Gartner just released the 2023 Market Guide for Supplier Risk Management Solutions, and we’d like to share a complimentary copy with you. This in-depth report identifies supplier risk management (SRM) market challenges, trends, and risk types to address; makes SRM market recommendations for procurement technology leaders; and examines 25 SRM providers and how they are differentiated. Prevalent is pleased to be listed among a select group of SRM vendors delivering capabilities to address multiple risk types.
Get your complimentary copy of the Gartner report on the SRM market to apply their insights to improve your supplier risk management program.
According to the Market Guide: “Historically, risk management solutions have been either historical in nature or built to monitor events in real time. Embedded AI/ML gives solution providers the ability to offer customers more-refined financial risk scores, better impact modeling and the beginnings of predictive analysis. According to the 2022 Gartner Supply Chain Technology User Wants and Needs Survey, when asked what were the top three motivating factors to invest in supply chain technology, 24% of respondents said improving supply chain resiliency/agility. Supplier risk management solutions are a strong use case for AI, with many solution providers looking to innovate with the technology. Generative AI can enhance capability to analyze potential risks and develop contingency plans.”
We believe this means that Prevalent is leading the SRM solution provider market with our recent release of Alfred, the world’s first virtual risk advisor. Alfred is a conversational AI trained on billions of events and 20 years of Prevalent’s supplier risk management experience. Alfred leverages a curated large language model (LLM) to deliver expert supplier risk management insights in the context of industry guidelines so that organizations can be more proactive in their risk remediation and mitigation efforts.
Prevalent believes that its coverage of multiple supplier risk types, market-leading AI capabilities, and inclusion in multiple Gartner Market Guide reports mean that the Prevalent Platform is the most comprehensive and innovative third-party risk management solution available on the market.
Gartner, Market Guide for Supplier Risk Management Solutions, Cian Curtin, Cheryl Van Dyke, Micky Keck, 4 December 2023.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in our 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.