In July 2019, SupplHi – the Vendor Management platform for industrial equipment and services – has been awarded a Seal of Excellence by the European Commission (EC) as the institution managing Horizon 2020, the EU Framework Program for Research and Innovation 2014-2020.
The Seal of Excellence was awarded for a project proposal submitted by SupplHi in the context of the SME Instrument phase 2 call H2020-EIC-SMEInst-2018-2020 (H2020-SMEInst-2018-2020-2) of 5 June 2019 in the area of EIC-SMEInst-2018-2020. Through this subsidy instrument, the EC supports highly innovative European SMEs with breakthrough potential that are able to create new markets or revolutionize existing ones.
The Seal of Excellence is the high-quality label awarded to projects submitted to Horizon 2020 which were deemed to deserve funding but did not receive it due to budget limits. It recognises the value of the proposal and supports the search for alternative funding. More information about Seal of Excellence https://ec.europa.eu/research/soe/index.cfm.
SupplHi’s proposal outlined the concepts, development steps, and roll-out strategy for its innovative blockchain-based Vendor Performance Rating shared system for B2B industrial supplies.
Following evaluation by an international panel of independent experts, SupplHi’s proposal was scored as a high-quality project proposal in a highly competitive evaluation process. While not receiving funding as a consequence of limited Horizon 2020 resources, the EC emphasizes that SupplHi’s Proposal meets all stringent assessment thresholds for the three award criteria (Excellence, Impact, and Quality and efficiency of implementation) and is recommended for funding by other sources.
The SupplHi blockchain-based industry-shared Vendor Performance Rating system transforms the industrial B2B in a reputation economy where Buyers can provide immediate performance Ratings on a specific critical product or service and share it with a network.
In fact, industrial players typically procure up to 80% of their revenues and – due to the lack of shared data on product and service quality, delivery times, behaviour and HSE – the selection of Vendors is mainly price-driven. On the other hand, there is an overall lack of a customer satisfaction tool for industrial B2B Vendors.
SupplHi aims to become a ‘must-have’ reference standard for information on how B2B Vendors deliver industrial supplies and would act as a global databank where Buyers securely share Ratings on the performances of their Vendors.
In November 2018 SupplHi reached a cloud-based prototype for the first industry-shared Vendor Performance Rating system. This was made possible also through the creation of a workgroup composed of existing and new clients with a cumulated annual spending of €70 Billion internationally.