See how itariffs and Similar Suppliers can help you stay ahead of tariff changes and provide actionable insights and next steps to mitigate risk. With unprecedented supply chain volatility, identifying and engaging with alternative suppliers is no longer just tactical, it’s a necessity to keep your organization running at maximum efficiency.
However, finding alternative suppliers is no easy task, given the fragility of global supply chain networks due to geopolitical shifts, market fluctuations and unforeseen disruptions. Discovering new suppliers is often a manual, time-consuming task that also carries significant risk, lacking a clear understanding of their operational health, financial stability and ethical practices. The next competitive edge lies in anticipating the threat and already having your best alternatives lined up.
This is where the leap from visibility to actionability happens.
With our new Similar Suppliers feature, you’re able to mitigate the risk by gaining immediate access to tailored alternative suppliers to proactively build a more resilient supply chain.
Similar Suppliers is the latest addition to the itariffs’ product line that instantly finds alternative suppliers when trade disruptions threaten business operations.
Watch Similar Suppliers in-action below:
See how itariffs and Similar Suppliers can help you stay ahead of tariff changes and provide actionable insights and next steps to mitigate risk.
An Intelligent Approach to Sourcing Alternatives
Similar Suppliers is a powerful, AI-driven feature that provides immediate access to a carefully curated list of high-quality alternatives. The feature utilizes i-Score®, risk factors and overlapping product categories to generate a list of up to 20 recommended suppliers that are most alike.
How are similar suppliers identified?
Similar Suppliers are identified using the following criteria:
- Product categories sold
- Primary industry category
- Overlapping NAICS and SIC industry codes
- Company size
What attributes are used to rank Similar Suppliers?
- Highest product similarity: Companies that have the highest percentage of product overlap will be ranked higher.
- Highest industry similarity: Companies that are similar in industry will also be ranked higher.
- Highest i-Score®: Companies that have a higher i-Score® (and therefore lower risk posture) will be ranked higher.
This evolution from visibility to actionability marks the beginning of a predictive approach to procurement. Instead of reacting after the fact, teams can now anticipate disruptions, line up qualified alternatives and execute with confidence.
How Similar Suppliers Delivers a Strategic Advantage
With Similar Suppliers, procurement teams are equipped to transform supplier management from a reactive exercise into a strategic advantage:
- Proactive risk mitigation: Easily identify viable alternative suppliers before a catastrophic event like a hurricane or a geopolitical conflict leading to impending tariff hikes occurs, empowering you to transform potential disruptions or unruly costs into a manageable, resilient supply chain.
- Accelerated sourcing and onboarding: Drastically reduce the time and resources traditionally required for discovering alternative suppliers, allowing your organization to be more responsive to market demands.
- Expanded sourcing: Maintain ESG commitments and limit concentration risks even in the face of uncertainty by finding alternative suppliers that meet your ethical expectations and diversification needs.
From Sourcing Guesswork to Data-Driven Confidence
This isn’t just visibility and monitoring, it’s actionability. By integrating Similar Suppliers into your sourcing strategy, you’re building a ready-to-go playbook for keeping operations running at maximum efficiency, no matter what.
Similar Suppliers is the first big step in our journey to truly predictive risk intelligence for supply chains, driving actionability on top of our award-winning risk mapping and monitoring solutions.
Ready to gain the strategic clarity you need to navigate uncertainty? Book a demo to see how our Similar Suppliers feature can transform your procurement strategy.