Financial Risk Assessment & Reporting Solutions by ConnXus
At ConnXus, we are dedicated to the creation of a sustainable global supply chain. With the ConnXus Database, we offer a simple and straightforward way to connect suppliers with buyers, no matter the company’s size, location, and industry. As our database of 1.8 million supplier certifications continues to grow, we are committed to improving our methods and ensuring these relationships will last. A supply chain is ineffective if it’s not sustainable, which is why we’ve created two financial assessment products that will revolutionize your ability to create long-lasting, beneficial business relationships.
Understanding the financial risk of doing business with a supplier or vendor is vital to a positive business relationship. The ConnXus Risk Scorecard™ and Procure Scorecard™ are the first steps to forming a procurement process that works. We are offering these products to help our clients identify and decrease potential business uncertainties in their current and future supply partnerships.
Risk Scorecard™ VS Procure Scorecard™: What’s The Difference?
For buyers and suppliers alike, our financial assessment scorecards can mean the difference between a dependable supply chain and contracts that fall apart every few months. These scorecards offer a basic (Risk Scorecard™) or comprehensive (Procure Scorecard™) look at each supplier’s standing and dependability, especially when compared with other businesses. Both scorecards integrate fully with other ConnXus products, keeping all of your information in one place, and can be accessed through your MySupplierNetwork dashboard and company profile.
With our Risk Scorecard™, we offer basic financial reporting through information collected through a third-party source. This assessment includes every available piece of information, but is limited by the amount and reliability of publicly available business data. ConnXus Platinum members receive one annual Risk Scorecard™ supplier financial report with their membership.
Our Procure Scorecard™, however, uses data collected directly from the supplier instead of a third-party source. This direct collaboration allows us to present extremely accurate, up-to-date information for our scoring processes. Buyers can have complete peace of mind with this scorecard and suppliers can present the best possible profile by creating their own scoring through the information they provide.
Why You Need These Products
As a buyer, you need to know that you can count on your suppliers for the long run. With the Risk and Procure Scorecards™, you can accurately evaluate the financial risk associated with each supplier before forming a business contract and relationship with them. Every company is continuously adjusting to changes within their operations and industry, which can affect the sustainability of your supply chain. With our scorecards, you can assess the financial stability of potential and current suppliers, giving you the information you need to make the best decisions for your company, clients, and suppliers.
As a seller, the data provided by your scorecard can help you win contracts with big companies who are looking for a stable, low-risk supplier. By adding a scorecard and creating a ConnXus complete profile of accurate information, you can place your company a step ahead of your competition. The better your information and the higher your scoring, the greater your chances of securing large, long-lasting contracts.
Want to learn more about these products? View a demo of the Risk Scorecard™ in June of 2017 and stay tuned for a demo of the Procure Scorecard™, available Summer 2017.