TYS & BT Sourced Winners of a SIG Future of Sourcing Award!

We are beyond excited to announce that Trust Your Supplier (TYS) and BT Sourced have WON the Innovation in Supplier Performance Award at the 2024 SIG Future of Sourcing Awards! 🏆

This incredible achievement is a testament to the power of collaboration, innovation, and a shared vision for transforming procurement. Together with BT Sourced, we’ve driven impactful improvements in supply chain transparency, efficiency, and performance.

A huge thank you to our amazing TYS team, the BT Sourced team, and SIG|ORG. This is just the beginning as we continue to push the boundaries of what’s possible in supplier management!

Learn more about the Future of Sourcing Awards

Learn more about the TYS & BT Sourced collaboration

 

EU Deforestation Law: Key Updates and Supply Chain Impacts 

The European Union’s new Deforestation Law (EUDR) is making waves worldwide. Set to take effect on December 31, 2024, this regulation will impose strict requirements on products like coffee, cacao, and palm oil to ensure they do not originate from recently deforested areas. Companies trading with the EU will need to verify the deforestation status of their goods, adding layers of compliance.
However, the EUDR has sparked global debate. The United States is pushing for a delay, citing concerns over the regulation’s far-reaching consequences, but the EU remains firm in its timeline, with any postponement seen as unlikely.
For supply chains, this new law signals a substantial shift. Increased compliance measures will raise costs for goods entering the EU and could lead to disruptions as companies adjust to meet the new requirements. Organizations trading in the region should start preparing for these changes to avoid future bottlenecks and compliance issues.
How Trust Your Supplier (TYS) Can Help
TYS’s comprehensive compliance questionnaires can ease the burden of these new requirements. By digitizing and automating the verification process, TYS helps businesses collect and manage critical information from suppliers regarding their deforestation practices. This streamlined approach ensures that your suppliers meet EUDR standards, reducing the risk of non-compliance and allowing for quicker, more efficient supply chain adjustments. With real-time monitoring and proactive alerts, TYS empowers your team to stay ahead of evolving regulations and ensure your products are ready for the EU market.
Prepare now and leverage TYS to navigate the complexities of the EUDR with confidence.

FAQ: Can TYS integrate with existing business systems? 

Frequently Asked Question: Can TYS integrate with existing business systems? 

Yes, Trust Your Supplier (TYS) seamlessly integrates with various business systems, enabling efficient data exchange and workflow automation across different platforms. This integration ensures that TYS connects with your existing ERP, procurement, and supply chain management systems, creating a unified and streamlined process. Key benefits include: 

  • Optimize data synchronization – ensuring the majority of systems have the most current information, enhancing accuracy and decision-making
  • Dynamic Single Source of Truth  – Centralize all supplier data to ensure an up-to-date, comprehensive view, enhancing transparency and trust 
  • System Agnostic APIs: Integrate seamlessly with any system using our system-agnostic APIs, with support for custom solutions as needed

Learn more about the key challenges, solutions and outcomes.

 

Trust Your Supplier Recognized in Fall 2024 Spend Matters SolutionMap

We are excited to announce that Trust Your Supplier (TYS) has been recognized in the Fall 2024 Spend Matters SolutionMap, which evaluates leading procurement technology solutions. This recognition places TYS among the key providers in three essential areas of supplier management and risk visibility:

1. Supplier Management (SXM)

TYS has been acknowledged for its ability to streamline supplier information management, performance, and compliance. Our platform integrates with a variety of procurement tech stack solutions, allowing organizations to access up-to-date, verified supplier data for more efficient collaboration and decision-making. TYS enables businesses to centralize supplier management, ensuring seamless operations across different procurement systems.

2. Supplier Management (Risk Enhanced)

In this category, TYS stands out by integrating risk data from leading third-party providers. TYS enables organizations to view and monitor comprehensive risk insights within supplier profiles, including environmental, financial, and geopolitical risks. By automating alerts and approvals based on this data, TYS helps businesses stay proactive in managing supplier risks, ensuring they can act quickly to address emerging threats.

3. Risk Management (TPRM/SCRM)

TYS’s recognition in the Third-Party Risk Management (TPRM) and Supply Chain Risk Management (SCRM) category highlights our ability to provide visibility into third-party risks across the entire supplier network. Through integrations with trusted risk intelligence providers, TYS allows businesses to monitor risks at multiple levels of their supply chain. Automation within TYS helps trigger appropriate actions and approvals, ensuring companies can respond efficiently to risk alerts.

