When navigating your third-party risk management (TPRM) selection journey, taking a holistic view is important. There are lots of cracks that risks can hide in, and the complex nature of supply chains adds to the wide range of risks a company needs to be able to manage effectively. Expert analyst reports are designed to provide unbiased perspectives into your vendor options, and there are several recommended reports and guides to help you in choosing TPRM software. In fact, research shows that 83% of buyers stated that analyst consultations and peer reviews were one of the top influencers in their tech purchasing decision.
These resources provide insights into the market trends analysts are observing, how to sort through vendors in a crowded market, and key capabilities to consider. Other benefits to including analyst reports and customer feedback into any TPRM or IT vendor risk management (VRM) selection process include:
When navigating the TPRM and IT VRM solution landscape, there are several new reports that can prove useful for analyzing and exploring vendors:
This guide is designed to help chief compliance officers weed through the long list of solutions to meet legal, compliance and business goals for TPRM. It answers questions such as: what type of provider is suitable for my organization? What key capabilities are providers in the market delivering this year? This guide will help customers shortlist vendors by understanding the various risk terrains they support and the detailed capabilities, deployments and regional coverage of each solution.
According to Gartner[1], by 2023, organizational spending on TPRM technologies to support due diligence and monitoring will increase by 50%. Despite this, the market remains very fragmented which leaves companies with many options, sometimes making it challenging to select the best-fit solution. Corporate Compliance Officers can face these challenges by evaluating cross-functional TPRM ownership, identify foundational support systems for TPRM that address the most critical risk domains, and work to avoid and eliminate siloed solutions.
The Forrester Now Tech: TPRM report is designed to help clients understand the value of TPRM and select a vendor best suited to them based on size and functionality. In this report, Forrester explored functionality at a deeper level and carved up the TPRM market into the following segments:
The report lists 22 vendors which is a good start for shortlisting TPRM solutions aligned to your organization’s needs.
In addition to analyst reports, reviews from your peers help augment the information you gather about a vendor and its products. Reading through these reviews will give you an idea about their experience during and after deployment and the ongoing service and support they receive from the vendor.
One of the more popular reviews sites among enterprise TPRM buyers is Gartner Peer Insights which provides unbiased and verified reviews to ensure you are reading authentic insights from your peers.
Gartner Peer Insights also published a report called Voice of the Customer which analyzes aggregated reviews for each vendor in the last 18 months. In the report, vendors are categorized into four quadrants based on User Interest and Adoption, as well as Overall Rating. Vendors that exceed both market average for both axes are given a Customer’s Choice distinction.
Aravo is proud to have been recognized as a Customers’ Choice for North America in the 2022 Gartner Peer Insights™ ‘Voice of the Customer’ for IT VRM Tools.[3] As of March 8, 2022, Aravo has an overall rating of 4.6 out of 5 stars and 96% willingness to recommend based on 26 reviews.
Aravo recommends that it is best to go to IT VRM market of Gartner Peer Insights to read the latest reviews and up-to-date ratings of vendors.
As seen in the guides highlighted here, there are a lot of analyst resources out there, covering many different categories, types of software, and maturity levels. It can be overwhelming if you don’t know what to be looking for. When reading through analyst reports (and sometimes before reading through them), it’s important to consider points such as:
In addition to the new analyst reports explored in this blog post, there are additional resources that are helpful when analyzing IT VRM and TPRM software solutions.
Explore this report to learn how to sort through vendors in a crowded IT VRM market, key areas to consider, and strengths and cautions keep in mind before purchasing a software solution.
This report provides expert analyst assessments of the third-party risk management space, including tools for assessing TPRM technology requirements, leading practices, and benefits of pre-built, enhanced due-diligence applications.
This report analyzes how SRPM platforms replace ineffective custom applications, which solutions productize domain-specific content and functionality, and which solutions use natural language processing and machine learning to perform SPRM tasks.
[1]Gartner, Market Guide for Third-Party Risk Management Solutions for Compliance, Dec. 2021
[2] Forrester Research, Now Tech: Third-Party Risk Management Platforms, Q1 2022
[3] Gartner Peer Insights, Voice of the Customer: IT Vendor Risk Management Tools, March 2022
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