This Spend Matters PRO Vendor Analysis provides an overview of CreditRiskMonitor and its AI-powered financial risk analytics solution, SupplyChainMonitor. The vendor offers a customizable view of financial risk among suppliers alongside more general risk capabilities that have been added recently. Looking ahead, SupplyChainMonitor’s roadmap aims to build in more automated features and complement its financial risk strengths with more thorough supplier risk capacities.
CreditRiskMonitor was founded 22 years ago with a primary focus on commercial credit. In the last decade or so — and especially in recent years — procurement-centric customers understandably became interested in the vendor, due to both the growing increase in risk monitoring throughout the market and CreditRiskMonitor’s specialization in financial risk, which is less prevalent in the procurement tech space.
The provider realized that procurement was an addressable market, but existing solutions were not designed with procurement users in mind. After discussions with customers centered on optimizing procurement and supply chain risk, CreditRiskMonitor began developing a more procurement-centric user experience in 2019 and launched SupplyChainMonitor in May of 2022. This Vendor Analysis explores CreditRiskMonitor’s SupplyChainMonitor solution from a procurement/supply chain perspective.
Here’s why CreditRiskMonitor matters:
- To the market — CreditRiskMonitor specializes in financial risk analytics, which is less common but increasingly important for a risk-conscious procurement tech market.
- To customers — CreditRiskMonitor offers ongoing training, video tutorials, a client-specific account manager and more to complement a customizable solution that can be used flexibly across business needs.
- To potential buyers — CreditRiskMonitor offers a straight-forward pricing structure offering unlimited access to its data for up to 20 users for a fixed fee of $25,000. (An upgrade is necessary to access its data on 9 million private European companies.) However, the vendor also offers an early bird discount which lowers the price to $18,500. Additional users can be added on a case-by-case basis, but volume discounting is available for each additional tier of 20 users. CreditRiskMonitor also offers enterprise pricing for those looking for access for more than 60 users. Add-ons include API integrations, Euro Private Data Enhancement and Confidential Financial Statement tools.
This Spend Matters PRO Vendor Analysis gives an overview of the vendor’s capabilities, its competitors, provides tech selection tips and closes with key analyst takeaways.
