Veridion

In time for the holidays, we’ve prepared a gift for procurement people. 🎉 🥳🎉 🥳 🎉 🥳 Scout is officially live on scout.veridion.com !! 🎉 🥳 🎉 🥳 🎉 🥳 Give your procurement people the gift of easy supplier discovery at a huge scale 📈 Scout lets you search through Veridion’s database of over 130M suppliers using nothing but words. We know many companies have broken promises to procurement people since the dawn of AI, but we take a data-first approach to everything we do. ”Find me suppliers of child-safe, non-toxic, washable paint for residential use, based in Western Europe, but not in France. These suppliers must use plant-based pigments instead of synthetic dyes, guarantee same-week delivery, and adhere to EU standards for indoor air quality. The paint should also come in eco-friendly packaging and the company must have a policy on reducing VOC emissions during production. ” This is the sort of queries we test Scout with. And you get your results within seconds, not days. Don’t believe us? We’re giving a few hundred early access slots for the holidays. Come see for yourself! Tag someone who needs this 👀 https://lnkd.in/dz8SNCwk

Supplier selection scorecards are a must-have for choosing the right partners, reducing risks, and keeping procurement costs in check. Here’s a quick rundown of their key benefits and best practices: ▶️ Clarity in evaluation: Scorecards allow you to compare suppliers objectively using KPIs like pricing, quality, and lead time. This prevents bias and ensures decisions are based on solid data, not gut feelings. ⏩ Risk management: Scorecards help identify red flags, from financial instability to compliance risks. By centralizing these insights, you’re better equipped to avoid suppliers that might endanger your operations. ▶️ Cross-departmental input: Involve stakeholders from departments like finance and CSR to ensure scorecards align with broader company goals. This collaboration leads to a comprehensive view of supplier impact. ⏩ Accurate supplier data: Scorecards are only as good as the data they’re built on. Services like Veridion keep your data up-to-date, ensuring you’re assessing suppliers based on their current capabilities, not outdated information. ▶️ Cost savings: By focusing on suppliers who offer the best value across various metrics, scorecards can help you negotiate better terms and drive long-term savings in procurement. Explore the full guide on our blog. 👇

Supplier sourcing mistakes can turn smooth operations into costly disasters. Here’s a quick guide to common pitfalls to avoid if you want a resilient and efficient supply chain: 🟠 Skipping needs assessment: Jumping into supplier selection without defining specific needs can lead to costly misalignment. Take time upfront to clarify your requirements and involve stakeholders to avoid production delays. 🟡 Ignoring business goals: Choosing suppliers that don’t align with your values, like ethical sourcing, can damage your reputation. Dior learned this the hard way after facing backlash for poor labor practices at some suppliers. 🟢 Prioritizing cost over șquality: Opting for the cheapest supplier can be disastrous, as Mattel found out with a costly recall. Quality issues can lead to recalls, reputational damage, and even production halts. 🔵 Over-reliance on few suppliers: Relying on only a few suppliers can lead to chaos if one fails. Diversify your supplier base to prevent disruption, using AI-powered tools like Veridion to find alternatives quickly. 🟣 Transactional relationships: Treating suppliers as just another transaction can lead to missed opportunities. Building collaborative relationships can secure faster service, cost savings, and stronger partnerships. Read about all of them on our blog. ⬇️

AI is redefining supplier selection, making procurement faster, smarter, and more efficient: 1️⃣ Speedy supplier discovery: AI reduces the typical supplier search from months to mere hours by scanning and updating global supplier data in real time, perfect for faster, data-driven decisions. 2️⃣ Risk prediction: AI spots potential supplier risks early by analyzing real-time patterns, from financial instability to ethical concerns, giving companies time to adapt. 3️⃣ Automated communication: AI chatbots can handle thousands of supplier negotiations simultaneously, making it easy to manage tail-end spend and secure better deals. 4️⃣ Precision demand planning: AI refines demand forecasts, balancing supply needs and minimizing costly stock issues, helping companies from IKEA to Johnson & Johnson stay agile. 5️⃣ Efficient contract analysis: AI-powered tools cut contract review time by up to 60%, highlighting key terms and risks, so teams can focus on strategic negotiation and avoid hidden pitfalls. Get into more detail on our blog. ⬇️

AI is taking procurement by storm, but how much of the buzz is real? With the potential to supercharge supplier discovery, streamline processes, and cut down on repetitive tasks, AI can truly be a game-changer if applied right. Here’s a quick look at how AI is reshaping procurement and why it’s worth your attention: 🔸 Massive time-saver: AI can speed up supplier discovery by over 90%, turning weeks of manual work into hours. Imagine finding top suppliers with just a few clicks. 🔹 Data-driven precision: By processing large data sets, AI helps teams predict demand, identify risks, and make strategic sourcing decisions, all with precision that humans alone can’t match. 🔸 Automation superpowers: From generating RFx templates to managing POs, AI automates routine tasks, giving teams more time for high-impact work. Walmart, for example, uses AI to handle thousands of supplier negotiations simultaneously. 🔹 Challenges to adoption: Not all teams are sold on AI yet. Common hurdles include data quality issues and a reluctance to adapt to new tech. But the benefits are clear, procurement teams just need a thoughtful approach to unlock AI’s full potential. Dive deeper into this on our blog. ⬇️

