Exploring Coopetition: When Competitors Join Forces for Customer Value 

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In today’s ever-evolving business landscape, the game of competition is no longer a zero-sum endeavor. It’s about leveraging strategic partnerships to maximize value for our customers. ūüĆü

Coopetition, a business strategy rooted in game theory (my thesis project), has been a game-changer. It’s the art of recognizing when it’s in our best interest, as competitors, to collaborate. By doing so, we can collectively innovate, reduce costs, and provide unparalleled solutions to our customers.

This strategy defies the notion that fierce competition is the only path to success. It’s about realizing that by working together on common challenges, we can elevate the entire industry. ūüďą

I’m excited to see how coopetition is reshaping the business world.

Have you had any experiences with coopetition, or insights to share? Let’s connect and discuss how we can create more value for our customers through collaboration and competition. ūü§Ě

#Coopetition #BusinessStrategy #Collaboration

Elevate Your Master Data

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In today’s fast-paced, data-driven world, organizations are increasingly relying on accurate and reliable data to make informed decisions, ensure compliance, and optimize operational efficiency. Among the most critical forms of data for any business is supplier information, which plays a pivotal role in procurement, risk management, and overall operational excellence. That’s where Trust Your Supplier (TYS) comes into the picture, revolutionizing how organizations manage their supplier data. In this blog, we’ll explore how TYS can help you take your master data governance to the next level.¬†

The Foundation of Trust: Transparency Through Blockchain 

One of the key challenges in managing supplier data has always been ensuring its accuracy and integrity. Discrepancies in supplier information can lead to costly errors, delays, and compliance issues. Trust Your Supplier leverages cutting-edge blockchain technology to address this challenge. 

Transparency: TYS creates a transparent and tamper-proof ledger of supplier information on the blockchain. This means that once data is recorded, it cannot be altered or deleted without leaving a trace. Say goodbye to data discrepancies and hello to data accuracy. With TYS, you can trust that the information you have is the most up-to-date and reliable. 

Data Accuracy: The Cornerstone of Informed Decision-Making 

Accurate master data is not just nice to have; it’s a necessity. TYS ensures that your supplier data is not only up-to-date but also reliable. This empowers your organization to make informed decisions confidently. With trustworthy supplier data, you can negotiate better contracts, forecast with accuracy, and optimize your procurement processes.¬†

Efficiency: Streamlined Supplier Management 

Managing supplier data can be a time-consuming and manual process, often bogged down by paperwork and data entry. TYS is designed to streamline supplier onboarding, automate processes, and reduce the need for manual data entry. This, in turn, allows your team to focus on what really matters ‚Äď building and nurturing strategic supplier relationships. By automating administrative tasks, you can optimize your procurement operations and dedicate more time to enhancing supplier collaboration.¬†

Compliance: Your Path to Regulatory Adherence 

Master data governance and compliance are intrinsically linked. Ensuring that your supplier data aligns with regulatory requirements is paramount to avoid legal issues and financial penalties. TYS helps you meet these regulatory requirements with ease. By maintaining an accurate and tamper-proof ledger of supplier data, you can mitigate risks more effectively and ensure that your organization remains compliant with ever-evolving regulations. 

Join the Ranks of Data-Driven Organizations 

Trust Your Supplier is more than just a tool; it’s a revolution in master data governance. It empowers organizations to redefine how they manage their supplier data, providing transparency, data accuracy, efficiency, and compliance. By leveraging TYS, you can unlock the full potential of your supplier management processes and drive your organization forward in an increasingly competitive business landscape.¬†

Are you ready to elevate your master data governance? Join the ranks of forward-thinking organizations that have embraced Trust Your Supplier and discovered how it can transform your supplier data management. Say goodbye to data discrepancies and hello to data accuracy, efficiency, and compliance with TYS!¬† Let’s Talk

#TrustYourSupplier #MasterDataGovernance #DataAccuracy #Blockchain #SupplierManagement #Compliance 

Trust Your Supplier isn’t just a solution; it’s a fundamental shift in how businesses manage their supplier data. With its foundation in blockchain technology, it provides the transparency, accuracy, efficiency, and compliance needed in today’s data-driven business landscape. Don’t miss the opportunity to elevate your master data governance – trust in Trust Your Supplier.¬†

Renee Ure Joins TYS as a Business Advisor

We are thrilled to announce that Trust Your Supplier (TYS) has a new addition to our team! Please give a warm welcome to Renee Ure, who has joined us as a dedicated Business Advisor. ūüéČūüĎŹ

Renee has always been an ardent supporter of TYS since the beginning, and we consider ourselves extremely fortunate to have her on board in this formal position. Her expertise and unwavering passion for supply chain management will play a crucial role in shaping our solutions and forging impactful partnerships that will revolutionize the entire industry. ūüöÄ

With Renee’s valuable insights and forward-thinking mindset, we are confident that TYS will continue to lead the way in transforming how the procurement and supply chain operates.

‚ú® Join us in congratulating Renee and let’s embark on this exciting journey together! Stay tuned for more updates as we work towards an even brighter future.

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Trust Your Supplier (TYS) is a small Minority and Women-owned business with a global reach, offering an innovative blockchain-based solution for supplier and risk management to large and mid-size enterprises. By harnessing the immutability of the blockchain, TYS ensures daily monitoring with historical, predictive, and prescriptive risk insights, enabling trusted data exchange and workflow automation beyond traditional boundaries. This distributed ledger technology fosters transparency, efficiency, and empowerment for businesses to effectively manage suppliers and mitigate risks.

