Technology pre-defines, scores and categorizes supply chain and procurement risks into six categories
NEW YORK—LexisNexis Legal & Professional, a provider of content and technology solutions, has launched LexisNexis SmartWatch, a risk-monitoring tool for supply management professionals. The LexisNexis SmartWatch algorithms score and surface concerns about an organization’s suppliers and supply management partners, based on each enterprise’s risk profile. SmartWatch then uses information visualization techniques, which enable supply management and procurement professionals to monitor thousands of suppliers for disruptions that might affect their supply chain.
Risks are pre-defined, scored and categorized into the six “PESTLE” categories used by supply management professionals to understand and manage supplier-specific and macro challenges associated with global sourcing: political; economic; societal; technical; legal and environmental. The product assesses not only the supplier company, but also its location and its industry, against the risk categories. Examples of unpredictable events include bankruptcies and early warnings of financial difficulties, such as layoffs, re-statements of earnings, executive moves and more. Other such events include strikes, natural disasters, commodity shortages, product recalls, new regulations, cyber theft, counterfeit goods and other situations.
The LexisNexis SmartWatch user clicks on a color-coded cell to view the news events that have generated the risk score. Only risky events are surfaced, ensuring results are designed to help organizations discover and prepare for various types of business disruptions. NexisNexis SmartWatch results are gathered from over 26,000 global news sources, the company said.
LexisNexis said SmartWatch allows users to uncover dangers, prioritize sensitive situations, track trends over time, avoid business interruptions and develop liability mitigation strategies to resolve issues with suppliers, vendors and customers.
More information about LexisNexis SmartWatch is available at www.lexisnexis.com/smart-watch.