by April Harrison
Supply Chains are an intricate interchange of information between buyers and suppliers that result in an exchange of goods or services and payment. If all goes well, this can result in lasting partnerships.
One cumbersome aspect of the supply chain process is collecting and maintaining accurate and validated supplier information. Intensive administrative work is required from both suppliers and buyers to ensure accurate data to minimize risk.
The traditional qualification, validation. and onboarding processes require suppliers to submit their information to each buyer in different formats. For or buyers, compliance regulations demand reviews of supplier information and ratings. Because these steps are highly manual and repetitive, they often result in unnecessary time delays to the first transaction.
Trust Your Supplier (TYS) solves this challenge to the first transaction and in the upkeep of accurate & current information.
Built on blockchain technology, TYS provides a single, trusted digital identity for suppliers to share with multiple buyers and across business networks
By a supplier building a singular profile in TYS, they can establish a neutral, cross-industry identity layer that offers seamless integrations with multiple buyer vertical industries, business networks, and procure-to-pay solutions.
Trust Your Supplier brings together the technology and a network that transforms the supplier information experience, leading to reduced cost, risk, and administrative effort.
Over the next few weeks, we’ll take a look at the impact TYS has on each of these areas with the potential for amazing outcomes. Stay tuned!