Supplier Information Management Archives

Enhancing Transparency and Reliability in the Food Manufacturing Supply Chain

Ensuring the highest standards of transparency and reliability in the food manufacturing supply chain is paramount. Consumers today are more conscious than ever about where their food comes from and how it’s produced. Every step in the supply chain needs to be meticulously monitored from farm to table to ensure safety, quality, and compliance. Trust Your Supplier (TYS) offers a cutting-edge blockchain-based solution that transforms supplier and risk management for food manufacturers, ensuring unparalleled transparency and reliability.

The Challenge: Complexity and Risk in the Food Supply Chain
Food manufacturing companies face a unique set of challenges in their supply chains. With numerous suppliers, from farmers to packaging companies, the complexity is immense. This complexity often leads to issues such as:

Lack of Visibility: Difficulty in tracking supplier information and credentials

Compliance Risks: Ensuring all suppliers adhere to food safety regulations and standards

Inefficiencies: Manual processes can lead to errors and delays

Risk Management: Predicting and mitigating risks related to supplier reliability

The TYS Solution: Blockchain-Based Supplier Information Management
Trust Your Supplier addresses these challenges head-on with our innovative blockchain-based platform, providing a single source of truth for supplier information and updates. Here’s how TYS enhances transparency and reliability in the food manufacturing supply chain:

Immutable Records and Transparency: Blockchain technology ensures that every update or change to supplier information is immutable, meaning it cannot be altered or deleted. This immutability guarantees that all information about suppliers is accurate and tamper-proof, providing complete transparency to food manufacturers.
Comprehensive Supplier Profiles: TYS supplier profiles are owned by each supplier, and firmographics are aggregated with risk intelligence data. These profiles are continuously updated with real-time data, ensuring food manufacturers have the most current information to make informed decisions. This comprehensive visibility helps identify and mitigate risks before they become issues.
Enhanced Compliance and Approval Workflows: With TYS, food manufacturers can automate compliance checks and approval processes. TYS approval workflows streamline validating supplier information and compliance documents.
Real-Time Monitoring and Updates: TYS offers real-time monitoring of supplier information, including risk data and updates to firmographics or documents such as certifications and tax documents. This ensures that food manufacturers are always aware of the current status of their suppliers and can react swiftly to any changes.
Predictive and Prescriptive Insights: Leveraging advanced analytics, TYS reports provide insights into potential risks within the supply chain. By analyzing historical data and trends, users can mitigate these risks to maintain a steady and reliable supply chain.
Efficient and Trustworthy Data Exchange: By using a distributed ledger, all parties have access to the same information in real-time, reducing misunderstandings and errors. This transparency fosters trust and collaboration among suppliers and internal stakeholders.

Use Case: Streamlining Supplier Management
Consider the scenario where a food manufacturing company sources ingredients from multiple suppliers. With TYS, each supplier’s information, including compliance questionnaires, certifications, and risk assessments, is recorded on the blockchain. As suppliers update their documents or firmographics, TYS provides real-time alerts to the food manufacturer, ensuring they always have the most up-to-date information to make informed decisions.

Maintaining transparency and reliability in the food manufacturing supply chain is not just a regulatory requirement but a critical differentiator. Trust Your Supplier provides a reliable blockchain-based solution that helps food manufacturers manage compliance checks, real-time monitoring, and supplier information effectively. By offering comprehensive supplier profiles and streamlined approval workflows, TYS supports food manufacturers in confidently managing their supplier relationships.

Reach out to discuss how you can enhance the integrity and efficiency of your supply chain with TYS.

April Harrison July 15, 2024 Blockchain, Blog, Consumer Products, Risk & Compliance, Risk Management, Supplier Information Management, Supply Chain 0 Comments Blockchain, Compliance, Food Manufacturing, Supplier Information management, Supply Chain

Accelerating Supplier Pre-Qualification with Trust Your Supplier

In the realm of procurement, time is a precious commodity. According to McKinsey*, it typically takes three months to complete a single supplier search, with a sourcing professional dedicating over 40 hours of work—often only managing to consider a few dozen suppliers from a pool of thousands. This statistic underscores the inefficiency and frustration inherent in traditional supplier pre-qualification processes.