Why This Recognition Matters

The Spend Matters SolutionMap is known for its rigorous, data-driven evaluation process, including over 500 RFI requirements and impartial customer feedback. Being recognized across these categories validates TYS’s role as a trusted solution provider, empowering organizations with tools to manage suppliers and gain visibility into potential risks.

How TYS Can Help Your Business

In today’s evolving supply chain landscape, having real-time visibility into supplier performance and potential risks is crucial. TYS provides the integration and automation capabilities that help businesses streamline supplier management and ensure timely responses to risks—all while enhancing compliance. Our platform integrates seamlessly with procurement tech stacks, offering flexibility and efficiency. This recognition from Spend Matters reinforces the value TYS brings to supply chain resilience and management.


Looking Ahead

As we continue to innovate, TYS remains committed to delivering enhanced supplier management and risk visibility solutions. Our inclusion in the Fall 2024 Spend Matters SolutionMap underscores our focus on helping businesses thrive in an increasingly complex environment.

Interested in learning more? Get in touch to explore how TYS can help your organization manage supplier relationships and stay ahead of potential risks.

TYS & BT Sourced Finalists for the SIG Future of Sourcing Award!

We are thrilled to announce that Trust Your Supplier (TYS) has been shortlisted for the Innovations in Supplier Performance Award at the upcoming SIG|ORG Future of Sourcing Awards! This recognition is a testament to our commitment to bringing procurement into a new era, made possible by our strong partnership with the team BT Sourced.

Together, we’ve been able to drive impactful improvements in supply chain transparency, efficiency, and performance. We are honored to have been shortlisted and look forward to continuing our journey of innovation and collaboration. Thank you to everyone involved in making this achievement possible!

Learn more about the Future of Sourcing Awards

Learn more about the TYS & BT Sourced collaboration

#FutureOfSourcing #SupplierPerformance #Innovation #TrustYourSupplier #wesourceforabetterfuture #futureofsourcingawards

 

Mastering the Complexities of Energy and Utility Supply Chains with Trust Your Supplier

by Nick Picone, TYS VP of Advisory Practice

Energy and Utility (E&U) organizations operate within one of today’s most complex and operationally challenging supply chain environments. They are interdependent industries where reliability and resilience are non-negotiable. As these industries evolve, they face three key operational challenges, ranging from ensuring a consistent supply of the goods and services (at stable prices) required to maintain an aging utility grid, balancing energy transition with compliance requirements, and mitigating a wide range of supplier risks – especially cyber vulnerabilities.  

According to Hemingway’s Law of Motion, these challenges can lead to an unforeseen collapse which “happens gradually and then suddenly” where seemingly manageable issues can escalate into critical failures if not addressed proactively. What’s needed is a novel approach to supplier and risk management, one that anticipates and mitigates risks before they impact operations. 

In order to deliver meaningful change, leaders across the sector need to be intellectually honest about their current state and capabilities and curious about what practical steps they can take to improve how they operate. In this case, the improvement that I’m referring to is a future state that provides the visibility, and end-to-end capabilities required to mitigate key challenges before they reach a tipping point. 

Aging Infrastructure: A Pressing Concern

One of the most consequential challenges facing the energy and utility sectors is aging utility infrastructure. According to a U.S. Grid Deployment Office (GDO) report, over 70% of the U.S. utility grid is more than 25 years old and will require substantial modernization or complete replacement. This ongoing issue not only impacts reliability but also significantly increases maintenance costs. The American Society of Civil Engineers (ASCE) Infrastructure Report Card underscores that aging infrastructure requires more frequent repairs and faces an increase in prolonged outages that can erode customer trust and impact daily life. 

Moreover, the Department of Energy (DOE) highlights that outdated infrastructure cannot support the advanced technology needed for grid modernization and integration of renewable energy sources. This presents a considerable obstacle as utility companies strive to meet regulatory requirements and sustainability goals. As infrastructure projects ramp up, the demand for raw materials and components increases, leading to potential supply bottlenecks, which can further delay critical upgrades and increase costs.  

How TYS Helps: 

Maintaining aging infrastructure requires a diversified supplier base to provide specialized components and services, which can be challenging to source, especially in a landscape prone to supply bottlenecks. TYS simplifies the diversification process by providing U&E companies with the tools to segment and identify potential risks and the ability to quickly discover, assess, and onboard suppliers. 

TYS provides comprehensive visibility into your entire supplier base, as well as the agility and controls required to mitigate risks proactively, ensure compliance, and enhance operational efficiency. By leveraging clean and continuously maintained data in addition to a network of trusted suppliers, companies can pre-qualify and onboard new suppliers with speed and precision. Furthermore, TYS’s automated monitoring capabilities ensure continuous oversight of supplier risk and compliance with regulatory standards, allowing organizations to address potential issues before they reach a tipping point.  

