Chainyard is the recipient of the Institute of Supply Chain Management (ISCM) 2021 award in the category of Best Procurement Technology for our solution Trust Your Supplier!
The awards ceremony was held on August, 21, 2021 in Mumbai. Just as ISCM is a thought leader to the supply chain community, Trust Your Supplier (Chainyard ) endeavors to have a transformational impact to the same through our network solution and innovative marketplace. We are thankful for this recognition and eager to continue contributing to ISCM and the global supply chain industry.
An incredible line-up of guests joins me for our first 3 episodes of Procurement Block, a podcast designed to school procurement newbies and seasoned professionals alike. Join me as we build up from the basics about the initiatives and technology that fuels innovation within procurement and supply chain.
Listen at www.ProcurementBlock.com.
By Praveen Rao
Managing Director, Supply Chain Solutions and Partnerships
IBM Industry Platforms
Today’s businesses are operating in an increasingly complex world in which risk and volatility are putting new pressure on day-to-day business operations. A study by IBM indicates businesses are spending more than 50 percent of their revenues on procuring goods and services from their supplier base. Leading procurement organizations must excel in the fundamentals of reducing cost, ensuring compliance, driving performance and ensuring innovations in the supply base.
In today’s procurement world, a keystone in the sourcing strategy is to have vendor management methods that foster engaging with the right suppliers at minimal cost. This involves managing all aspects of supplier lifecycle from discovery and qualification to onboarding and monitoring.
Continuous monitoring of the supplier performance in today’s fast-paced and global environment, along with supplier rationalization as a key piece of strategy, must be considered by procurement organizations to innovate in driving better supplier management. In our conversations with large procurement organizations, these are some of the top procurement challenges for 2021 and beyond:
- Reduce spend cost
- Lack of resiliency in supply chains
- Lack of risk mitigation around onboarding unfavorable suppliers
- Outdated procurement systems
- Lack of analytics for insights around supplier performance
- Not enough focus on sustainability and diversity of supplier base
- Dark purchasing that happens outside the approved procurement processes
So how do procurement organizations drive change to face these challenges? Trust Your Supplier (TYS) works with a network of enterprise buyer organizations to bring digital transformation to their industries. As an integral part of their strategy, the TYS blockchain platform is bringing transparency and supplier visibility at every touchpoint. The supplier owned profile, with information needed for onboarding and qualification, can be cross referenced against industry recognized validators to reduce your organization’s overall procurement cost and to support compliance activities such as diversity, sustainability, cyber security, and anti-corruption.
TYS boasts a rich marketplace of business partners that cater to evolving risks such as: supplier Identity, firmographics, financial, sustainability, cybersecurity, governmental sanctions, compliance and screening for undesirable entities.
Furthermore, TYS has partners into your supply chain resiliency and potential disruptions that could arise from unplanned events such as a pandemic or natural calamities. Marketplace providers offers continuous monitoring capabilities to ensure that your risk data is kept up to date with evolving market conditions. These solutions are offered through free basic data sets, bring your own license, and commercial license purchasing options.
To learn more about how Trust Your Supplier can help with your organization address these top procurement challenges and bring innovation to your supplier management process, please contact us to speak with an expert.
Insights from the Innovators…Cyril Pourrat, Sanjay Mehta and Ninian Wilson discuss how they are bringing digital transformation to BT, Nokia, Vodafone, and the telecom industry with Trust Your Supplier. Hear what you should be thinking about as you embark on the path to transforming your organization and your industry.
Our team had the opportunity to appear on CPO Arenea (Season 1, Episode 7). Similar to shows like Shark Tank, service providers pitch to a panel of experts that weigh in on their solution.
Congratulations to our team a successful performance in the CPO Arena! It was an impressive showcase of how Trust Your Supplier helps with onboarding suppliers faster, using operational intelligence and partnerships within our integrated, blockchain platform without unnecessary admin activities for buyers or suppliers.
Thanks to the CPO Arena team for having us on your show!
This insightful article by VentureBeat features a fantastic interview with Gary Storr, General Manager of Trust Your Supplier. Chainyard’s experience with blockchain technology has been a differentiating factor for TYS, an example of the innovative use of blockchain for any industry that requires trusted relationships.
GEODIS, a logistics company providing expertise in Supply Chain Optimization, Freight Forwarding, Contract Logistics, Distribution & Express and Road Transport, has joined the Trust Your Supplier network.
By joining TYS, GEODIS will have access to a single, aggregated view of complete supplier–provided details presented alongside authoritative third–party information. GEODIS’ suppliers will benefit by eliminating manual repetitive process, experiencing an acceleration of qualification & onboarding processes, and gain the potential for new business opportunities.
We would like to extend a warm welcome to GEODIS, along with their suppliers, to the TYS network!
As a TYS business partner, RapidRatings provides actionable insights into the Financial Health stability (FHR) of public and private companies around the world.
RapidRatings‘ experience as a TYS business partner has given them an opportunity to view the TYS platform in action, solidifying the value they will garner for their own procurement team and suppliers. This recognition of merit is a significant testimony to Trust Your Supplier.
Trust Your Supplier values this additional partnership and welcomes RapidRatings, along with their suppliers, to the TYS network.
Learn more at https://trustyoursupplier.com/tys-buyers/rapidratings/
by April Harrison
A trusted supplier identity is the keystone of our Trust Your Supplier (TYS) platform. TYS provides organizations a trusted exchange of information across an encrypted blockchain environment to minimize risk & fraud throughout the onboarding and life cycle of partnerships. Our value proposition relies on ensuring identity control and privacy for network participants.
The exchange of information is crucial to business operations in all industries. Conventional systems are open to fraud, error and inefficiency. These manual processes lack data security and each participant has their own separate database, or ledger — increasing the possibility of human error or fraud. Shared databases cannot prevent malicious activity. Hacked entities can corrupt or destroy data in the shared database, making it invalid for everyone involved.
Blockchain is designed for trust and secure trading, reducing vulnerabilities. It provides clear provenance and a single, shared, tamper-evident ledger. Once recorded, transactions cannot be altered. This is ideal for supporting auditing capabilities as it provides an immutable relationship history between parties.
The TYS supplier profile data is sovereign, owned & controlled by the supplier, who can selectively share additional profile information with companies they choose to connect with on the network.
This single, digital identity for suppliers can be shared with multiple buyers and business networks. A 2-tiered supplier profile approach allows suppliers to be discovered by new customers without handing over unlimited access to their data.
To learn more about this innovative new approach to supplier identity that is transforming supplier relationships, please visit www.TrustYourSupplier.com