LexisNexis® Legal & Professional, a leading global provider of content and technology solutions, today announced the launch of LexisNexis® SmartWatch, a game-changing, risk-monitoring tool for supply management professionals.
Drawing upon the vast LexisNexis collection of global news content and proprietary risk event tagging, LexisNexis SmartWatch algorithms score and surface concerns about an organization’s suppliers and supply management partners, based upon each enterprise’s particular risk profile. LexisNexis SmartWatch—for which a patent is pending—then utilizes unique information visualization techniques, which enable supply management and procurement professionals to efficiently monitor thousands of suppliers for disruptive events that might affect their supply chain.
Hundreds of risk events are pre-defined, scored and categorized into the six “PESTLE” categories used by supply management professionals to understand and manage supplier-specific and macro challenges associated with global sourcing: Political, Economic, Societal, Technical, Legal and Environmental. The product assesses not only the supplier company, but also its location and its industry, against the risk categories, providing the most comprehensive and actionable insights. Examples of unpredictable events include bankruptcies and early warnings of financial difficulties, such as layoffs, re-statements of earnings, executive moves and more. Other such events include strikes, natural disasters, commodity shortages, product recalls, new regulations, cyber theft, counterfeit goods and other situations.
The LexisNexis SmartWatch user simply clicks on a color-coded cell to view the news events that have generated the risk score for quick, actionable insight. Only risky events are surfaced, ensuring highly relevant results to help companies and organizations discover and prepare for various types of business disruptions across thousands of suppliers.
LexisNexis SmartWatch results are gathered from more than 26,000 authoritative, global news sources, including local, regional and international news publications, industry and trade journals, legal and regulatory analyses, business and financial editorial, and more.
"As supply chains become increasingly global and more complex, companies are looking for ways to proactively assess many types of risks to this crucial pipeline,” said Tom Ogburn, LexisNexis Legal & Professional vice president and managing director for Business Insight Solutions. “LexisNexis SmartWatch is unlike any other product on the market today; it helps procurement and supply management professionals proactively monitor and identify risk beyond just a financial stress score. The comprehensive and timely intelligence provided by LexisNexis SmartWatch enables companies to protect their bottom lines and their reputations.”
LexisNexis SmartWatch gives users the ability to proactively uncover hidden dangers, prioritize sensitive situations, track trends over time, avoid costly business interruptions and quickly develop liability mitigation strategies to resolve issues with suppliers, vendors and customers.
LexisNexis SmartWatch was developed in close cooperation with the award-winning procurement organization of Reed Elsevier, parent company of LexisNexis, along with supply chain management professionals from other companies, representing many industry sectors. Prototypes were tested and feedback was provided throughout the development process.
“LexisNexis SmartWatch is intuitive, easy-to-use and insightful, and we are excited to have played a role in its development,” says Lisa Bowling, Chief Procurement Officer for Reed Elsevier. “It will provide us with more comprehensive and proactive awareness of potential risks in our supply base. With LexisNexis SmartWatch we will be able to more effectively monitor critical suppliers, while expanding our ability to track a broader base of strategic and preferred suppliers that cannot be efficiently monitored today.”
More information about LexisNexis SmartWatch is available at lexisnexis.com/smart-watch.
About LexisNexis Legal & Professional
LexisNexis® Legal & Professional (lexisnexis.com) is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organizations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. Today, LexisNexis Legal & Professional harnesses leading-edge technology and world-class content, to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organizations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. Part of Reed Elsevier, LexisNexis Legal & Professional serves customers in more than 100 countries with 10,000 employees worldwide.