#ProcurementExcellence #DigitalTransformation #Procurement #ProcurementComliance #RiskManagement #SupplyChainSolutions #FinancialRiskMitigation #SanctionsCompliance #ESGStrategy #ClimateRiskManagement #SustainableSourcing #SupplyChainResilience #RiskandCompliance #EthicalSourcing #FinancialCompliance #ESGReporting #ClimateResilience #SupplierDiversity #GlobalTradeCompliance #SupplyChainVisibility #ESGPerformance #ClimateChangeAdaptation #ProcurementInnovation #RiskAssessment #SupplyChainRisk #EthicalBusiness #CarbonFootprint #SupplyChainTransparency #ESGInvesting #ClimatePolicy #SustainableProcurement #RegulatoryCompliance #ProcurementLeadership #CPO

Breaking News: Trust Your Supplier (TYS) Thrilled to be Spotlighted in Harvard Business Review Article

We’re absolutely elated to announce the release of the Harvard Business Review article that shines a spotlight on Trust Your Supplier (TYS) as the ultimate game-changer in supplier onboarding. It is with great excitement and pride that we share this incredible recognition with our TYS community and partners.¬†

Supplier onboarding ‚Äď a necessary but often time-consuming process. It’s not uncommon for this vital step to take weeks or even months due to manual processes and documentation checks. But what if we told you there’s a game-changing disruptor on the horizon? Trust Your Supplier (TYS), as featured in the Harvard Business Review, is here to revolutionize supplier onboarding. TYS has harnessed the power of blockchain technology to create a worldwide network of buyers and suppliers, setting a new standard for supplier onboarding.¬†

So, what sets TYS apart? 

  1. Automation: TYS automates the cumbersome manual processes involved in vetting supplier data. Say goodbye to the days of lengthy onboarding.
  2. A Global Network: With over 100,000 fully vetted suppliers and partnerships with major players like BT Sourced, Lenovo, Nokia, Pearson, and Thermo Fisher, TYS has created a truly global network.
  3. Efficiency & Cost Savings: Purchasers using TYS have reported cost savings of nearly $500 per supplier. For enterprises with extensive supplier networks, this translates into eight-figure savings.
  4. Supplier Benefits: Suppliers experience an average onboarding time of less than a week, a 67% reduction. Plus, they can seamlessly work with multiple customers without the hassles of data duplication. 

We believe that a paradigm shift is underway in supply chain management and procurement. Organizations are increasingly adopting platform solutions like TYS to address systemic supply chain issues efficiently and collaboratively. TYS is leading the charge, revolutionizing supplier onboarding, and setting a new standard for the industry. 

Join us on this exciting journey toward a more efficient, collaborative, and cost-effective future. Learn more about how TYS is changing the game in supplier onboarding in our full article. 

harvard-business-review-logo-FD07ED9958-seeklogo.com

 

#SupplierOnboarding #SupplyChainRevolution #Blockchain #TYS #Efficiency #Collaboration #ProcurementExcellence #DigitalTransformation #Procurement #ProcurementComliance #RiskManagement #SupplyChainSolutions #FinancialRiskMitigation #SanctionsCompliance #ESGStrategy #ClimateRiskManagement #SustainableSourcing #SupplyChainResilience #RiskandCompliance #EthicalSourcing #FinancialCompliance #ESGReporting #ClimateResilience #SupplierDiversity #GlobalTradeCompliance #SupplyChainVisibility #ESGPerformance #ClimateChangeAdaptation #ProcurementInnovation #RiskAssessment #SupplyChainRisk #EthicalBusiness #CarbonFootprint #SupplyChainTransparency #ESGInvesting #ClimatePolicy #SustainableProcurement #RegulatoryCompliance #ProcurementLeadership #CPO  

Bridging the Gap Between the Intricacies of the Technological World and the Practicalities of Business Operations

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In today‚Äôs age of digitalization, there exists a profound interconnectedness encompassing individuals, processes, institutions, and notably, risks. The junctures at which various forms of risk intersect‚ÄĒbe it cyber, third-party,¬†#compliance, operational, and more‚ÄĒare poised to proliferate in the foreseeable future.

Examining these risks in isolation falls short of offering a comprehensive perspective. Neglecting to grasp and scrutinize the interconnections and dependencies among them can result in shortsighted decision-making that does not align with overall risk tolerance levels and business objectives.

With diverse risk, audit, and compliance teams operating independently, often lacking a shared GRC (Governance, Risk, and Compliance) terminology, opportunities arise for redundant efforts, duplicated work, inconsistent and disorganized data, and the overlap of controls. Measuring the interconnectedness and swiftness of risk also becomes a complex endeavor since risk relationships lack clear definitions and consequently elude monitoring.

It is imperative to adopt an integrated and all-encompassing approach to risk management‚ÄĒone that fosters connections among individuals, data, and systems, in contrast to separate risk initiatives.

At Trust Your Supplier (TYS), our approach seeks to dismantle organizational silos and facilitate a profound understanding of the multifaceted risks emanating from various corners of an organization and how their interplay can impact the business.

How are you managing all the silos in your industry? Can we help?

#ValueEngineers, #TechnologyInnovators, #BusinessStrategists, #DigitalTransformation, #UnconventionalThinking, #RiskMitigators, #TrustYourSupplier, #EfficiencyExperts, #ValueEngineering, #TechVisionaries, #ProblemSolvers, #OrganizationalGrowth, #ProcessOptimization