At Trust Your Supplier (TYS), we recognize these challenges and have designed our platform to streamline and enhance supplier pre-qualification, allowing businesses to operate more efficiently and make informed decisions swiftly.

The TYS Advantage

Premarket Analysis with Pre-Populated Data One of the key features of TYS is the integration of pre-populated firmographics by the supplier and risk data, along with verified and accurate contact details. This comprehensive database provides procurement professionals with essential information upfront, significantly reducing the time spent on initial research and data gathering.

Swift Qualification & Verification With TYS, users can quickly move through the qualification and verification steps necessary for onboarding suppliers. Our platform facilitates thorough market analysis before onboarding tasks begin, enabling companies to identify potential suppliers that meet their criteria early in the process. This upfront analysis ensures that only the most suitable suppliers are considered for further evaluation, eliminating unnecessary effort and costs associated with onboarding unqualified candidates.

Informed Decision-Making By providing more information at your fingertips upstream, TYS empowers procurement teams to make informed decisions about whether to proceed with onboarding a particular supplier. This early determination helps to minimize the time and resources spent on suppliers that may not ultimately meet the organization’s needs.

Realizing the Benefits

The advantages of using TYS for supplier pre-qualification are manifold:

Efficiency: Reduce the time required to identify and qualify suppliers, allowing your team to focus on strategic tasks.

Cost Savings: Lower the costs associated with the onboarding process by eliminating unqualified suppliers early.

Risk Mitigation: Access to accurate risk data helps in identifying potential issues before they become problematic.

Enhanced Collaboration: Our platform fosters better collaboration between sourcing professionals and suppliers, ensuring a smoother onboarding process.

By leveraging TYS, your organization can streamline procurement operations and build stronger, more reliable supply chains.

*Source: McKinsey & Company

April Harrison July 11, 2024 Blog, Digital Transformation, Supplier Information Management 0 Comments Supplier Discovery, Supplier Onboarding

Embracing Innovation in Telecommunications: Enhancing Digital Agility

by Michelle Armstrong, TYS Global VP of Value Engineering

In today’s fast-paced telecommunications industry, innovation and digital agility are key drivers of success. As companies strive to keep up with rapid technological advancements and ever-changing customer demands, a reliable and efficient supply chain becomes more critical.

Digital agility refers to the ability of an organization to rapidly adapt to changes, implement new technologies, and respond to market demands with speed and efficiency. For telecommunications companies, this means being able to quickly roll out new services, upgrade infrastructure, and deliver exceptional customer experiences. Achieving this level of agility requires a robust and flexible supply chain that can keep pace with the industry’s dynamics.

Several innovative solutions are emerging to help telecommunications companies enhance their supply chain management and improve digital agility. These solutions leverage advanced technologies such as blockchain, data analytics, and automation to create transparent, efficient, and resilient supply chains.

Enhanced Transparency and Trust: Advanced technology can create immutable records of supplier information, ensuring data accuracy and fostering a higher level of trust and collaboration between telecom companies and their suppliers.

Improved Supplier Verification: Telecom companies can now quickly verify the credentials and compliance of their suppliers, reducing the risk of fraud and non-compliance, and ensuring that only reputable and qualified suppliers are part of the supply chain.

Streamlined Procurement Processes: Automation tools are transforming procurement processes, from supplier onboarding to performance tracking. This saves time, reduces administrative burden, and allows telecom companies to respond more swiftly to market changes and new opportunities.

Data-Driven Decision Making: Real-time insights and analytics empower telecom companies to make more informed decisions about their supply chain. This data-driven approach helps identify potential issues before they escalate and uncover opportunities for improvement and innovation.

Real-World Impact: Case Studies of Innovation in Action
Several leading telecommunications companies have already begun to realize the benefits of these innovative solutions. For example, a notable telecom company successfully reduced its supplier onboarding time by 50% and improved overall supply chain efficiency by 30% by implementing advanced supply chain technologies.

