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“Glocal” Supplier Management – Balancing Global and Local Requirements

For enterprise organizations, globalization adds complexity with a need to assess suppliers across a broad spectrum of subject areas to ensure compliance with both global regulations and regional operating requirements. Local regulations and laws require procurement organizations to take into consideration any specific needs, often complicating the process of engagement or risk management. 

How do you ensure suppliers are compliant and operating responsibly no matter where they are in the world?   

Trust Your Supplier is a “Glocal” solution that allows procurement organizations to manage multiple, complex risk areas efficiently while establishing relationships with suppliers anywhere in the world. Here’s how… 

  1. Standardized Questionnaires – TYS is guided by a Governance Board of Fortune 500 companies that provided input to our standardized compliance questionnaires. By collaborating across and within industries, these questionnaires were built to support global, local and industry requirements while reducing the number of overall questions suppliers are required to complete.
  2. Custom Questionnaires – Organizations may have unique regional and global requirements for risk management. TYS offers custom questionnaires to support any regulatory requirements that may not be covered with a standardized questionnaire.
  3. Questionnaire Groups – Buyers can select any combination of questionnaires to form a Questionnaire group. These groups can be based on common requirements for location, product or service, or other features. During the onboarding process, suppliers can easily be assigned into the appropriate Questionnaire Group, simplifying the process and ensuring the relevant questionnaires are required for that supplier. This strategy targets segments of suppliers for customized risk assessments appropriate for that segment.
  4. Integrated Risk Data – TYS partners with industry-leading third-party validators that offer a variety of risk data on companies from around the world. This information is integrated into supplier profiles for an enriched view of each supplier. 

 This flexible, standardized approach, combined with integrated third-party risk data, provides procurement organizations with a 360° view of their suppliers no matter where they are located in the world. 

April Harrison Blog, Risk Management

FAQ: What is the Importance of Standardization?

Frequently Asked Question: What is the importance of standardization?

Standardization is crucial for streamlining processes, ensuring compliance, and reducing risks. At Trust Your Supplier (TYS), we have collaborated with buyer organizations across various industries to identify best practices and key questions that ensure supplier questionnaires comprehensively address compliance and risk perspectives. Our standardized questionnaires are designed to meet global, local, and industry-specific regulatory requirements.

These standardized questionnaires and workflows significantly reduce onboarding time by allowing suppliers to focus on unique questions without having to repeatedly address common ones. This approach enhances the overall supplier experience while reducing time, effort, and costs for both parties. Internally, organizations can operate more agilely, quickly onboarding the suppliers they need to meet their goals and deadlines.

Watch this short video to learn more. https://trustyoursupplier.com/resources/cycle-time/ 

April Harrison Blog, FAQ, Risk Management, Supplier Information Management 0 Comments , ,

Team Member Spotlight: BA Team

“A skilled Business Analyst draws out the needs that are not yet known.”  ~The Business Analyst Doctor 

Our Business Analyst (BA) team plays a key role in bridging the gap between our technology team and the business needs of our clients. Nipun Dogra and Dhirendra Singh are superstars when it comes to understanding our end user experience and the code that’s “behind the curtain” to seamlessly include new features or modules to Trust Your Supplier. 

As part of their roles, Nipun and Dhirendra are highly skilled communicators and facilitators and are meticulous in designing and testing the solutions. Each project begins with client meetings to review their needs, followed by a detailed analysis of user workflows and working with our UX designer to create the mockups of the screens. From there, our BAs write user stories and review all aspects of the design (front end and back end) with the technical team. Once in development, the BAs stay involved with clarifications and issue resolution and they also perform final testing of the feature after the QA team has completed their testing.   

Nipun describes his role as a “translator” between business clients and the technical development team. He enjoys solving the “puzzle” and looking for the resolution that will make life easier for the client. 

Dhirendra notes that a major part of his role is to be a liaison, keeping everyone in sync. He loves seeing the output of his work after the design has been launched. 

In terms of working together, they divide and conquer. Often working on the same project, they will work on different requirements that align to their strengths. Both enjoy brainstorming and providing suggestions or approaches for the user studies. They also constantly look for ways to improve the application for both our buyers and our suppliers on the platform.  

During the last year while working on projects for Trust Your Supplier, both Nipun and Dhirendra have felt challenged and excited about the potential to have a major impact on procurement, which is a new industry for both. As Dhirendra notes, “It’s really exciting to see the maturing of the tool and the project is going to keep getting better.”  Nipun echoes the sentiment and adds, “Working on this tool is like an upgrade to our knowledge. Every requirement I work on has given me so much knowledge over the last year.” 

