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supplier.io 2022 Supplier Diversity Report

For the fifth year, supplier.io launched a survey aimed to define the supplier diversity industry for the supplier diversity professionals managing and growing their companies’ programs. 

“The State of Supplier Diversity Report revealed big changes in the primary drivers of supplier diversity. More and more companies see programs as a core component of their company culture, and executive and board support is at an all-time high. However, signs of disconnects appear between executive leadership support and solvable challenges that seem to remain for supplier diversity practitioners, notably in implementing scalable processes. “

Download the 2022 report to learn more.  

Supplier.io is now available on the Trust Your Supplier network. Learn more: https://trustyoursupplier.com/portfolio/supplier-io/ 

April Harrison Blog, Risk & Compliance, Supplier Diversity 0 Comments

UN World Food Day 2022

This Sunday is the UN’s #WorldFoodDay, a day set aside to raise awareness about the need to create more sustainable, resilient, and inclusive agrifood systems. 

As a supplier management network that specializes in helping organizations connect with trusted suppliers, we know first-hand how disruptions such as climate events, Covid-19, and conflicts such as the war in Ukraine have affected the supply chain. For those already on the edge of malnutrition, these events have made food security even more out of reach. 

The UN has put together incredible resources with stories of #FoodHeroes and how businesses can help play a part in making sure everyone has regular access to enough nutritious food. 

Join an event or browse their recommendations to help make a difference! 

https://www.fao.org/world-food-day/en

April Harrison Blog 0 Comments

TYS Patent for Blockchain SIM

We thought during the GITEX Global and Future Blockchain Summit would be the perfect time to announce that Trust Your Supplier has secured approval from the U.S. Patent Office for all rights to a blockchain-based supplier information management solution! 

Solving the issue of distrust between business participants, blockchain provides data security, clear provenance and an immutable record of all the events that have taken place between parties.  

We chose to build Trust Your Supplier on blockchain to provide procurement organizations, compliance teams and auditors with a trusted supplier record unmatched by any other technology. 

Download this info sheet to learn more about Blockchain Features.

Learn more about Blockchain and Trust Your Supplier here.

#blockchain

April Harrison Blockchain, Blog, News 0 Comments

Supplier Lifecycle Management with SIG and Trust Your Supplier

Tune in to Trust Your Supplier’s General Manager, Gary Storr, along with Dawn Tiura, SIG President & CEO for their discussion on the important phases of supplier lifecycle management to industries in the climate that we live in today. 

The live session occured on September 22nd and be viewed on demand at this link: https://www.linkedin.com/video/event/urn:li:ugcPost:6976303090320691201/ 

April Harrison Blog, Events 0 Comments

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 , ,