In an industry where innovation and digital agility are paramount, leveraging cutting-edge technologies to enhance supply chain management is crucial. Telecommunications companies that embrace these innovations can streamline their operations, foster stronger relationships with their suppliers, and stay ahead of the curve in delivering exceptional value to their customers. As the telecom landscape continues to evolve, those who adopt advanced supply chain solutions will be best positioned for success.

Learn more about digital agility and TYS’s blockchain-driven platform to better manage and engage your suppliers.

April Harrison June 24, 2024 Blog, Supplier Information Management, Telecom, Value Engineering 0 Comments Michelle Armstrong, Supplier Information management, Telecom, Value Engineering

The Value of Building a Telecom Industry Vertical Around Supplier Management

by Michelle Armstrong, TYS Global VP of Value Engineering

Building a dedicated telecom industry vertical around supplier management can unlock numerous advantages, enhancing data quality, streamlining workflows, and managing risks effectively. Here’s how a unified approach can transform the telecom sector:

Increased Efficiency for Suppliers
Suppliers often grapple with diverse requirements and processes for each telecom company they serve. A telecom industry vertical standardizes these processes, reducing administrative burdens and enabling suppliers to focus on delivering high-quality products and services.

Centralized Supplier Data
Creating a centralized repository for supplier information and performance data improves data accuracy and accessibility. This centralization provides telecom companies with a comprehensive view of their suppliers, enhancing decision-making and operational efficiency.

Enhanced Collaboration and Transparency
A unified platform fosters better communication and collaboration between telecom companies and their suppliers. This transparency builds stronger, more reliable relationships, facilitating smoother operations and more effective problem-solving.

Streamlined Compliance and Risk Management
Standardized supplier management processes ensure consistent compliance with industry regulations and standards. Telecom companies can more easily monitor and manage multidimensional risks, leveraging shared insights and best practices to enhance overall supply chain resilience.

Cost Savings and Innovation
Reducing redundancies and streamlining workflows can lead to significant cost savings for telecom companies and their suppliers. Additionally, a collaborative industry vertical encourages innovation, enabling suppliers to share and implement new ideas and technologies more effectively.

At Trust Your Supplier (TYS), we understand the critical importance of a robust telecom industry vertical around supplier management. Our blockchain-based platform ensures seamless data exchange, real-time risk monitoring, and workflow automation. By leveraging TYS, telecom companies can standardize supplier management processes, enhance data accuracy, and foster stronger supplier relationships. Let’s look at how TYS can help you build a robust telecom industry vertical, driving efficiency, innovation, and growth:

Blockchain for Secure and Transparent Supplier Management
Blockchain technology is central to our platform at TYS, providing an immutable ledger for all supplier transactions and data exchanges. This ensures data integrity, security, and transparency across the entire supply chain. Blockchain enables real-time updates and verifiable records, which are crucial for maintaining trust and accountability among telecom companies and their suppliers.

Extensive Network of Global Qualified Suppliers
Our network includes over 400 million global qualified suppliers, which supports efficient sourcing and initial risk qualification. By leveraging this extensive network, telecom companies can quickly identify and engage with suppliers that meet their specific needs and standards, significantly reducing the time and effort required for sourcing.

Preventing Supplier Fatigue
A telecom industry vertical can prevent supplier fatigue by addressing shared assessment and firmographic requirements. Instead of completing multiple assessments for different telecom companies, suppliers can provide their information once and share it across the entire vertical. This not only reduces the burden on suppliers but also ensures that telecom companies receive consistent and up-to-date information.

Building Vertical Compliance Assessments
We build vertical-specific questionnaires that, when updated by suppliers, are shared across their customer verticals. This approach ensures that all telecom companies have access to the latest supplier data, reducing redundancy and improving the efficiency of supplier assessments. By maintaining a shared pool of updated supplier information, telecom companies can streamline their evaluation processes and make more informed decisions.

Managing Multi-Dimensional Risk
A telecom industry vertical allows for more effective management of multi-dimensional risks. By utilizing a unified platform, telecom companies can monitor financial, operational, and compliance risks in real time, ensuring a proactive approach to risk management.

