Today, LevaData, the leader in Cognitive Sourcing™, and RapidRatings, the leading provider of financial health assessments, announced a partnership to bring advanced financial risk management scenarios to LevaData’s Cognitive Supply Management platform.
“By adding data and insights from RapidRatings to LevaData Cognitive Sourcing™ platform, we are able to inform our customers about the financial health ratings of their suppliers and their ability to weather storms of any kind,” said Rajesh Kalidindi, CEO of LevaData. “Through this partnership, we are able to provide a financial risk perspective in conjunction with other risks in our Supply Risk Navigator product to help customers proactively optimize continuity of supply and savings, and make better procurement decisions faster. We are seeing increasing financial risk in the current recessionary, COVID 19 and geopolitical environment and the ability for companies to have continuous response capability to manage these risks can build competitive advantage.”
By integrating RapidRatings’ data and analytics – sourcing, procurement, and finance teams can evaluate their suppliers via objective financial risk indicators derived from the RapidRatings model, taking into account 70+ financial ratios for stronger collaboration and more resilient business relationships.
LevaData customers can now receive the best and most current financial health information available to further evaluate and qualify the optimal supplier fit for an organization’s procurement needs and risk tolerances, while achieving best-in-class direct materials-sourcing practices to drive competitive advantage and incremental savings opportunities.
“By leveraging financial health ratings analyses, LevaData Cognitive Sourcing™ platform users have access to contextualized insights, making it easier to automate workflows and run increasingly complex risk management scenarios,” said James Gellert, Chairman & CEO at RapidRatings. “We’re proud to partner with the LevaData team in bringing modern solutions that help supply chain business partners thrive.”