relationship. Most businesses don’t have the time or resources to adequately evaluate each supplier/buyer they consider, which can lead to an unreliable and unsustainable supply chain.
At ConnXus, we understand the importance of developing long-lasting, dependable relationships with other companies. Rather than continuing the trend of uninformed and uncertain business decisions, we developed the Risk Scorecard™, a high-level supplier financial risk assessment. With this tool, buyers can access a comprehensive picture of each supplier’s financial status and potential, ensuring a positive outcome and allowing suppliers with outstanding scores to stand out from the rest.
Why You Need The Risk Scorecard™
Buyers are constantly adding new suppliers to their supply chain to meet growing and changing company needs. With the Risk Scorecard™, buyers can make informed decisions about the suppliers they want to work with by using the business information gathered through our third-party sources. This assessment tool offers buyers a look at where each supplier ranks in their industry, based on their financial information and history, and displays a portfolio score that offers a widespread financial comparison with other suppliers. By using the available information to evaluate the current financial status and risk of bankruptcy, buyers can gain confidence in the supply chain they are building. The Risk Scorecard™ integrates with all other ConnXus products and appears on supplier company profiles who have had a Risk Scorecard™ assessment. This Risk Scorecard™ can be accessed via MySupplierNetwork dashboards, keeping all important information in one, easy-to-access location.
For suppliers, our Risk Scorecard™ offers the opportunity to use financial stability and high rankings to place themselves ahead of the competition. Buyers want to work with successful, stable companies, so this scorecard can mean the difference between big contracts and missed business opportunities. ConnXus Platinum members receive one annual Risk Scorecard™ assessment per year with their membership package.
Interested in learning more about this product? Stay tuned for a demo of the Risk Scorecard™, coming June 2017.