🔸 In insurance, assessing a business's risk is complex. You’re not just tossing out a premium and hoping for the best, you need details. This is where Veridion’s company size data steps in, bringing insights on revenue, employee count, and market cap that reveal a company’s operational scale, financial health, and risk exposure. Yes, size matters, and here’s why. 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝗰𝗮𝗹𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗽𝗹𝗲𝘅𝗶𝘁𝘆 -> Larger Enterprises: Big companies are labyrinths. They have multiple departments, supply chains, and a world of potential pitfalls, from regulatory headaches to supply chain disruptions. Size data helps insurers gauge how deep those labyrinths go. -> SMEs: SMEs bring their own quirks. Think limited finances, reliance on key staff, and market vulnerability. Knowing these nuances is key to nailing down their risk profile accurately. 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗥𝗶𝘀𝗸 𝗘𝘅𝗽𝗼𝘀𝘂𝗿𝗲 -> Revenue and Profitability: A company’s financial health (aka its ability to stay alive in tough times) speaks volumes about its risk level. Bigger companies with stable revenue streams can often handle a crisis better, influencing the coverage they need. -> Capitalization and Reserves: Size often equals stability. Companies with ample reserves can withstand downturns, meaning they’re a safer bet. Veridion’s data lets insurers understand this before diving in. ✨ Veridion’s company size data empowers insurers to tailor coverage with precision. For large corporations, it supports complex liability needs, while for smaller firms, it focuses on relevant options like interruption insurance. Scalable policies adapt as companies grow, and risk-based pricing ensures premiums align with actual exposure. Size data also streamlines underwriting, meeting regulatory requirements, informing effective risk management, and addressing vulnerabilities, especially in smaller businesses. By integrating size data, insurers gain a clear view of each client’s unique risk profile, setting a new standard in responsive, future-focused underwriting. Let's talk and upgrade your data. #VeridionData #InsuranceData #Veridion

Supplier sourcing can be a maze, but finding the right providers can make all the difference. Here’s a quick guide to eight top sourcing options, each offering unique tools, coverage, and expertise. 👇 We recommend Veridion. And so do our very happy customers and partners.

Supplier sourcing is a strategic game with big stakes. 💪 Companies are looking for partners who do more than fill an order; they want innovation, stability, and transparency. Here’s a rundown of the latest trends and stats shaping this landscape: 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗶𝘀 𝗳𝗿𝗼𝗻𝘁 𝗮𝗻𝗱 𝗰𝗲𝗻𝘁𝗲𝗿: For 35% of procurement teams, sourcing tops the priority list, emphasizing the impact of picking the right suppliers on everything from product quality to innovation. 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗰𝗼𝗺𝗽𝗹𝗲𝘅𝗶𝘁𝘆 𝗱𝗿𝗮𝗴𝘀 𝗼𝗻 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆: A surprising 17% of procurement teams struggle with complex sourcing processes, often bogged down by outdated methods. With AI tools like Veridion, they could streamline supplier discovery and focus on higher-value tasks. 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 𝗰𝗿𝗮𝘃𝗲 𝘁𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆: While 58% of suppliers feel buyers focus too much on cost, 53% would happily provide more detailed insights if buyers fostered better partnerships. Collaboration could unlock major benefits on both sides. 𝗘𝘁𝗵𝗶𝗰𝗮𝗹 𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗶𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗿𝗶𝘀𝗲: 77% of organizations have implemented ethical sourcing policies, reflecting a growing demand for suppliers who align with environmental and social values. Read all about it on our blog. 👇

🎉 According to the Romanian Startup Awards, we’re not just the Most Scalable Startup, we’re also officially the Best Startup in Romania! That’s right, folks. Veridion didn’t just show up, we walked away with two of the biggest honors of the night. Why? Because when you’re processing 2.6 billion web pages monthly, crunching 10 petabytes of data, and tripling your revenue in a year, people start to notice. 💼 If you’re someone who loves working on cutting-edge AI-driven solutions and wants to be part of the best (and most scalable) team in the country, join us: https://lnkd.in/d8gNf2z6 To everyone who’s been part of our journey so far, our incredible team, partners, and supporters, thank you for believing in Veridion. We couldn’t have done it without you. And to the rest of Romania’s startup ecosystem: we’ll see you at the top! 🚀 #BestStartup #MostScalable #Veridion #RomanianStartupAwards #VeridionData

🌪️ Is Your Supply Chain Prepared for the Next Hurricane? Our analysis of Hurricane Milton reveals the top 50 business activities and the 3 industries most impacted, exposing vulnerabilities in supply chains reliant on single-source suppliers. 💡 Ready to strengthen your supply chain? Explore our Supply Chain Disruptions in Times of Natural Disasters Case Study to uncover key insights and see how Veridion’s data empowers procurement teams to identify alternative suppliers, minimize risks, and build a resilient, diversified supplier network: https://lnkd.in/d7-tme5v Don’t wait for the next disruption, use Veridion’s data to plan ahead!