There are over 450,000 consulting companies worldwide, often without significant service differentiators aside from size and economies of scale. It is imperative for them to compete on efficiency and reputation.
Due to the nature of today’s economy, consulting and service providers depend more heavily on partnerships and suppliers to fulfill customer requirements. As a result, their brand image is increasingly exposed to reputational risk. A subcontractor’s inability to deliver, or a specific resource’s impropriety within the subcontractor, can lead to fines, legal proceedings, and loss of contract.
As the largest services companies expand into new markets, supplier and even supplier-employee credentialing takes higher prominence within the buying organization. Defining these needs, collecting the information, and monitoring the compliance can be a challenge even for the largest organizations. What’s more, outside regulatory and compliance pressures add to the existing burden.
As customers define contract and engagement terms, services organizations must mind the flow-down of clauses and performance expectations, per the master agreement. This complexity changes the dynamic of supplier relationships from a two-party to a multi-party agreement – and the weight of managing this falls hard on the buying organization.
Also, since government contracts account for over 10% of the average services company revenues, small business spend and federal reporting guidelines become important to protect existing revenue streams. Identifying small businesses, collecting self-certification affidavits, and reporting on that spend are time consuming and challenging. Small businesses are much more volatile to revenue changes and acquisitions.
HICX understands the pressures that the service providers face. Our products are designed to bring oversight and enable you to harmonize and integrate the collection and monitoring of key supplier information from the customer’s point of view, all the way down to the supplier-employee.
Whether managing risk and compliance, improving supplier management efficiencies, or giving buying organizations deeper insight into the total supplier relationship, HICX is confident that we can help your organization – and we welcome the opportunity to show you how.
Featured Case Study
A large global consulting firm, with 14,000 suppliers spread across the globe, struggled with redundancy of efforts, lack of onboarding compliance, and an inability to streamline supplier risk assessments. With HICX Solutions they were able to streamline the onboarding process globally, identify risk segmentation upon supplier enablement, and automate the risk process. By automating their processes, they improved their onboarding compliance, gained risk visibility, and recovered over $2,500,000 in soft-dollar savings annually.
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