Using Market IQ Financial in Workflows

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Estimated Read Time: 8 minutes

  Estimated Configuration Time: 15-20 Minutes

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Sections in this article:

• View Market IQ Data in Workflow
  • Kanban View
  • Form View
  • Email View
• Using Market IQ Data in Workflows
  • Connect New Vendors to Market IQ
  • Conditional Reviews/Approvals
  • Ongoing Risk Monitoring
• Configure Market IQ Workflows
  • Add Market IQ Data to the Workflow Form 📋
  • Connect Vendors to Market IQ Financial ⚙️
  • Conditional Market IQ Approvals ✅
  • Configure Triggers for Automated Vendor Risk Monitoring  🦾
  • Add Market IQ Scores to Notification Emails 📩
• FAQ
• Additional Reading

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View Market IQ Data in Workflows

Kanban View

When viewing your Kanban board, vendors linked to Market IQ Financial will display their Market IQ Grade on the workflow cards. You can hover over the grade to see the associated risk level.

Form View

If the Market IQ | Financial metadata group is added to your workflow form, vendors linked to Market IQ will have the fields automatically populated with financial metrics. Click on the workflow card to view the form data.

Email View

When editing email templates, you can add a dynamic tag to include the vendor’s Market IQ score in notification emails sent to users.

 

Using Market IQ in Workflows

Connect New Vendors to Market IQ

If you have a Vendor Onboarding workflow and also use Market IQ Financial to monitor vendors, you can link any new vendors directly within the workflow. This ensures the data is available during initial due diligence, and that all new vendors are automatically connected.

Within the workflow card, users can click Update Vendor With Market IQ | Financial and enter the relevant details to find the correct company.

Conditional Reviews/Approvals

Once the Market IQ Financial form section is added and populated, you can use this to automate reviews and approvals for high risk vendors. For example, the Credit Rating field can act as a condition for triggering conditional reviews:

Ongoing Risk Monitoring

Once you have set up Market IQ Financial and connected your vendors, live updates to the data can trigger review processes automatically.

 

Configure Market IQ Workflows

Add Market IQ Data to the Workflow Form 📋

1. Click on the start phase of the workflow to edit it. 
2. Navigate to Form, then click ADD SECTION.
3. Enter a section name (e.g MIQ Financial Data or Creditsafe Data), then select the following from the dropdown lists:
   1. Predefined: Vendor
   2. Custom Data Group: Market IQ | Financial
   
   
4. Click Save.

By default, the newly added form section will be read-only at every phase. Consider when the section will be populated with data - if it remains empty until a later phase in your workflow (where the action below is configured), set it to hidden to reduce clutter and prevent confusion. To manage visibility:

1. Click on the phase you wish to change the visibility on to edit it.
2. Navigate to Form, then for the Market IQ Financial section select the relevant radio button. 

Connect Vendors to Market IQ Financial ⚙️

1. Click on the phase where you wish to connect vendors to Creditsafe
2. Navigate to Actions, then select the Update Vendor with Market IQ | Financial checkbox.

Conditional Market IQ Approvals ✅

To set up a conditional approval phase:

1. Click Add to add a new phase and enter a title (e.g Financial Risk Review ☑️ )
2. Click Save & Next. 
3. Click Back to Workflow, then click the  Reorder icon.
4. Click and drag this phase to its correct position in the workflow, then click Update.
5. Click on the phase before the new approval phase to edit it, then from Transitions select the Conditional radio button.
6. Click Add and configure the new transition. For example, you could transition any cards with a Credit Rating of C, D, or E, to the Financial Risk Review phase.
7. 
8. Reorder any conditional transitions so the new one is at the top of the list (this ensures that Gatekeeper checks it first).
9. Configure the rest of the new approval phase as required (i.e. Form Access, Approval, Notifications, Transitions, SLA, etc.)

See 📖 Add Phases to a Workflow for more detailed guidance on phase configuration.

Configure Triggers for Automated Vendor Risk Monitoring  🦾

This section outlines how to configure the trigger for initiating a Market IQ monitoring workflow. This is not required for onboarding workflows. Once you have configured your Financial Risk Monitoring workflow:

1. From the navigation menu, click Workflows
2. Select the 3 dots on the relevant workflow then select Workflow Triggers.
3. Click ➕ ADD TRIGGER.
4. Enter a Trigger Name (e.g. Credit Rating Drop ) then click Create.
5. Click ➕ ADD to set up the following conditions:
   1. Market IQ | Financial / Credit Rating / Trending = Down
      This will be true if Gatekeeper detects a decrease in a vendor's grade.
   2. Market IQ | Financial / Credit Rating = one of D, E
      This will be true for a vendor if their grade matches any of the selected ratings. You can customise the ratings to suit your requirements.
6. Set your Trigger Status to Live when you want to start pulling vendors into the workflow for review.

 

Add Market IQ Scores to Notification Emails 📩

You can configure email notifications to include Market IQ data, giving users relevant context before starting a contract or vendor review. To do this:

1. Click on the phase you want to update to edit its email notifications.
2. From Notifications, click the  pencil icon to edit the relevant email template.
3. In Content, enter {{ market_iq_financial.summary }} where you want the Market IQ Score data to appear, then click Update.

 

FAQ 💬

Q: Can users edit the Market IQ data?

A: No. Even administrators cannot edit the values for the Market IQ data fields.

Q: Can we connect as many vendors as we want to Market IQ Financial via workflows?

A: Yes, but each of these will still count towards your quota of Creditsafe tokens. It is recommended to remove the connection to Market IQ Financial for vendors you no longer wish to monitor (or those you have ceased doing business with).

 

Additional Reading 📚

• Market IQ Financial - Learn about Market IQ Financial's actionable market intelligence feeds - including how to link vendors and understand key metrics.
• Market IQ Cyber - Learn about automated monitoring of your vendors' cybersecurity ratings.
• 🛠 Create your Own - Risk Monitoring Workflow - Learn how to configure our best practice template for the autonomous monitoring of your vendors' financial risk ratings.