Listen to TYS & Moody’s Analytics discuss risk & compliance management on the Sourcing Industry Landscape podcast: https://youtu.be/LnkmRSeo6Gw
Listen to TYS & Moody’s Analytics discuss risk & compliance management on the Sourcing Industry Landscape podcast: https://youtu.be/LnkmRSeo6Gw

FAQ: What is the Importance of Standardization?

Frequently Asked Question: What is the importance of standardization?

Trust Your Supplier has endeavored to bring together buyer organizations across and within industries to determine the best practices and key questions needed to ensure supplier questionnaires address compliance and risk perspectives. Our questionnaires were built with key regulatory questions that address global, local and industry specific requirements. 

These standardized questionnaires and workflows reduce onboarding time by allowing suppliers to focus on any unique questions without having to readdress shared questions. This gives suppliers a better experience overall, while reducing time, effort and costs for both parties. Internally, organizations can move in an agile way to get the suppliers they need and meet their goals & deadlines. 

Watch this short video to learn more. https://trustyoursupplier.com/resources/cycle-time/ 

FAQ: Why Supplier Management?

Frequently Asked Question: Why did Trust Your Supplier choose to tackle supplier management?

We realized that there was a large gap in the reliability of supplier data. With today’s supply chain risks, volatility in supply, and the increased regulatory situation, traditional methods to discover, onboard and monitor suppliers can’t keep up with the pace of changing information. 

Fundamental to all supply chains is the “supplier”. Globalization requires proper vetting and risk assessment of suppliers across a broad spectrum of subject areas to ensure trust, transparency, and compliance with global regulations 

The pandemic has demonstrated that a lack of supplier diversity and reliance on one or two concentrated suppliers can lead to a total supply disruption, higher costs, and process inefficiencies. As part of their material risk and qualification assessments, investors, buyers, and consumers are requiring suppliers to demonstrate ESG and sustainability initiatives.  

Our parent company, Chainyard, believes that a blockchain-powered solution such as Trust Your Supplier is foundational to the future of supplier management. 

Trust Your Supplier Whitepaper Download

For Trust Your Supplier, blockchain isn’t just a buzzword. It’s the technology we are using to lead the way from today’s portal-based ecosystem to a true, universally consumable supplier digital identity. 

Download the free whitepaper to learn more about our technology and the many benefits to both procurement organizations and supplier companies.

https://trustyoursupplier.com/resources/whitepaper/ 

 

9 Ways to Know Procurement Has Outgrown Excel 

Microsoft Excel is a great product that has been the mainstay of business data and calculations tools for decades. It’s easily available, considerably stable, and most computer-savvy users can learn it. However, it does have limitations, and as your business grows, you’ll notice some disadvantages when relying solely on Excel. So how can you tell if your procurement department has outgrown Excel and needs a different technology? 

Read more about this topic on the Buyers Meeting Point blog at 

https://www.buyersmeetingpoint.com/digital-transformation/entry/9-ways-to-know-procurement-has-outgrown-excel 

#digitalprocurement #supplierrelationshipmanagement #digitaltransformation #BuyersMeetingPoint

Good Advice From Joyce Harkness

In the United States, we will be celebrating Thanksgiving this week. Our time is spent sharing food and other traditions with family and friends.  As I’ve been making preparations, I remembered some family-themed advice given to me by Joyce Harkness. 

Joyce joined me on an episode of the Procurement Block podcast and as a single, working mother offered up this tip for managing work and family:  “We have a shared online family calendar. At the beginning of each school year, we would put the usual school and family events in the calendar. And then it helps us then have conversations about who’s attending what.”

Joyce was such a pleasure to have on the show. If you haven’t had a chance to listen to her episode on Supplier Information Management, you can check it on below.

Happy Thanksgiving!

https://trustyoursupplier.com/procurement-block/podcast-s1e4/ 

Digital Transformers: Supplier Management Using Blockchain

Historically, procurement has considered themselves the ‘gatekeepers’ for enterprise contracts and supplier relationships. Information was regarded as power, especially if it could give them an upper hand in supplier negotiations. That paradigm no longer works.

Today’s procurement organizations are not only beginning to empower distributed buyers to make more and more independent decisions about suppliers, they are working towards stronger, more trust-based partnerships with those suppliers.

In this episode of Digital Transformers, powered by Supply Chain Now, hosts Kevin L. Jackson and Kelly Barner welcome Gary Storr and April Harrison with Trust Your Supplier to the podcast to discuss supplier management using blockchain:

· The importance of establishing mutual trust in a digitally transformed business environment and how specific technologies can help companies achieve that at scale

· How blockchain can not only increase the trust factor of supplier information, it can also prevent suppliers from having to manually make updates across a range of customer systems

· Ways in which the past year has helped procurement see just how reliant they are on their suppliers

Listen to the episode here.

The Value of a Blockchain-Based Identity

by April Harrison

A trusted supplier identity is the keystone of our Trust Your Supplier (TYS) platformTYS 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 

Nokia Announcement

Nokia Officially Launches Onboarding of Suppliers into Trust Your Supplier

Nokia, a leader in the telecom industry, has announced the availability for their suppliers to transition to Trust Your Supplier as part of their digital strategy. By adapting TYS, Nokia aims to improve and expedite Nokia’s supplier qualification, validation, & life-cycle information management. Sanjay Mehta, Nokia’s VP Mobiles Networks Strategy talks about how TYS will be a game-changer for Nokia in this video.

By joining TYS, Nokia’s suppliers will benefit by eliminating manual repetitive process, experiencing an acceleration of qualification & onboarding processes, and gain the potential for new business opportunities.

“Working with IBM and Chainyard on this blockchain initiative represents a great opportunity for Nokia to further enhance our suppliers’ experience and optimize the onboarding process,” said Sanjay Mehta, Vice President Mobile Networks Strategic Sourcing, Nokia. “Using the latest technology to address a classical challenge will be of benefit for everyone, and further increase the speed of using innovative solutions.”

Trust Your Supplier values this partnership and welcomes Nokia, along with their suppliers, to the TYS network.

Learn more at www.TrustYourSupplier.com/Nokia