This holistic approach streamlines procurement processes, fortifies supply chain resilience, and empowers utilities to maintain and modernize their aging infrastructure without unexpected delays or disruptions due to supplier challenges. 

Energy Transition & Compliance Management: Balancing Innovation and Regulation 

The global push towards clean energy has added a new layer of complexity to the energy and utility industries. Transitioning to renewable energy sources like solar, wind, and hydroelectric power necessitates significant infrastructure upgrades, while the rapidly evolving regulatory landscape requires meticulous compliance management. 

As regulations become more stringent, utility companies face increasing pressure to meet Environmental, Social, and Governance (ESG) standards. This challenge extends to the careful selection of suppliers who align with these criteria. KPMG emphasizes that non-compliance with safety and environmental regulations can lead to severe penalties, operational setbacks, and reputational damage. 

How TYS Helps 

TYS simplifies compliance management by enabling utility companies to quickly find and onboard suppliers that meet sustainability and regulatory requirements. The platform offers an intuitive supplier discovery experience through features like dynamic search and filtering, making it simple to identify suppliers within a trusted network that adhere to compliance criteria. 

The procurement process is also streamlined by enabling efficient review and consensus approvals on internal supplier requests before initiating contact. TYS’s flexible platform supports customization of the prequalification process with tailored assessment questionnaires, automated approvals, and segmented validations to ensure alignment with specific business requirements. 

Compliance initiatives are seamlessly managed through a combination of up-to-date supplier compliance questionnaires and risk data from trusted partners. This approach provides both qualitative and quantitative insights, supporting informed decision-making. 

Once suppliers are onboarded, TYS’s life cycle monitoring tools offer ongoing visibility into compliance, reducing the risk of penalties and helping to maintain a strong reputation. 

Risk Management: Safeguarding Against Disruptions 

The E&U sectors are facing an increasing frequency of disruption driven by global events such as pandemics, geopolitical conflicts, natural disasters, and trade restrictions. Additionally, the exponential rate of integration of digital technologies is driving a significant volume of new cybersecurity attacks. In fact, Power Grid International reports a 71% rise in cyberattacks on utility companies in North America in just the last year. 

Effective risk management is often hampered by fragmented data management processes, which can lead to limited visibility across the supplier network. This lack of transparency is a direct result of outdated information creating sub-optimal conditions for decision-making, leaving companies ill-prepared to respond to emerging threats. 

As digital technologies are being continually implemented across utility operations, the stakes of cybersecurity continue to grow. Cyberattacks can compromise sensitive data, disrupt essential services, and inflict severe financial and reputational damage. 

How TYS Helps: 

TYS offers a secure and comprehensive risk management solution that enhances visibility across the supply chain. This enables companies to identify potential risks related to cyber security and respond proactively. By integrating data from leading risk intelligence providers, E&U organizations can continuously access reliable, “best-of-breed data” that supports informed decision-making.

Additionally, TYS provides supplier profiles that can be enriched with critical information from top cyber risk intelligence sources, allowing companies to assess and monitor cyber threats associated with their suppliers. This comprehensive understanding of potential risks is further strengthened by TYS’s use of blockchain technology, which minimizes the risk of data breaches and provides a secure environment for supplier interactions, protecting against operational and reputational damage. 

The TYS platform includes comprehensive risk monitoring workflows that continuously track changes in supplier risk profiles. These workflows trigger an automated approval process that will re-evaluate key data points and provide a best-in-class risk management process. 

Through these capabilities, TYS empowers utility companies to build resilient and reliable supply chains that can withstand global challenges and safeguard their operations against emerging risks. 

TYS: Empowering Energy and Utility Companies for Long-Term Success

In an industry defined by aging infrastructure, the transition to renewable energy, and the growing risks of global supply chain disruptions, energy and utility companies face challenges that demand innovative solutions. 

Trust Your Supplier (TYS) provides a comprehensive suite of tools that allow organizations to rethink their risk management posture and redesign their supplier management process, enhancing visibility, digitizing processes, and strengthening risk and compliance management. 

From supplier discovery and onboarding to multi-dimensional risk management, TYS equips companies with the capabilities needed to build resilient, reliable, and compliant supply chains and position themselves for sustainable success in an ever-evolving industry. 

Want to dive deeper into these insights? Watch our vlog where Nick Piccone explores these complexities how Trust Your Supplier can help you overcome them.  Check it out here.

 

FAQ: What industries benefit the most from TYS?

Frequently Asked Question: What industries benefit the most from TYS?

