HICX, an upstart supplier management platform, has been recognised as a strong performer by independent research firm Forrester in its latest evaluation report of supplier risk and performance management platforms.
The report, The Forrester Wave™: Supplier Risk and Performance Management Platforms, Q3 2020, assesses vendors against a number of criteria including supplier information, risk assessment and supplier performance. The report states that CPOs need “to protect their firm’s customers and brand by ensuring that all their suppliers are safe, secure, reliable, and ethical.”
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HICX, the low code platform for supplier management, was noted for excelling for complex organizations with mature SRPM processes.
Forrester’s report states that SRPM platforms are quickly replacing ineffective custom applications built on generic workflow tools. Report author Duncan Jones, Vice President and Principal Analyst, Forrester, writes: “key to success is productized domain-specific content and functionality that customers can use out of the box.”
HICX believes it meets these requirements. According to the evaluation, HICX “calls itself ‘the low code platform for supplier management’ because of its combination of extreme flexibility with deep domain knowledge.” The report also notes that the HICX offering “includes more third-party risk information sources than any other SRPM vendor.”
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The firm, which saw 300% revenue growth in 2019, works closely with multinational enterprises that already have mature processes but want a single source of truth for supplier data. The report states that “HICX is a good fit for multinational enterprises with complex SRPM needs that want a flexible, scalable platform for their existing mature processes.”
“We’re delighted that leading analyst firm Forrester has recognized us as a strong performer,” says Costas Xyloyiannis, CEO of HICX.
“Our work with several multi-billion-dollar revenue organisations has highlighted the absence of a solution with the necessary flexibility to manage risk and performance management across the enterprise – and with more than just a handful of strategic suppliers. That’s why we are such a good fit for multinational companies. To be recognised in this way by an independent research firm further reinforces for us how we are uniquely positioned to address this gap.”
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