Gartner released their Magic Quadrant for IT Vendor Risk Management last week and, among several key takeaways, one big thing stands out to me: The market is crowded, with no overall leader and little differentiation between the solutions. Everyone seems to be clustered in the middle, meaning customers aren’t satisfied with what the market is delivering today. And that’s a problem.
Between dealing with non-compliant vendors, the fear of a vendor-related data breach, and all the manual processes required to test vendor security controls, you’ve got enough on your plate!
Let me review how we believe you should use this report to derive what’s most important to consider in evaluating a third-party risk management solution.
Get your complimentary copy of Gartner’s report on the VRM market, so you can apply their insights to improve your IT vendor risk management program.
Why Vision Matters
If you consider what in our opinion constitutes “vision” in the Magic Quadrant – market understanding, strategy and innovation – we believe what you’ll see is that vision sets the stage for future execution. Executing today is important, but this market is evolving rapidly – as evidenced by the number of VRM providers fluxing in and out of the MQ. Providers with a strong vision today are best placed to deliver on the emerging use cases and capability requirements of tomorrow. Knowing where the market is headed, having a strategy in place to address customer needs, and building a rich roadmap of innovative new features are hallmarks of visionary solutions.
How You Benefit from a VRM Specialist
There are no pure-play VRM providers in the Leaders quadrant. That might be a bold statement to make, but each provider in the Leaders quadrant offers additional tools such as vendor management, GRC, and privacy. On the other hand, pure-play VRM solutions deliver a breadth and depth of VRM capabilities that’s unmatched by providers who are trying to be “all things to all people.”
Prevalent’s primary focus on solving VRM challenges delivers the specialized visibility, efficiency and scale that the other providers can’t match.
A focus on vendor risks. Depth of understanding of your challenges. And experience. For you, that means we have an unrelenting focus on solving tomorrow’s challenges today.
We believe this report identifies the real differentiators for Prevalent in the VRM market – differentiators that are meaningful for you, including:
- Flexibility and adaptability: We offer the largest number (50+) of standardized questionnaires combined with the ability to customize surveys, so that you can quickly adapt to constantly changing assessment requirements.
- A choice of products, networks and managed services: We equip you with a) a platform that automates your own vendor assessments; b) the largest network of completed, standardized vendor surveys and evidence for addressing vendor risk as a community; and c) the ability to outsource your vendor risk management activities to our team of experts.
- Complete, inside-out/outside-in risk visibility: Our VRM platform integrates cyber and business monitoring with assessments to provide a complete view of vendor risks. No other vendor named in the Magic Quadrant has its own fully integrated continuous monitoring solution to complement vendor assessments.
Customers choose Prevalent because they get fast time-to-value, backed by deep VRM capabilities that only a VRM specialist can deliver. Request a personalized demo, and we’ll prove it to you!
Gartner Magic Quadrant for IT Vendor Risk Management Tools, Christopher Ambrose, Joanne Spencer, 25 November 2019. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.