TechValidate Research on Prevalent


Prevalent Case Study

Small Business Professional Services Company

Introduction

This case study of a small business professional services company is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

Their primary vendor risk assessment pain points were:

  • Too much time spent scouring through disconnected sources of information to make good risk-based vendor selection decisions
  • Too much time spent manually onboarding new vendors

Estimated time spent on vendor sourcing and selection:

  • Before Prevalent: 1 week+
  • Since Prevalent: 2-4 hours

Estimated time spent on vendor intake and onboarding:

  • Before Prevalent: 1 week+
  • Since Prevalent: 1 day+

Use Case

Currently assessing their vendors for the following:

  • Cybersecurity
  • Data Privacy
  • Financial & Credit

Results

Prevalent’s level of importance on the following vendor lifecycle stages:

  • Critical for sourcing and selection of vendors
  • Essential for intake and vendor onboarding
  • Important for scoring inherent risks
  • Important for assessing vendors and remediating risks
  • Critical for continuously monitoring for vendor cybersecurity, reputational and financial risks

Agrees with Prevalent’s abilities and results:

  • Prevalent allows us to do our job more effectively
  • Prevalent’s vendor risk assessment process is invaluable to our group
  • Prevalent reduced the time and complexity required to perform vendor risk assessments
  • They have realized major cost savings with Prevalent’s vendor risk management process
  • Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks
  • Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need
  • Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks




About This Data

This data was sourced directly from verified users of Prevalent by TechValidate.

TechValidate verifies the identity and organizational affiliation of all participants that contribute to published research data. When research participants so desire, we also guarantee their anonymity so that they may share information honestly and freely.


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