Trust Your Supplier (TYS) is designed to support a wide range of industries, particularly mid-size to large enterprises managing complex supplier networks. Our expertise and innovative solution drive transformative business change in risk management and global compliance across various sectors.

Industries that benefit from TYS often deal with extensive supplier bases and require robust systems to ensure compliance, mitigate risks, and maintain transparency. TYS helps streamline supplier pre-qualification, monitor performance, and optimize supply chain efficiency, making it an invaluable asset for businesses aiming to enhance their supplier management processes and achieve global compliance.

 

#SupplierManagement #RiskManagement #GlobalCompliance #SupplyChain #Blockchain #Manufacturing #Healthcare #FinancialServices #Retail #Energy #Technology #Automotive #Pharmaceuticals #ConsumerGoods #EnterpriseSolutions #TYS #BusinessTransformation #SupplyChainEfficiency #Compliance

Enhancing Transparency and Reliability in the Food Manufacturing Supply Chain

Ensuring the highest standards of transparency and reliability in the food manufacturing supply chain is paramount. Consumers today are more conscious than ever about where their food comes from and how it’s produced. Every step in the supply chain needs to be meticulously monitored from farm to table to ensure safety, quality, and compliance. Trust Your Supplier (TYS) offers a cutting-edge blockchain-based solution that transforms supplier and risk management for food manufacturers, ensuring unparalleled transparency and reliability.

The Challenge: Complexity and Risk in the Food Supply Chain
Food manufacturing companies face a unique set of challenges in their supply chains. With numerous suppliers, from farmers to packaging companies, the complexity is immense. This complexity often leads to issues such as: 

  • Lack of Visibility: Difficulty in tracking supplier information and credentials 
  • Compliance Risks: Ensuring all suppliers adhere to food safety regulations and standards 
  • Inefficiencies: Manual processes can lead to errors and delays
  • Risk Management: Predicting and mitigating risks related to supplier reliability


The TYS Solution: Blockchain-Based Supplier Information Management

Trust Your Supplier addresses these challenges head-on with our innovative blockchain-based platform, providing a single source of truth for supplier information and updates. Here’s how TYS enhances transparency and reliability in the food manufacturing supply chain: 

  1. Immutable Records and Transparency: Blockchain technology ensures that every update or change to supplier information is immutable, meaning it cannot be altered or deleted. This immutability guarantees that all information about suppliers is accurate and tamper-proof, providing complete transparency to food manufacturers.
  2. Comprehensive Supplier Profiles: TYS supplier profiles are owned by each supplier, and firmographics are aggregated with risk intelligence data. These profiles are continuously updated with real-time data, ensuring food manufacturers have the most current information to make informed decisions. This comprehensive visibility helps identify and mitigate risks before they become issues.
  3. Enhanced Compliance and Approval Workflows: With TYS, food manufacturers can automate compliance checks and approval processes. TYS approval workflows streamline validating supplier information and compliance documents.
  4. Real-Time Monitoring and Updates: TYS offers real-time monitoring of supplier information, including risk data and updates to firmographics or documents such as certifications and tax documents. This ensures that food manufacturers are always aware of the current status of their suppliers and can react swiftly to any changes.
  5. Predictive and Prescriptive Insights: Leveraging advanced analytics, TYS reports provide insights into potential risks within the supply chain. By analyzing historical data and trends, users can mitigate these risks to maintain a steady and reliable supply chain.
  6. Efficient and Trustworthy Data Exchange:  By using a distributed ledger, all parties have access to the same information in real-time, reducing misunderstandings and errors. This transparency fosters trust and collaboration among suppliers and internal stakeholders. 


Use Case: Streamlining Supplier Management

Consider the scenario where a food manufacturing company sources ingredients from multiple suppliers. With TYS, each supplier’s information, including compliance questionnaires, certifications, and risk assessments, is recorded on the blockchain. As suppliers update their documents or firmographics, TYS provides real-time alerts to the food manufacturer, ensuring they always have the most up-to-date information to make informed decisions. 

Maintaining transparency and reliability in the food manufacturing supply chain is not just a regulatory requirement but a critical differentiator. Trust Your Supplier provides a reliable blockchain-based solution that helps food manufacturers manage compliance checks, real-time monitoring, and supplier information effectively. By offering comprehensive supplier profiles and streamlined approval workflows, TYS supports food manufacturers in confidently managing their supplier relationships.  

Reach out to discuss how you can enhance the integrity and efficiency of your supply chain with TYS.

 

Accelerating Supplier Pre-Qualification with Trust Your Supplier

In the realm of procurement, time is a precious commodity. According to McKinsey*, it typically takes three months to complete a single supplier search, with a sourcing professional dedicating over 40 hours of work—often only managing to consider a few dozen suppliers from a pool of thousands. This statistic underscores the inefficiency and frustration inherent in traditional supplier pre-qualification processes. 

