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Supply Chain Transparency and Inclusivity: What to Expect from ConnXus in 2018
The supplier management technology trailblazer announces 2018 platform updates that will bring transparency, risk analysis and supplier-friendly technology to supply chain operations.
MASON, Ohio, Nov. 7, 2017 /PRNewswire/ — Instilling consistent disruption in the supplier management industry in 2017, ConnXus released a suite of international procurement tools including multilingual supplier registration portals, global vendor data enrichment, and a procure-to-pay single sign-on integration.
For 2018, the high-growth software company is already knee-deep in research, design and enterprise development for transparent and ethical supply chain tracking and reporting.
The global supply chain management software market value is projected to reach $13.4B by the end of 2017, according to Clearwater International & Gartner. $2.1B (31%) of that market share resides in sourcing and procurement software. While ERP giants like SAP occupy 26% of this market, it leaves a majority 52% open for game changers such as ConnXus.
A Shift in International Procurement Practices
There is no singular definition for global supplier diversity. Standards and requirements for validating diversity statuses and reporting diverse spend shifts country-to-country and sometimes region-by-region. Today, ConnXus validates and classifies international vendor data in Canada, South Africa and United Kingdom, with more international vendors being added to their database daily. ConnXus’ localized Registration Portals are translated in each region or country’s native language to streamline supplier enrollment and communication, with data rolling up to a singular Enterprise Dashboard view.
What to Expect from ConnXus in 2018
The procurement industry has, for decades, catered to the buyer market. Supplier registration and bid opportunity platforms are built with corporate buyers’ ease-of-use and goals at the top of mind, often providing hurdles for suppliers seeking access to corporate supply chains. ConnXus plans to disrupt industry standards by keeping suppliers’ goals at the forefront of innovation.
Diverse Marketplace and E-Commerce
In collaboration with their established procure-to-pay partner–BuyerQuest—ConnXus will launch a groundbreaking diverse marketplace and e-commerce platform. Diverse suppliers that sell goods and products will be able to capture, approve, promote and maintain catalog data. Buyers will have capabilities to source, compare and purchase products from new and existing diverse suppliers to build more inclusive supply chains.
One-click Tier 2 Reporting Submission
ConnXus will lead supplier diversity reporting protocol by further automating the Tier 2 reporting process. Prime vendors will have the option to select their reporting period and submit spend to multiple buyers simultaneously. Buyers do not have to “crunch the numbers,” the system will produce the report itself.
Supplier Risk and Ethics Analysis
For long-term supplier contracts, updates to the existing ConnXus Risk Scorecard™ will include sovereign debt scores by country and industry risk scores by cost of capital to aid in contract negotiations for both private and public suppliers. Disbarment alerts will assist with risk mitigation for personal or company-related legal proceedings and human trafficking reports.
News Feeds with Cyber Security Risk Alerts
For an added layer of data confidentiality and protection, cyber security threats and malware attack alerts will feed directly into ConnXus dashboards with real-time updates via an API. With its industry-trusted restful API, ConnXus will also tighten security requirements with the availability of two-factor authentication during the sign-in process.
ConnXus supplier management software solutions simplify the complexities of global supply chains and allow buyers to achieve their goals of responsible and sustainable sourcing. ConnXus is a NMSDC, CAMSC, CPUC and State of Ohio-certified minority-owned business enterprise based in Mason, Ohio with local, regional and international capabilities. For additional information about ConnXus and their growing suite of supplier management solutions, visit the company’s website at www.connxus.com, and to register your company on the ConnXus platform, visit https://mysuppliernetwork.com/user/signup.