Working in Partnership to Address Supply Chain Requirements
Collaboration within a telecom industry vertical promotes a partnership approach to addressing supply chain requirements. Telecom companies and their suppliers can work together to develop solutions tailored to industry-specific challenges, ensuring a more resilient and adaptive supply chain.

Firmographics and Compliance Regulation
A centralized system improves the ability to track firmographic data and ensure compliance with regulations. Telecom companies can maintain up-to-date information on suppliers, ensuring adherence to regulatory standards and minimizing risks associated with non-compliance.

Environmental, Social, and Governance (ESG) Initiatives
A unified platform supports ESG initiatives by providing transparency into supplier practices. Telecom companies can monitor and promote sustainable practices, ensuring that their supply chains align with broader environmental and social goals.

Building a telecom industry vertical around supplier management offers a myriad of benefits, from enhanced efficiency and innovation to improved risk management and compliance. By partnering with Trust Your Supplier, telecom companies can leverage advanced technologies to create a resilient, efficient, and forward-thinking industry vertical.

April Harrison June 10, 2024 Blog, Supplier Information Management, Telecom, Value Engineering 0 Comments Michelle Armstrong, Supplier Information management, Telecom, Value Engineering

Streamlining Supplier Engagement: The TYS Pre-Check Experience

As many of us prepare for summer holidays, the anticipation of travel often brings to mind the sometimes tedious experience of going through airport security. The long lines and exhaustive checks can turn what should be a seamless process into a frustrating ordeal. This got us thinking about an analogy that perfectly encapsulates the traditional supplier engagement process versus the innovative solution offered by Trust Your Supplier (TYS).

Traditional Supplier Engagement: The Airport Security Experience

⛔ Long Boarding Time

Just as waiting in line at the airport eats into your travel time, onboarding a new supplier can be a lengthy process. Traditional methods involve multiple steps, approvals, and verifications, leading to delays that can impact your project timelines and overall efficiency.

⛔ Redundant Administration

Imagine filling out the same forms over and over again for every trip you take. That’s how repetitive and cumbersome traditional supplier engagement can feel. Suppliers often need to provide the same information to multiple customers, causing unnecessary delays and administrative headaches.

⛔ Tedious Security Checks

The rigorous security checks at the airport, while necessary, can be time-consuming and exhausting. Similarly, traditional supplier vetting processes are thorough but often slow and labor-intensive, requiring extensive background checks, certifications, and compliance verifications.

The TYS Pre-Check: Revolutionizing Supplier Engagement

✔️ Immediate Onboarding

With Trust Your Supplier, the onboarding process is as smooth as breezing through the TYS Pre-Check. Our system significantly reduces the time it takes to get suppliers up and running. Immediate onboarding means no more waiting in line or dealing with prolonged processes.

✔️ AI-Driven Profiles

TYS leverages advanced AI to create comprehensive supplier profiles. These profiles are automatically updated and maintained, eliminating the need for redundant paperwork and ensuring that all information is current and accurate. This automation leads to a more streamlined and efficient engagement process.

✔️ Pre-Certified, Ready-to-Do-Business

Just like having a TSA Pre-Check status gets you through security faster, our pre-certified suppliers are ready to do business right away. Suppliers in the TYS network have their information and questionnaires completed, so you can confidently engage with them without the usual delays and uncertainties.

Experience the Difference with Trust Your Supplier

Say goodbye to the hassle of traditional supplier engagement and hello to streamlined efficiency with Trust Your Supplier. Our blockchain-based solution ensures daily monitoring, and historical, predictive, and prescriptive risk insights, enabling trusted data exchange and workflow automation beyond traditional boundaries.

Enjoy a seamless and efficient process that keeps your business moving forward. Safe travels to all!