At Trust Your Supplier (TYS), we recognize these challenges and have designed our platform to streamline and enhance supplier pre-qualification, allowing businesses to operate more efficiently and make informed decisions swiftly. 

 

The TYS Advantage

Premarket Analysis with Pre-Populated Data One of the key features of TYS is the integration of pre-populated firmographics by the supplier and risk data, along with verified and accurate contact details. This comprehensive database provides procurement professionals with essential information upfront, significantly reducing the time spent on initial research and data gathering. 

Swift Qualification & Verification With TYS, users can quickly move through the qualification and verification steps necessary for onboarding suppliers. Our platform facilitates thorough market analysis before onboarding tasks begin, enabling companies to identify potential suppliers that meet their criteria early in the process. This upfront analysis ensures that only the most suitable suppliers are considered for further evaluation, eliminating unnecessary effort and costs associated with onboarding unqualified candidates. 

Informed Decision-Making By providing more information at your fingertips upstream, TYS empowers procurement teams to make informed decisions about whether to proceed with onboarding a particular supplier. This early determination helps to minimize the time and resources spent on suppliers that may not ultimately meet the organization’s needs. 

Realizing the Benefits 

The advantages of using TYS for supplier pre-qualification are manifold: 

  • Efficiency: Reduce the time required to identify and qualify suppliers, allowing your team to focus on strategic tasks. 
  • Cost Savings: Lower the costs associated with the onboarding process by eliminating unqualified suppliers early. 
  • Risk Mitigation: Access to accurate risk data helps in identifying potential issues before they become problematic. 
  • Enhanced Collaboration: Our platform fosters better collaboration between sourcing professionals and suppliers, ensuring a smoother onboarding process. 

By leveraging TYS, your organization can streamline procurement operations and build stronger, more reliable supply chains. 

*Source: McKinsey & Company 

Beyond Technology: How Trust Your Supplier Delivers Real Business Value Through Collaboration

Technological advancements are often hailed as the ultimate game-changers. However, as Jim Mason aptly put it, “Technology is just… well… technology. It delivers value only through real business systems engineering.” At Trust Your Supplier (TYS), we understand this principle profoundly. While our innovative blockchain-based solution is a cornerstone of our offering, the true essence of our value proposition lies in our collaborative approach with clients and our robust business system engineering. 

The Power of Blockchain Technology
Blockchain technology is undoubtedly transformative. Its immutability, transparency, and security features have the potential to revolutionize supplier and risk management. By leveraging blockchain, TYS ensures daily monitoring and provides historical, predictive, and prescriptive risk insights. This enables trusted data exchange and workflow automation that extends beyond traditional boundaries. 

However, blockchain alone is not enough. The real business value emerges when this technology is seamlessly integrated into an ecosystem that addresses the specific needs and challenges of our clients. 

Collaboration: The Heart of TYS
At TYS, we believe collaboration is the key to unlocking the full potential of technology. From the outset, our approach has been to work closely with our clients, understanding their unique pain points and business objectives. This partnership goes beyond mere consultation; it is a co-creative process where the TYS team and our clients come together to define and refine the right solutions. 

Jim Mason’s observation resonates deeply with our ethos: “There was a clear business value opportunity in the market. The TYS team and their clients came together collaboratively to define the right solution that delivers value.” This collaborative spirit ensures that the solutions we develop are not only technologically advanced but also practically applicable and tailored to deliver tangible business outcomes. 

Business System Engineering: Bridging Technology and Value
Our emphasis on business system engineering bridges the gap between cutting-edge technology and real-world value. Business system engineering involves a holistic approach to designing and optimizing business processes and systems. It requires a deep understanding of the interplay between technology, people, and processes. 

At TYS, we bring this expertise to the table, ensuring that our blockchain solution is integrated into the broader business context of our clients. This integration is critical for achieving operational efficiency, risk mitigation, and strategic advantage. Our clients benefit from streamlined supplier management processes, enhanced transparency, and data-driven decision-making capabilities. 

We are committed to delivering real business value that goes beyond technology. Our blockchain-based solution is a powerful tool, but it is our collaborative approach and expertise in business system engineering that truly sets us apart. By working closely with our clients and understanding their unique needs, we co-create solutions that drive efficiency, transparency, and strategic growth. 

In a world where technology is constantly evolving, it is this human-centric approach that ensures our clients stay ahead of the curve and realize the full potential of their investments. Trust Your Supplier is not just about technology; it is about delivering value through innovation, collaboration, and engineering excellence.