Industry's Top Data to be Integrated with Procurement Software
LexisNexis® Risk Solutions and POOL4TOOL to Work Together Toward Reducing Supply Chain Risk
Atlanta | Detroit, May 30, 2017 – LexisNexis Risk Solutions, a data and analytics company, announced today its global alliance with POOL4TOOL, a leading procurement software vendor, to provide data that will help reduce supply chain risk and deliver world-class compliance management tools.
POOL4TOOL specializes in facilitating communication between systems and is among the leading solution providers on the international market, due to its high level of Enterprise Resource Planning (ERP) integration capabilities. For LexisNexis Risk Solutions, this alliance will help deliver an efficient and reliable way for customers to assess the compliance and risk of supply chain vendors, from the vast quantities of data available.
“We are pleased to align with POOL4TOOL in our efforts to help our customers improve their supplier management solutions and reduce overall risk,” said Edda Rottscheidt, Director, Business Risk Management, LexisNexis Risk Solutions. “LexisNexis Risk Solutions has long delivered effective and efficient screening and due diligence of global supply chain vendors by combining a best-in-class matching algorithm with access to the industry’s most robust screening data. Working with POOL4TOOL, we’ll continue to deliver technology that allows procurement leaders to more effectively assess global supply chain risk and comply with regulations.”
According to The Hackett Group’s Supply Risk Management Performance Study, for most companies, the most critical aspect of any supply risk management program is ensuring supply continuity. This includes guarding against supply bottlenecks, logistical issues, low stock and unexpected breakdowns. The second most critical driver for creating a supply risk management program is to ensure regulatory compliance.
“The head of procurement within a business may be responsible for ensuring thousands of suppliers are operationally sufficient, financially stable, and meet corporate compliance objectives,” said Roger Blumberg, Chief Commercial Officer at POOL4TOOL. “Proactively managing that number of suppliers is a significant time and resource cost, and poses a massive risk to the company if a vendor fails to meet any of those standards. With increasingly new regulations, in addition to the new ISO 9001 certifications, compliance management is becoming a greater priority for companies with large and complex supply chains. Supply chain risks can pose a major financial and reputational cost, particularly for global corporations, and we are thrilled to be working with LexisNexis Risk Solutions in our efforts to offer actionable, insightful information to our customers.”
About POOL4TOOL: POOL4TOOL is the intelligent procurement platform. The global leader in Direct Procurement software helps customers get the most out of eSourcing, Supplier Management and more. The all-in-one software can be built step-by-step. Connecting seamlessly to ERP, it uses workflows as unique as its users. With expertise from 15 years of partnership with manufacturing industries, the company is developing cognitive procurement. Over 300 customers worldwide use the platform to connect to a network of more than 300,000 suppliers. Learn more at www.pool4tool.com