Nipun and Dhirendra’s skills in observation, data gathering, and analysis make them a valued part of the Trust Your Supplier team. 

April Harrison Blog, Spotlight 1 Comment

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 ,

Team Member Spotlight: Vikram Muroor

“It takes months to find a customer, seconds to lose one.” 

Vikram Muroor leads our highly skilled Support Team. This team assists and advocates for customers in their discovery, use, optimization, and troubleshooting of our platform. It’s not the stereotypical support role that Vikram plays, he also has a pivotal role in shaping the product design and enhancement as he is the face of Trust Your Supplier (TYS) to our end user communities. Vikram effectively understands the feedback from our customers and then communicates to our internal teams for fixes and improvements to our system. Vikram’s nickname at Trust Your Supplier is Mr. Dependable. It seems like we have clones of Vikram as he is available in all time zones.  

What’s Vikram’s favorite thing about working for TYS? “I enjoy collaborating with all our teams: Business Analysts, Product Team, Sales & Marketing, QAs, Development, and others. Everyone on the team is flexible, open to new ideas, and provides insightful feedback. There is never a dull moment and employees are viewed as the greatest asset of the company. We are encouraged to maximize our abilities and potential.” The family atmosphere at Trust Your Supplier is what drives Vikram to work every day. 

Vikram’s creativity in solving problems and ability to collaborate effectively makes him a valued member of the Trust Your Supplier team.  

April Harrison Blog, Spotlight 0 Comments

Trusted Supplier Spotlight: Novitas

Trusted Supplier Spotlight: Novitas

Each month the Trust Your Supplier network highlights a trusted supplier that has a relationship with one or more of our buying organizations. This month, we would like to introduce you to Novitas.  

Novitas provides flexible, tailored, and cost-effective change assurance training solutions for all change projects and digital transformations, in any geography. With their training quality feedback always receiving a greater than 9 out of 10 rating, their customers appreciate Novitas’ understanding that “People experience change, not technology.” 

The pace of enterprise and digital transformation and change has quickened beyond what any of us could have predicted and shows no sign of slowing. How your people react and respond to these changes will determine project success. Partnering with Novitas and applying our services will deliver that success. 

Novitas will work closely with you to understand the nature of the change, the scale of the business impact, the capabilities and behaviors that will drive adoption success and develop a right-fit training strategy that will empower your workforce change literacy. 

We cater for one off change projects all the way up to global multi-site changes programs that incorporate several sub project deployments. We work across all geographies and languages. 

 

Want to learn more about Novitas or interested in their services? Reach out and connect: 

Website: www.novitas.ie 

LinkedIn: https://www.linkedin.com/company/novitas-ltd/  

Email: [email protected]  

 

Want to learn more about Trust Your Supplier and our secure network of buyer organizations and trusted suppliers? Visit www.trustyoursupplier.com  

April Harrison Blog, Spotlight 0 Comments

The Case for a Universally Consumable Supplier Identity

Trust Your Supplier sessions at FORGE: Digital Futures 2022

This year at Procurement Foundry’s FORGE: Digital Futures event, the theme was “Elevating Procurement to Digital Gamechanger”. We invited Dr. Elouise Epstein to share her thoughts on the future of Supplier Identity, followed by a lunch and learn on How Trust Your Supplier is Enabling the Future of Digital Identity.

Dr. Elouise Epstein gave a powerful and relatable story of the need for a digital wallet and why the work we are doing at Trust Your Supplier is so important. This session, along with our Lunch & learn session, is available for you to watch here.

At Trust Your Supplier, we are using our network and technology to bring a single source of truth to supplier information management. We work with organizations that have challenges with unreliable supplier data, a fragmented view of supplier metrics, and a lengthy cycle time. 

If this rings true for you, we’d like an opportunity to learn more about your challenges and share how we’ve helped similar clients. Let us know if you or your team are interested in setting up a quick meeting to discuss. We’d be happy to connect.   

April Harrison Events, News 0 Comments

FORGE: Digital Futures

FORGE: Digital Futures 2022

On May 5th, Trust Your Supplier will join the Procurement Foundry community at the FORGE: Digital Futures event. Keeping with the theme of Elevating Procurement to Digital Gamechanger, we’ve invited Dr. Elouise Epstein to share her thoughts on the future of Digital Identity, followed by a lunch and learn on How Trust Your Supplier is Enabling the Future of Digital Identity. 

Register for the event and be sure to bookmark these sessions (12:40pm & 1:10pm EST). We’d love to see you at the Trust Your Supplier booth! 

 

 

April Harrison Events, News 0 Comments