Guide to Navigating IT VRM and TPRM Analyst Reports
March 16th, 2022 •
Hannah Tichansky • Reading Time: 4minutes
Why Analyst Reports and Peer Reviews are Important
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:
Analysts provide strategic insights into trending topics, new types of software, and risks on the horizon
Analyst resources help you wade through the software competitor landscape
Many analyst reports evaluate the vendor’s strategy and deep dives into the specifics of each solution, and can help to validate which solution is a better fit for your needs
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, 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:
Dedicated technologies that provide robust capabilities throughout the TPRM lifecycle
Governance, risk, and compliance platforms that offer support for a wide range of risk and compliance use cases in addition to TPRM
Exchange sponsors that streamline TPRM but lack customization
Vertical-focused vendors that offer breadth and depth for a single industry
The report lists 22 vendors which is a good start for shortlisting TPRM solutions aligned to your organization’s needs.
Peer Reviews Sites
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. 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.
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:
Who published the analyst report? Is it a trusted, well-accepted source?
When was the analyst report published? Is it recent, or perhaps out of date?
What is the scope of the analyst report? Is the software they’re examining the same type of software I need for my organization?
Would the vendor fit the maturity level of my program?
What criteria is the analyst using to assess the software? Are they applying the same consideration that is relevant to my organization’s requirements?
Other Analyst Reports for Navigating Software Selection Options
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.
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.
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