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Digital Transformers: Supplier Management Using Blockchain

Historically, procurement has considered themselves the ‘gatekeepers’ for enterprise contracts and supplier relationships. Information was regarded as power, especially if it could give them an upper hand in supplier negotiations. That paradigm no longer works.

Today’s procurement organizations are not only beginning to empower distributed buyers to make more and more independent decisions about suppliers, they are working towards stronger, more trust-based partnerships with those suppliers.

In this episode of Digital Transformers, powered by Supply Chain Now, hosts Kevin L. Jackson and Kelly Barner welcome Gary Storr and April Harrison with Trust Your Supplier to the podcast to discuss supplier management using blockchain:

· The importance of establishing mutual trust in a digitally transformed business environment and how specific technologies can help companies achieve that at scale

· How blockchain can not only increase the trust factor of supplier information, it can also prevent suppliers from having to manually make updates across a range of customer systems

· Ways in which the past year has helped procurement see just how reliant they are on their suppliers

Listen to the episode here.

April Harrison Blockchain, Supplier Information Management 0 Comments ,

RapidRatings Expands Partnership with Trust Your Supplier by Joining as a Buyer

As a TYS business partner, RapidRatings provides actionable insights into the Financial Health stability (FHR) of public and private companies around the world. 

RapidRatings, recognizing the value proposition of Trust Your Supplier, is inviting their suppliers to the TYS network!

RapidRatings‘ experience as a TYS business partner has given them an opportunity to view the TYS platform in action, solidifying the value they will garner for their own procurement team and suppliers. This recognition of merit is a significant testimony to Trust Your Supplier. 

Trust Your Supplier values this additional partnership and welcomes RapidRatings, along with their suppliers, to the TYS network. 

Learn more at https://trustyoursupplier.com/tys-buyers/rapidratings/  

April Harrison Blog 0 Comments

SourceConnecte Joins the Trust Your Supplier (TYS) Network

SourceConnecte is an online, blockchain enabled, B2B marketplace designed to facilitate discovery and continuous interactions between global-scale enterprise buyers and thoroughly vetted, suppliers. This Industry 4.0 marketplace has three strategic goals:

  • Efficiently leverage modern social media technologies to facilitate value-based interactions between enterprise buyers and vetted suppliers;
  • Establish a protected interactive environment capable of supporting high value B2B e-commerce negotiations and transactions; and
  • Exploit Industry 4.0 technologies to build and operate a strategic high value supply chains between diverse suppliers and global enterprises.

SourceConnecte was founded in collaboration with The Diverse Manufacturing Supply Chain Alliance (DMSCA). DMSCA is a Washington, D.C. area based nonprofit organization formed to provide direct development support to select diverse manufacturing suppliers towards their achievement of operational excellence, sustained engagement and business development, and continuous improvement in industry group segmented digitized supply chains.

By joining TYS, SourceConnecte’s suppliers will benefit by eliminating manual repetitive process, experiencing an acceleration of qualification & onboarding processes, and gain the potential for new business opportunities.

“SourceConnecte is proud to extend and expand our partnership with TrustYourSupplier. Trust in B2B electronic commerce is built on validated and verified data. That is why our partnership with TYS represents the Industry 4.0 solution for accelerating and securing the global supply chain.” – Kevin Jackson, COO, SourceConnecte

We are thrilled to welcome  SourceConnecte, along with their suppliers, to the TYS network!

Learn more at https://trustyoursupplier.com/tys-buyers/sourceconnecte/ 

April Harrison News 0 Comments

The Value of a Blockchain-Based Identity

by April Harrison

A trusted supplier identity is the keystone of our Trust Your Supplier (TYS) platform. TYS provides organizations a trusted exchange of information across an encrypted blockchain environment to minimize risk & fraud throughout the onboarding and life cycle of partnerships. Our value proposition relies on ensuring identity control and privacy for network participants. 

The exchange of information is crucial to business operations in all industries. Conventional systems are open to fraud, error and inefficiency. These manual processes lack data security and each participant has their own separate database, or ledger — increasing the possibility of human error or fraud. Shared databases cannot prevent malicious activity. Hacked entities can corrupt or destroy data in the shared database, making it invalid for everyone involved. 

Blockchain is designed for trust and secure trading, reducing vulnerabilities. It provides clear provenance and a single, shared, tamper-evident ledger. Once recorded, transactions cannot be altered. This is ideal for supporting auditing capabilities as it provides an immutable relationship history between parties. 

The TYS supplier profile data is sovereign, owned & controlled by the supplier, who can selectively share additional profile information with companies they choose to connect with on the network. 

This single, digital identity for suppliers can be shared with multiple buyers and business networks. A 2-tiered supplier profile approach allows suppliers to be discovered by new customers without handing over unlimited access to their data. 

To learn more about this innovative new approach to supplier identity that is transforming supplier relationships, please visit www.TrustYourSupplier.com 

April Harrison Blockchain, Blog, Supplier Information Management