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Tales of TYS Superheroes: Supplier Discovery

Here’s a little end-of-week humor. 

 This comic strip is a fun way to showcase a problem and a solution around an organization’s need for supplier resiliency. Now, more than ever, enterprises need a trusted base of suppliers. With today’s supply chain risks, volatility in supply, and the increased regulatory situation, the traditional methods to discover and onboard suppliers can’t keep up with the pace of changing information. 

Today’s hero uses the power of TYS’s discovery function to quickly find numerous pre-vetted suppliers to fill an unexpected gap in their supplier base. A simple search function reveals suppliers that meet the requirements and characteristics this organization is looking for along with risk data including questionnaires and third-party data.

The supplier information is available nearly immediately, which reduces the effort to discover qualified suppliers and reduces onboarding cycle time. 

Enjoy the first installment of Tales of TYS Superheroes – stories of everyday heroes in supplier management! 

 

April Harrison Blog ,

Ethical Considerations of Digital Transformation

Our Chief Technology Officer, Mohan Venkataraman, provides thought leadership to the tech community at large. His latest article, Ethical Considerations of Digital Transformation, is a sensible case for companies doing the right thing for society and the planet. Mohan lays out three ways to ensure your business is practicing ethical principles.  

By design, Trust Your Supplier incorporates these steps into our features and workflows. From audit & compliance management, supplier diversity, ESG or other compliance initiatives, TYS provides business process transparency, data privacy, and key partnerships to maintain ethical standards. 

Published by Entrepreneur magazine, enjoy the full article here. 

 

April Harrison Blog, Data Privacy & Security, Digital Transformation, ESG, Risk & Compliance, Supplier Diversity 0 Comments

SIG’s Global Executive Summit 2022

The Trust Your Supplier team is headed to Sourcing Industry Group (SIG)’s Global Executive Summit in October! As sponsors, we look forward to our first SIG event and to meeting many community members. Let us know if you are attending. We’d love to catch up with you in Rancho Mirage.

SIG Global Executive Summit is “packed with the latest best practices, cost-cutting strategies, innovative processes and risk-mitigation approaches.”

Register Here

#procurement #supplierdata #suppliermanagement #riskandcompliance 

April Harrison Blog, Events 0 Comments

Trust Your Supplier Joins SIG

Trust Your Supplier is the newest member of the Sourcing Industry Group (SIG) community! We are excited to join SIG as a technology provider and to help support education & networking opportunities for members.  
 
“Sourcing Industry Group (SIG) is the premier global sourcing association that provides thought leadership, training and networking opportunities to executives in sourcing, procurement, outsourcing, shared services and risk from Fortune 500 and Global 1000 companies.”   
 
Learn more about SIG: https://sig.org/ 

#procurement #supplierdata #suppliermanagement #riskandcompliance

April Harrison Blog, Events 0 Comments

“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 ,
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