|Weekly News Digest
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LexisNexis Launches Risk-Monitoring Tool for Supply Management
LexisNexis Legal & Professional announced the launch of LexisNexis SmartWatch, a risk-monitoring tool for supply management professionals. Drawing upon the vast LexisNexis collection of global news content and proprietary risk event tagging, LexisNexis SmartWatch algorithms score and surface concerns about an organization’s suppliers and supply management partners, based upon each enterprise’s particular risk profile. LexisNexis SmartWatch—for which a patent is pending—then uses unique information visualization techniques, which enable supply management and procurement professionals to efficiently monitor thousands of suppliers for disruptive events that might affect their supply chain.
Hundreds of risk events 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, providing the most comprehensive and actionable insights. 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 simply clicks on a color-coded cell to view the news events that have generated the risk score for quick, actionable insight. Only risky events are surfaced, ensuring highly relevant results to help companies and organizations discover and prepare for various types of business disruptions across thousands of suppliers.
LexisNexis SmartWatch results are gathered from more than 26,000 authoritative, global news sources, including local, regional, and international news publications, industry and trade journals, legal and regulatory analyses, business and financial editorial, and more.
LexisNexis SmartWatch gives users the ability to proactively uncover hidden dangers, prioritize sensitive situations, track trends over time, avoid costly business interruptions, and quickly develop liability mitigation strategies to resolve issues with suppliers, vendors, and customers.
LexisNexis SmartWatch was developed in close cooperation with the procurement organization of Reed Elsevier, parent company of LexisNexis, along with supply chain management professionals from other companies, representing many industry sectors. Prototypes were tested and feedback was provided throughout the development process.
Source: LexisNexis Legal & Professional
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