April Harrison May 28, 2024 Blog, Digital Transformation, Supplier Information Management 0 Comments Supplier Information management

TYS Podcast S2E4 – Unraveling the Global Tapestry of Politics, Economics, and Supply Chains

In this episode, we dive deep into the intricate web of global politics, economics, and supply chains, unraveling the complexities that shape the landscape of modern business. Join us as we explore pressing questions and uncover insights that shed light on the evolving dynamics of the global risk environment.

The volatile nature of today’s global political and economic climate reverberates across industries, making it imperative for supply chain and procurement professionals to stay vigilant. Every shift in geopolitics or economic policy can send ripples through the supply chain, impacting everything from sourcing strategies to operational efficiency.

So, why does this matter for supply chain and procurement? Simply put, businesses operate in a connected world where disruptions in one region can have far-reaching consequences. Whether it’s trade disputes, sanctions, or geopolitical tensions, these factors can disrupt supply chains, increase costs, and affect business continuity.

Tracking these issues requires a comprehensive approach, leveraging a mix of data sources, analytics, and expert analysis. By monitoring key indicators, companies can anticipate risks and identify opportunities, enabling proactive decision-making.

To gain deeper insights into these challenges, we asked the experts at Prism about the emerging trends in global politics and economics. Watch our conversation with them and read our blog, co-authored by TYS and Prism, on how the Swiss climate ruling reshapes supply chains and risk management.

April Harrison April 16, 2024 Blog, Data Privacy & Security, Geopolitical Issues, Podcast, Risk & Compliance, Supplier Information Management 0 Comments Chad Hill, Compliance, Geopolitics, Michelle Armstrong, Podcast, Supplier Risk Management, Supply Chain

TYS Podcast S2E3 – Unlocking the Power of Master Data Management

In the ever-evolving landscape of business operations, one concept stands out as the cornerstone of success: master data management (MDM). Recently, Trust Your Supplier (TYS) hosted a thought-provoking episode of the TYS Podcast, delving deep into the intricacies of MDM, financial information, compliance, and data privacy. This enlightening discussion shed light on the challenges and opportunities facing businesses today and provided invaluable insights for industry professionals.

The conversation kicked off with an exploration of the “core theater” essential for operational success, encompassing individuals, suppliers, transportation, and data privacy. Participants emphasized the critical importance of maintaining master data governance throughout the supply chain lifecycle, citing real-world examples of companies teetering on the brink of bankruptcy due to lapses in data management. This sobering revelation underscored the profound implications of master data on individual businesses and entire supply chains, making it a non-negotiable aspect of organizational strategy.

As the discussion unfolded, participants turned their attention to recent trends and innovations in financial information provision and MDM. They highlighted the adoption of technology for financial crime prevention and the challenges posed by the quality of customer and third-party data. The consensus was clear: high-quality, accurate, and complete information is paramount for enhancing customer experiences and detecting suspicious behavior, making MDM indispensable for achieving business objectives and ensuring compliance.

The conversation then shifted gears to address the complexities of monitoring and verifying data across different jurisdictions, particularly in light of evolving compliance regulations. Participants stressed the need for globally sourced, accurate, and consistent data to support robust risk assessment and compliance efforts. The impact of mergers and acquisitions on MDM and compliance was also explored, with a focus on identifying beneficial owners and understanding complex family structures.

A particularly poignant moment in the discussion arose when the intersection of data privacy regulations like GDPR with compliance requirements was examined. Participants acknowledged the conflicting nature of Know Your Customer (KYC) and GDPR regulations, highlighting the need for companies to navigate these regulations effectively while safeguarding sensitive information.

Further insights were shared on the challenges of continuous auditing of information and the importance of monitoring data changes. Participants underscored the necessity of providers offering robust monitoring capabilities and event-driven updates, emphasizing the role of compliance officers in reviewing critical changes.

The conversation culminated in a discussion on the transformative role of AI and machine learning in automating manual processes and ensuring data quality. Participants stressed the importance of high-quality data as the foundation for AI applications and the need for data cleansing to avoid exacerbating existing problems.

