Read how our technology is powering the future of supplier information management. Download the whitepaper: https://trustyoursupplier.com/resources/whitepaper/
Read how our technology is powering the future of supplier information management. Download the whitepaper: https://trustyoursupplier.com/resources/whitepaper/
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FAQ: Why Supplier Management?

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

We realized that there was a large gap in the reliability of supplier data. With today’s supply chain risks, volatility in supply, and the increased regulatory situation, traditional methods to discover, onboard and monitor suppliers can’t keep up with the pace of changing information. 

Fundamental to all supply chains is the “supplier”. Globalization requires proper vetting and risk assessment of suppliers across a broad spectrum of subject areas to ensure trust, transparency, and compliance with global regulations 

The pandemic has demonstrated that a lack of supplier diversity and reliance on one or two concentrated suppliers can lead to a total supply disruption, higher costs, and process inefficiencies. As part of their material risk and qualification assessments, investors, buyers, and consumers are requiring suppliers to demonstrate ESG and sustainability initiatives.  

Our parent company, Chainyard, believes that a blockchain-powered solution such as Trust Your Supplier is foundational to the future of supplier management. 

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 

FAQ: Why Blockchain?

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

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 

Trust. It’s not just in our name, it’s in our technology. 

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.  

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  

Blockchain in Healthcare

Another example of how blockchain solves business problems.  

Blockchain in healthcare has become extremely relevant when it comes to purchasing medical equipment. Fake PPEs were a constant obstacle in obtaining the necessary equipment for hospitals and clinics in 2020 and beyond.  Supplier qualification and supply chain diversification have now become a necessity, with Trust Your Supplier being a “key player in this space.” 

https://blockchainhealthcaretoday.com/index.php/journal/article/view/194/278 

How Blockchain Integration Is Reducing Risk and Uncertainty in Supplier Management

If you’ve turned on the news or scrolled through your Twitter or LinkedIn feeds at some point during the past 12 to 18 months, you’re probably aware of the supply chain issues currently plaguing the global economy. What most average consumers don’t think about, however, is how the huge task of monitoring supplier relationships creates risk and uncertainty in supply chain management. These issues are far less documented than logistical failures or uneven supply and demand, but equally pervasive.  

Barriers to Success 

Modern supplier risk management monitoring is often conducted via an approach that is anything but modern. Risk and compliance personnel generally have fragmented information and untimely updates regarding potential or existing compliance issues.  In turn, procurement leaders rarely have a single unified view of their suppliers in one place. Instead, they must create an aggregated view by piecing together information from multiple reports and disparate sources. 

Procurement organizations often invest significant time attempting to research and understand suppliers before working with them. To support this process, they typically have multiple third-party verifiers, all on different platforms. There’s no standardization across industries pertaining to the questions asked to suppliers, which ultimately means both buyers and suppliers must routinely conduct redundant and unnecessary work. 

These are more than simply annoying obstacles. After all, today’s consumers demand nothing less than full transparencywhen it comes to the origins of the products they purchase and the processes that get those products to their doorsteps. Without complete visibility into their supply base, companies risk losing business, credibility, and more. 

The Promise of Blockchain 

Companies with digital transformation initiativesgenerally have several key goals in mind when undertaking those efforts including serving their customers better. By making blockchain integration a part of their efforts, they put those goals within reach. 

Blockchain is designed to enable trust between two parties. It does this through a variety of features, including a consensus mechanism and a shared, tamper-evident ledger. Once transactions are recorded on the ledger, they’re immutable and cannot be altered. All parties can achieve clear provenance which supports auditing capabilities. 

Chainyard’s Trust Your Supplier (or TYS) platform takes advantage of these and other attributes of blockchain design to enable supplier management in a secure and trusted environment. It provides levels of data security that are simply not possible in regular shared databases, thus reducing vulnerabilities. Relationships between buyers and suppliers are documented comprehensively, as all actions are recorded with time stamps on the blockchain. 

Most enterprise organizations have multiple back-end systems used to manage supplier payments. Trust Your Supplier offersintegrations from system to system, blockchain to blockchain, allowing a seamless experience for procurement teams. 

See What’s Possible 

As part of the Trust Your Supplier network, companies can leverage integrated supplier risk data from industry-recognized validators. Having a single platform with streamlined compliance validations drives clarity and provides better oversight while enabling centralized planning in a more efficient and secure way. 

TYS’s artificial intelligence-powered tools provide continuous real-time updates on suppliers and can be set to alert compliance teams to any changes based on configurable rules. Moreover, suppliers can provide real-time updates to reflect changes to their business, which ultimately reduces the burden on procurement teams to ensure data is complete and accurate. 

As the TYS network evolves, the platform’s utility will continue to expand. To see where we’re going and to learn more about how Trust Your Supplier is improving supplier management today, visit www.TrustYourSupplier.com  

Everest Group’s Enterprise Blockchain Services PEAK Matrix Assessment 2022

Congratulations to our team at Chainyard for climbing the Everest Group’s Enterprise Blockchain Services PEAK Matrix Assessment 2022 ! Among many other projects, Chainyard is the owner and operator of Trust Your Supplier, our blockchain-based supplier information management solution.

Check out the announcement here.

#blockchain #blockchainservices #digitaltransformation #chainyard

9 Ways to Know Procurement Has Outgrown Excel 

Microsoft Excel is a great product that has been the mainstay of business data and calculations tools for decades. It’s easily available, considerably stable, and most computer-savvy users can learn it. However, it does have limitations, and as your business grows, you’ll notice some disadvantages when relying solely on Excel. So how can you tell if your procurement department has outgrown Excel and needs a different technology? 

Read more about this topic on the Buyers Meeting Point blog at 

https://www.buyersmeetingpoint.com/digital-transformation/entry/9-ways-to-know-procurement-has-outgrown-excel 

#digitalprocurement #supplierrelationshipmanagement #digitaltransformation #BuyersMeetingPoint