In today’s data-driven world, insights are crucial in decision-making processes. Organisations increasingly rely on solutions that can extract valuable insights from vast data sets to identify patterns, risks, and opportunities. However, with the multitude of platforms and tools available, it is essential to carefully evaluate the initial value and ongoing benefits before investing in an insight solution. Here are 10 things to consider when selecting a supplier or third-party risk insight solution to ensure it aligns with your requirements and desired business outcomes.
- 1. Unveiling the Data Delights: Delve into the data archetypes the solution holds and determine their value to your business. Find a solution that aligns with your specific data needs and delivers valuable insight for your team.
- 2. Golden Source or Copycat? Don’t settle for redundancy! Seek a solution that can act as a master data repository or golden source, eliminating duplicate efforts and seamlessly integrating with your application landscape and data architecture.
- 3. Compatibility is Key: A perfect match is essential. Ensure the solution integrates well with your application landscape and data architecture. The right fit will enrich your current systems and empower your team to excel.
- 4. Fuelling Insights with Customisation: Break free from limitations! Ensure your solution can accommodate custom data or if it can be enriched with supplemental data from existing or future systems. Flexibility is essential for comprehensive insights.
- 5. Future-Proof Insights: Stay ahead of the curve! Consider a solution that lets you set up future data rules and monitor emerging conditions. The ability to be able to build new insight models upon existing ones ensures your business stays ahead and is ready to adapt as the industry evolves.
- 6. Supplier Categorisation and Segmentation: One size doesn’t fit all. Ensure your solution enables supplier categorisation and segmentation based on inherent risk, spending, and business areas. Targeted risk management and prioritisation are key.
- 7. Decision-Making Dashboards: Seek out-of-the-box executive dashboards with the ability to customise them without the need for code changes or breaking the bank. Accessible and tailored dashboards that facilitate effective decision-making at all levels.
- 8. The Power of Community: Why settle for the ordinary when you can tap into the extraordinary? Choose a solution provider with a thriving community that continuously enriches the solution for the benefit of all customers. Together, you’ll reach new heights of insights with cutting-edge features.
- 9. From Setup to Insight, in an instant: Time is of the essence! Select a solution that boasts quick setup and fast insight generation. No more waiting around for hours—get the value you need right when you need it.
- 10. Harmonising with Your Team: Assess whether the solution complements your existing team and processes. Determine if it adds to the workload or if it streamlines and automates existing processes, leading to overall efficiency improvements.
Choosing the right supplier or third-party risk insight solution requires a comprehensive evaluation of various factors. By evaluating the ten key considerations mentioned above, organisations can ensure that the selected solution aligns with their specific needs and supports their desired business outcomes. Additionally, employing frameworks like Gartner’s insight to action gap diagram can provide a standardised approach to measure the effectiveness and scalability of the solution. Ultimately, a well-chosen insight solution can empower organisations to make informed decisions, mitigate risks, and seize opportunities in an increasingly complex business landscape.
You now know how to select your solution but how do you actively manage data insight and ensure it is having an impact, not just becoming an overwhelming task for your team? Read our Whitepaper to discover how to not only manage the data flowing through your organisation but actively manage it across your supply chain.