In conclusion, the episode provided invaluable insights into the challenges and opportunities in MDM, compliance, and data privacy. It underscored the critical role of accurate and high-quality data in driving business success and ensuring regulatory compliance. As businesses navigate the complexities of today’s landscape, embracing robust MDM practices and leveraging innovative technologies will be key to staying ahead of the curve. Trust Your Supplier continues to lead the conversation in thought leadership, empowering industry professionals to navigate the ever-changing business landscape with confidence and agility.

April Harrison March 4, 2024 Blog, Data Privacy & Security, Podcast, Risk & Compliance, Supplier Information Management 0 Comments Chad Hill, Compliance, Master Data, Michelle Armstrong, Podcast, Supplier Information management

Revolutionizing Pharma Supply Chains: Navigating Risks and Embracing Digitalization for a Resilient Future

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

Abstract

The pharmaceutical supply chain is grappling with significant issues of medicine shortages. This study adopts a risk management approach to identify key risk factors affecting the pharmaceutical supply chain, using the Malaysian pharmaceutical industry as a case study.

The research utilizes Fuzzy Failure Mode and Effect Analysis and Data Envelopment Analysis for risk assessment. The study finds the pharmacy node as the riskiest, with unexpected demand and scarcity of specialty drugs as major risk factors. To mitigate these risks, the study advocates the use of digital technologies like big data analytics and blockchain.

Introduction
Medicine shortages in the pharmaceutical industry pose serious challenges, impacting health outcomes and the broader healthcare system. These shortages lead to increased healthcare costs due to the use of alternative medications and managing patient health complications. The study aims to understand the root causes of these shortages and how digital technology can address them, ushering in the Pharma 4.0 era.

Pharmaceutical Supply Chain and Risk Factors
The pharmaceutical supply chain (PSC) is intricate, involving multiple stakeholders and extending across countries. It’s segmented into three levels: sourcing, distribution, and consumption. The supply chain’s complexity and unpredictability often lead to inefficiencies and disruptions.

Key risk factors include:

Disconnections and lack of accountability among supply chain partners.
Long lead times and the “bullwhip effect,” where demand changes cause supply fluctuations.
High operating costs due to maintaining optimum inventory levels.
Transportation-related risks like delays and damage to goods.
Impact of natural disasters, political instability, and pandemics on the supply chain.
Regulatory challenges include documentation, changes in standards, and drug recalls.

Methodology
The study adopts a risk management approach using Failure Mode and Effects Analysis (FMEA) and Data Envelopment Analysis (DEA). FMEA helps identify potential failure modes in the supply chain, while DEA is used to calculate risk-based efficiency. The methodology involves fuzzification of risk factors, risk assessment metric development, and the use of Fuzzy Inference System (FIS) and DEA for evaluating failure modes.

Results and Analysis
The study’s application to the Malaysian pharmaceutical supply chain reveals:

High-risk factors at the manufacturing node include delays in raw material supply due to overseas suppliers.
The distributor node faces moderate risks due to transportation and inventory management challenges.
The pharmacy node shows the highest risk, particularly due to unexpected demand surges and lack of substitute drugs.
The DEA cross-efficiency method highlights the varying risk levels across different nodes of the supply chain, emphasizing the need for targeted risk mitigation strategies.

Managerial Implications
The study suggests a framework for incorporating digitalization into the pharmaceutical supply chain to mitigate risks. Key recommendations include:

Collaborative technologies for information sharing to manage inventory and reduce the bullwhip effect.
Blockchain technology for drug sharing networks, improving data transparency and trust.
Utilization of data analytics and AI in manufacturing to address supply delays and enable more effective forecasting.

Conclusion
The study concludes that medicine shortages are a pressing issue in the pharmaceutical supply chain, exacerbated by complex risk factors. Digital technologies, especially big data analytics and blockchain, are crucial for addressing these challenges. The proposed framework for digitalization aims to enhance the efficiency and resilience of pharmaceutical supply chains.

