SupplierIQ Launches!

Evenly has launched SupplierIQ in partnership with Equifax Australia to help businesses of all sizes get in front of supplier risks.

Evenly's mission is to help businesses become more resilient through tools they love to use. SupplierIQ adds to this set of tools.

To date we've focused on the customer side of your business through apps like PayPredict. For SupplierIQ we turned our attention to the other side - suppliers. As the businesses you rely on to deliver good and services to keep your business moving, suppliers are a key part of your ongoing success, which is why supplier issues can have such a large impact on you.

Why focus on supplier risk now?

During the COVID grant / support environment, business failures in Australia dropped to an all time low as many businesses that should have failed were propped up by government handouts.

In many cases that support kicked the can down the road for struggling businesses and we're now starting to see a rapid acceleration in business failure numbers as those business that should have failed, but didn't, start to fail and join the normal number of failing businesses we'd expect to see every year.

This ABC News article talks to the fact that business failures are currently at a 15-year high. While they address the current economic conditions they miss a key piece of ABS business entry and exit data around business exits. Business exits were actually smaller in FY21, which included the peak period of COVID and the decimation of economies across the world, compared to the previous financial years. Add to that the previously mentioned economic issues driving inflation up and reducing spending and it becomes clear that we're on the precipice of a surge in business failures, some of which will likely affect you and your business.

Where those business failures are on the customer side, tools like PayPredict are available to get in front of the problem, including suggested actions for where customer risks are increasing. Now with SupplierIQ you can do the same with suppliers you rely on.

You can see more about SupplierIQ on the Evenly website or you can read more about it on Equifax's business portal.

Either way, the good news is that we now have you covered for any customer or supplier risks.