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
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!
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.
BYD, one of the world’s largest producers of masks and other personal protection equipment (PPE), has joined the Trust Your Supplier (TYS) Network to help improve access to equipment in response to the COVID-19 pandemic.
“The market for PPE is a prime example of supply chains run amok at a time when the stakes for being able to trust who you do business with have rarely been higher,” said Gary Storr, TYS General Manager. “By providing supply chain visibility and helping create a transparent, accessible market for PPE, we can help improve the flow of goods for these critical products.”
Read the press release here.
In this article about businesses preparing for another disaster, Trust Your Supplier is highlighted as a blockchain based solution to provide supply chain transparency. During times of emergency or normalcy, preparedness involves trust and efficiency, both of which are provided by Trust Your Supplier.
Chainyard and Trust Your Supplier won Blockchain Revolution’s prestigious Innovative Entrepreneurship in Blockchain Award in the category of Supply Chain Applications.We take pride in the Trust Your Supplier platform and network. Thank you to Blockchain Revolution Global for recognizing our team’s achievements.
The awards ceremony took place on July 7th and honored innovators that are “making a measurable difference within their organizations and across industries ripe for blockchain disruption.”
This Forbes article makes note that the Trust Your Supplier network offers a valuable contribution to strengthening supply chain response to major unexpected events, such as Covid-19.
Congratulations to Chainyard and IBM for quickly building this resource in response to the shortage of critical medical supplies due to Covid-19. #TrustYourSupplier #RapidSupplierConnect
This Wall Street Journal article details the technology and process behind Rapid Supplier Connect. Chainyard‘s Trust Your Supplier is proud to be one of the foundations of this network.
TYS has partnered with IBM to create a supply chain solution in response to the critical demand for medical supplies.Companies such as General Motors, Tesla, 3M, Gucci, and others are retooling to address the critical demand for medical supplies so critical during this worldwide pandemic. Many of these are not typical suppliers to hospitals and other health care providers. We have also seen our share of bad actors take advantage of the situation, delivering faulty equipment or other even more heinous acts. To address these concerns Trust Your Supplier has created a separate TYS portal for health care providers to aid in the vetting, discovery, and onboarding of non-traditional suppliers with critical supplies.
Chainyard‘s Trust Your Supplier is collaborating with IBM to offer this solution, called Rapid Supplier Connect.
Rapid Supplier Connect provides 3 key services:
- RAPID TYS Blockchain Network: A separate private TYS instance for non-traditional suppliers to provide accelerated, credentialed onboarding for buyers.
- Proven Supply Chain Solution: IBM’s Sterling Inventory Visibility and Supply Chain Business Network enable buyers and suppliers to have product inventory visibility and assist in order and fulfillment for scarce supplies.
- Rapid Operation Support Center: War room for operational execution to support business and technical onboarding.
You can help.
Please forward the Rapid Supplier Connect website to any of your suppliers that may be able to offer critical supplies. Webinars step them through the solution and process.