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How to Reduce Workload & Shorten Onboarding Time for Procurement teams and Their Suppliers

by April Harrison

Buyers and Suppliers have a common goal: to transact. Often standing in their way is an intensive administrative workload to provide and maintain critical business information.

The traditional process of validation & qualification is slow and cumbersome for both purchasing teams and suppliers.

Suppliers must submit their information to each buyer in different formats. Buyers must review supplier information and ratings to meet compliance regulations. These highly manual and repetitive steps result in long lead times to their first transaction.

Trust Your Supplier frees both buyers and suppliers from redundant administrative work with a seamless exchange of information, increased visibility, and embedded third-party risk management. In this short video, hear how TYS works for Glaxo-Smith-Kline managing their supplier relationships. 

Reduce supplier effort to share information with customers
With TYS, suppliers can update once, share with many.

Reduce procurement team effort to collect and validate supplier information Procurement teams automatically receive updated and accurate supplier information along with market, media, and other external commentaries to constantly monitor news regarding suppliers.

In this video,  Lenovo’s COO, Renee Ure, describes how TYS streamlines onboarding. This simplified process gives time back to your team, so they can focus on their core competencies and shortens the runway to the first transaction.

Learn more at www.TrustYourSupplier.com

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A Platform for Procurement Innovation

by April Harrison

Supply Chains are an intricate interchange of information between buyers and suppliers that result in an exchange of goods or services and payment. If all goes well, this can result in lasting partnerships.

One cumbersome aspect of the supply chain process is collecting and maintaining accurate and validated supplier information. Intensive administrative work is required from both suppliers and buyers to ensure accurate data to minimize risk.

The traditional qualification, validation. and onboarding processes require suppliers to submit their information to each buyer in different formats. For or buyers, compliance regulations demand reviews of supplier information and ratings. Because these steps are highly manual and repetitive, they often result in unnecessary time delays to the first transaction. 

Trust Your Supplier (TYS) solves this challenge to the first transaction and in the upkeep of accurate & current information. 

Built on blockchain technology, TYS provides a single, trusted digital identity for suppliers to share with multiple buyers and across business networks

By a supplier building a singular profile in TYS, they can establish a neutral, cross-industry identity layer that offers seamless integrations with multiple buyer vertical industries, business networks, and procure-to-pay solutions.

Trust Your Supplier brings together the technology and a network that transforms the supplier information experience, leading to reduced cost, risk, and administrative effort. 

Over the next few weeks, we’ll take a look at the impact TYS has on each of these areas with the potential for amazing outcomes. Stay tuned!

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The Trust Your Supplier Podcast has Officially Launched!

Focusing on insights about supplier information management, we’ll have conversations with key stakeholders to discuss how to break the cycle of redundant administrative work and how to increase supply chain agility.

In our first episode, GSK’s Director of Policy, Risk & Compliance in Procurement, Ashna Amarshi, chats with TYS’s Michelle Armstrong & Mohit Bothra. They discuss GSK’s journey with Trust Your Supplier, why it’s more important than ever to speed the onboarding process, and how her team will benefit.

TYS will allow her team to focus on GSK’s overall mission, to help people Do More, Feel Better, Live Longer.

Listen to the full conversation here.

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TYS @BiTA Symposium – June 10th

Chainyard will be highlighting Trust Your Supplier as an important and timely use of blockchain.  Register for this free, virtual event.

BiTA is a leading member-driven community comprising stakeholders across the transportation, logistics, supply chain, freight, technology, and blockchain arenas.

Join us on June 10th as BiTA members highlight real-world learnings from their use of cutting-edge technology. Projects to be discussed include: 

  • An update on the DLT Labs + Walmart Canada project, the largest industrial blockchain application in the world
  • How Specright empowers Salesforce Blockchain customers to create a trusted supply chain network
  • Trust Your Product & Trust Your Supplier: why Chainyard’s work is more important than ever
  • Ubirch’s COVID-19 testing solutions for transportation companies
  • Pitney Bowes’ blockchain-enabled tracking and chain-of-custody eCommerce PoC
  • Polaris Transportation Group’s FreightLens product using Hyperledger
  • How Routeique is using RECAST to reframe supply chain strategies
  • Why interoperability is essential and what it means for supply chains with the CEO of Agoric
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