Credentialing system providers offer risk management and compliance services to both parties in a transaction. Often credentialers are focused on helping buyers assure their suppliers and partners meet the requirements for doing business with them. These requirements can be of many types:
- Financial attributes (e.g., profitability or capital structure)
- Physical attributes (e.g., location security, working conditions,etc.)
- IT Security
- Regulatory (e.g., OSHA)
- Quality (e.g., ISO)
- Social responsibility (e.g., Green)
In my work with credentialing system providers, we often tackle several strategic issues:
Adding Value to the Data
Credentialers must decide whether to simply collect information, verify and/or enrich it, or even develop their own templates or standards.
Types of Data to Credential
Large organizations collect all sorts of data on their suppliers and partners. It can be tempting to try to help them collect all of it in one place. It can also be a mistake.
To Matchmake or Not to Matchmake
All matchmakers (or marketplaces) do some credentialing, but not all credentialers do matchmaking. Once a great database is built, a marketplace is a natural thought.
About Credentialing Systems
Risk reduction and compliance for company, facility, product, lot and individual segments.
Here are some examples: