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FAQ: Why Supplier Management?

Frequently Asked Question: Why did Trust Your Supplier choose to tackle supplier management?

At Trust Your Supplier (TYS), we identified a significant gap in the reliability and efficiency of supplier data management. In today’s rapidly evolving supply chain landscape, traditional methods for discovering, onboarding, and monitoring suppliers are struggling to keep pace with the constant flow of changing information and increasing regulatory demands.

The “supplier” is a fundamental element of every supply chain, and globalization necessitates rigorous vetting and risk assessment across multiple areas to ensure trust, transparency, and compliance with global regulations. The pandemic highlighted the vulnerabilities of over-reliance on a limited number of suppliers, leading to disruptions, higher costs, and inefficiencies. It also underscored the growing importance of supplier diversity and the need for suppliers to demonstrate ESG (Environmental, Social, and Governance) and sustainability initiatives.

We believe that a blockchain-powered solution like Trust Your Supplier is essential for modernizing and securing supplier management. By harnessing blockchain technology, we aim to provide a robust platform that addresses these challenges, ensuring more reliable, transparent, and efficient supplier management for the future.

April Harrison Blog, FAQ, Risk Management, Supplier Information Management 0 Comments
World Procurement Awards

World Procurement Awards 2022

The Trust Your Supplier team attended the awards ceremony on June 15, 2022.

The evening was full of fun and glamour as our team made connections and re-connected with procurement members and partners. We were honored that Trust Your Supplier was shortlisted in the Technology Innovation category amongst such an impressive group of fellow nominees.

Trust Your Supplier’s nomination was recognition by Procurement Leaders for our work as one of the “innovative solutions in the technology space that are changing the status quo and solving unique and long-standing problems faced by the procurement function.”  

Our parent company, Chainyard, specializes in building blockchain solutions that solve business problems.  Procurement and compliance teams rely on massive amounts of supplier and third party data to make strategic decisions. Data that is not secure cannot be trusted.  

We chose blockchain technology because the records of all transactions are stored within one immutable platform and are accessible at any given point in time with version control, change history, and audit logs.  Data Security = Trust 

April Harrison Blockchain, Blog, Events 1 Comment

FAQ: Why Blockchain?

Frequently Asked Question: Why did Trust Your Supplier choose blockchain technology for our platform?

Trust Your Supplier (TYS) chose blockchain technology because of its unparalleled ability to ensure data integrity, security, transparency, and auditability. Blockchain enables secure and efficient data exchange between stakeholders, enhancing compliance and decision-making processes.

Blockchain also enhances auditability by maintaining a tamper-proof record of all transactions and interactions. Every change and update is recorded in a chronological, unchangeable ledger, making it easy to trace the history and origin of data. This comprehensive audit trail simplifies compliance with regulatory requirements and facilitates internal and external audits.

In essence, blockchain technology empowers TYS to deliver a robust, reliable, and innovative solution for supplier and risk management, helping businesses achieve greater efficiency, confidence, and accountability in their supplier management operations.

April Harrison Blockchain, Blog, FAQ 0 Comments ,