“Gary Storr, General Manager of Trust Your Supplier by ChainYard, explained to us some of the challenges that the supplier information management industry is facing with disparate sources of information and the role blockchain can help to mitigate them. In this podcast you will hear how Trust Your Supplier creates a trusted source of supplier information and digital identity that simplifies and accelerates supplier onboarding, lifecycle management and the seamless exchange of information.” – Insureblocks Podcast
Nokia Officially Launches Onboarding of Suppliers into Trust Your Supplier
Nokia, a leader in the telecom industry, has announced the availability for their suppliers to transition to Trust Your Supplier as part of their digital strategy. By adapting TYS, Nokia aims to improve and expedite Nokia’s supplier qualification, validation, & life-cycle information management. Sanjay Mehta, Nokia’s VP Mobiles Networks Strategy talks about how TYS will be a game-changer for Nokia in this video.
By joining TYS, Nokia’s suppliers will benefit by eliminating manual repetitive process, experiencing an acceleration of qualification & onboarding processes, and gain the potential for new business opportunities.
“Working with IBM and Chainyard on this blockchain initiative represents a great opportunity for Nokia to further enhance our suppliers’ experience and optimize the onboarding process,” said Sanjay Mehta, Vice President Mobile Networks Strategic Sourcing, Nokia. “Using the latest technology to address a classical challenge will be of benefit for everyone, and further increase the speed of using innovative solutions.”
Trust Your Supplier values this partnership and welcomes Nokia, along with their suppliers, to the TYS network.
Learn more at www.TrustYourSupplier.com/Nokia
Assessing the Risk of a New Supplier Relationship
2021 World’s Most Ethical Companies List
Congratulations to Nokia, IBM, Schneider Electric, General Motors and American Express on being honored on the 2021 World’s Most Ethical Companies list! We are proud to have you as #TrustYourSupplier partners.
RapidRatings for Supply Chain Risk Managers: This Moment is Yours (and The Next One Too)
by RapidRatings
In painting, there is an oft-used technique where colors, lines, and shapes are applied with increasing or decreasing intensity to create atmospheric distance. This technique obscures images by imitating the conditions produced in the atmosphere: fog, clouds, mist, and even gloom.
In Supply Chain (writ large), there is also a type of atmospheric perspective.
More so than just the snapshots of cargo moving through air, land, or sea—risk management views can be obscured by great time-distances or (potentially) illusory information that underpins a given outlook.
But in your role, you can’t have that. You need an unobstructed view; one dependent on clear, reliable information to manage risk in its many forms. Real data matters.
Even pre-pandemic, the world was getting riskier. And the decisions that supply chain risk managers made on any given day, were made more complex by changing weather patterns, natural disasters, new cybersecurity threats, and dynamic changes in international trade.
With the pandemic, that complexity has multiplied; and your role made even tougher. And “Supply chain” is now at the tip of everyone’s tongues (even consumers).
Your perspective (the supply-chain-risk-management one), has never been more important.
But to meet this moment (and inevitably the next), you’ll need accurate data, unblurred by false flags like share price or payment statements; not to mention, a standard scale to compare the financial health of your suppliers across your portfolio; and finally, a discreet, secure network of supplier information that allows suppliers to proactively, and objectively, communicate with you and your team.
Because—for most enterprises—supply chain resiliency starts and stops with you. And you should have the data and analytics tools that support all of those (ever-more-public) responsibilities, regardless of industry or geography, and beyond the day-to-day of on time/on spec fulfillment.
This is your moment. How will you make your mark?
Save time and resources by outsourcing your private company supplier financials to a company that has a track record of discretion and success—in over 150 countries.
Conduct accurate, comparable (and sharable) assessments with accurate scoring based on 73 efficiency and resilience ratios, 24 industry models, and decades of data from companies that have not only defaulted or filed for bankruptcy—but those that have survived and thrived.
Have meaningful conversations (internally and externally) with automated reporting that includes talking points in a relationship-centric dialogue, so you can ask the right questions—with or without financial expertise.
Connect the dots of supplier information management with an advanced data and analytics platform, Trust Your Supplier, that integrates validated risk information into supplier profiles for advanced insights, accelerated onboarding, and trusted exchange of information.
And dissipate the fog; get an early warning on public and private suppliers, alike, through predictive technology that’s purpose-built to have more meaningful business relationships—by mitigating and solving challenges before they turn into disruptions and dramatically impact or break the bottom line.
To learn more about how RapidRatings with Trust Your Supplier can help support supply chain risk management in the pandemic era, please click here.
