LexisNexis Launches Game-Changing Risk-Monitoring Tool for Supply Management
LexisNexis SmartWatch provides better intelligence to proactively manage
supply chain risk
NEW YORK -- December 04, 2012
LexisNexis^® Legal & Professional (www.lexisnexis.com), a leading global
provider of content and technology solutions, today announced the launch of
LexisNexis® SmartWatch, a game-changing, risk-monitoring tool for supply
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
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
About LexisNexis Legal & Professional
LexisNexis® Legal & Professional 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.
LexisNexis Legal & Professional
Peter Costiglio, 212-448-2730
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