Simplifying The Supplier Experience
Trust is Built in Drops and Lost in Buckets
by Gary Storr
Today in the world of Supplier Information Management speed and risk mitigation are tremendously important in establishing the partnerships so critical to business growth and success. Unfortunately, most organizations have been unable to address these challenges. Did you know that the typical timeframe to onboard a new supplier within many enterprise organizations is more than 30 days? In a world where speed is currency, that can have a huge impact on a business’s ability to pivot, grow, and innovate. A lot of that has to do with the information required to vet a new supplier, and the work required to do that vetting. Numerous spreadsheets, portals, systems, and unsecured document exchanges make this a very cumbersome process. And on the supplier side, each customer demands this same information, creating an incredibly repetitive and non-value added work effort. In summary, it’s a lot of inefficiencies and unnecessary attracted cost for everyone.
Trust Your Supplier (or TYS), addresses these pain points and more. Built on IBM Blockchain, TYS is a strategic collaboration between Chainyard and IBM and a revolutionary solution that brings efficiency and optimization to address these challenges. It’s compellingly different than any supplier management network in operation today. Simply put, TYS creates a Trusted Source of Supplier Information and Digital Identity that simplifies and accelerates Supplier Onboarding and Lifecycle Management. Supplier-provided trusted data, their identity, is used by buyers to validate and manage the partnership. It’s immediate access to real-time data that generates massive savings and reduction of risk. The value proposition is compelling for suppliers too. The single blockchain-based profile eliminates redundant submission of the same information multiple times to different buyers and reduces time to the first transaction and ultimately when they get paid. They are also discoverable on the network, creating opportunities for new business with other buyers on the network.
And the game-changer is the TYS Data Marketplace. Similar to an App Store on your mobile device, this marketplace is a collection of gold-standard services available from firms that are the world’s leading authorities on financial health, sustainability, risk & resilience, and a host of other capacities that help evaluate the performance of your partners. Renowned firms like Dun & Bradstreet, Rapid Ratings, Ecovadis, and many others offer their services directly on the network where their ratings, scores, and evaluations are aggregated into a single, seamless view for the user. This dramatically reduces the time required to conduct due diligence and qualify a partner, saving time and cost. Best of all, free content is available from practically all of these providers, while advanced premium services are can be purchased ala carte to meet your specific needs.
To ensure state of the art, enterprise-grade trust, TYS is built on Blockchain, creating a decentralized system that is not controlled by a single company. It can quickly become a global standard for supplier and buyer collaboration as well as increasing the participation of third parties who can provide services into this neutral environment.
It’s clear the new normal in supplier management centers on trust. Knowing and trusting your suppliers, in corporate responsibility, sustainability, diversity, financial stability, and a host of other areas are key to ensuring enterprises can responsibly conduct business. Suppliers need to build that trust and continually demonstrate this commitment to their partners. The partnership has never been so important.
Ecovadis Sustain 2021
We are thrilled to #RethinkRebuild as sponsors of @EcoVadis Sustain 2021. Join us to hear the trends and best practices that will shape the #sustainableprocurement and #supplychain industry in the upcoming year. Sign Up: https://ecovad.is/3rIBYej
How to Reduce Workload & Shorten Onboarding Time for Procurement teams and Their Suppliers
by April Harrison
Buyers and Suppliers have a common goal: to transact. Often standing in their way is an intensive administrative workload to provide and maintain critical business information.
The traditional process of validation & qualification is slow and cumbersome for both purchasing teams and suppliers.
Suppliers must submit their information to each buyer in different formats. Buyers must review supplier information and ratings to meet compliance regulations. These highly manual and repetitive steps result in long lead times to their first transaction.
Trust Your Supplier frees both buyers and suppliers from redundant administrative work with a seamless exchange of information, increased visibility, and embedded third-party risk management. In this short video, hear how TYS works for Glaxo-Smith-Kline managing their supplier relationships.
Reduce supplier effort to share information with customers
With TYS, suppliers can update once, share with many.
Reduce procurement team effort to collect and validate supplier information Procurement teams automatically receive updated and accurate supplier information along with market, media, and other external commentaries to constantly monitor news regarding suppliers.
In this video, Lenovo’s COO, Renee Ure, describes how TYS streamlines onboarding. This simplified process gives time back to your team, so they can focus on their core competencies and shortens the runway to the first transaction.
Learn more at www.TrustYourSupplier.com
A Platform for Procurement Innovation
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!