April Harrison January 17, 2024 Blog, Pharmaceutical, Supplier Information Management, Supply Chain, Value Engineering 1 Comment Compliance, Michelle Armstrong, Supplier Risk Management

Trust Your Supplier (TYS): Empowering Suppliers in the Digital Age

Exciting news is on the horizon as Trust Your Supplier (TYS), our revolutionary supplier management platform, achieves a significant milestone by securing its place at the center of Dr. Elouise Epstein’s Spider Map. This accomplishment marks a pivotal moment in TYS’s journey, highlighting its commitment to empowering suppliers and reshaping the landscape of risk and compliance management.

Empowering Suppliers with Data Ownership:
TYS stands out as a groundbreaking solution that prioritizes supplier empowerment. At its core, TYS is designed to give suppliers complete ownership and control over their data. This is a game-changer in the supplier management space, as it introduces the concept of digital wallets for suppliers, providing them with a secure and efficient way to manage their information.

Digital Wallet Concept:
The digital wallet concept is at the heart of TYS’s innovative approach. By enabling suppliers to have their own digital wallets, TYS allows them to store and manage crucial data securely. This not only streamlines the data-sharing process but also ensures that suppliers have autonomy over their information, fostering a new era of transparency and trust in supplier relationships.

A Milestone in Dr. Elouise Epstein’s Spider Map:
Dr. Elouise Epstein’s Spider Map serves as a testament to TYS’s exceptional capabilities and potential. Positioned at the center of this influential map, TYS is recognized for its commitment to supplier empowerment and data ownership. This strategic positioning reinforces TYS’s role as a leader in the supplier management landscape.

Revolutionizing Risk and ESG Markets:
As the Risk and ESG markets undergo significant transformations, TYS emerges as a frontrunner, ready to revolutionize these industries. With a robust data foundation and the digital wallet concept, TYS provides cutting-edge solutions and insights that are poised to shape the future of risk and compliance management.

Looking Ahead:
The future looks promising for TYS and its stakeholders. By putting the power back in the hands of suppliers and offering innovative solutions, TYS is set to drive positive change in the supplier management landscape. As industries evolve, TYS remains dedicated to staying at the forefront, delivering value, and shaping a future where data ownership and transparency are paramount.

Trust Your Supplier’s latest achievement in securing a central position in Dr. Elouise Epstein’s Spider Map underscores its commitment to revolutionizing supplier management. With the digital wallet concept and a strong focus on data ownership, TYS is well-positioned to bring about transformative changes in the Risk and ESG markets. As TYS continues to pave the way for a new era in supplier empowerment, the future holds exciting possibilities for the platform and its users.

April Harrison January 9, 2024 Blog, Supplier Information Management 0 Comments April Harrison, Supplier Information management

Resolute Resolutions: Steering the Supply Chain with Year-Long Focus

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

As we embark on a new year, the omnipresence of New Year’s resolutions is undeniable, whether it be on social media, in conversations, or in the news. For many of us, the commitment to these resolutions begins fervently in January but tends to wane as quickly as the holiday decorations are put away. In the supply chain realm, these resolutions take on a strategic and operational significance.

Plan and Play Smart
A key resolution in supply chain management is the adoption of real-time visibility for both supply and demand, enabling effective scenario planning and inventory optimization strategies. This visibility is critical for adapting to changes and making timely, resolute decisions. Integrated Business Solutions are essential in this regard, enhancing the synchronization of supply chain risk and real-time planning. The economic fluctuations affecting sales, operations planning (S&OP), forecasting, demand response, supply, and inventory planning emphasize the need for an agile approach with high visibility.

Taking Out the Garbage: Data Hygiene
Another crucial resolution involves tackling ‘garbage data’ – data that is inaccurate, unusable, or untrustworthy. Cleaning up and ensuring data reliability is fundamental. The steps to improve data hygiene include:

Audit: Assessing the current data situation and identifying issues in data collection processes.
Standardize: Creating consistent reporting processes aligned with organizational goals.
Deduplicate: Utilizing automation to reduce duplication and human error.
Verify: Testing the reliability and accuracy of the data post-clean-up.

Strengthen Your Business Networks
The cost of disruption in the supply chain extends beyond finances to brand perception and customer satisfaction. Achieving 360-degree, real-time visibility across the entire end-to-end supply chain is vital. Integrated platforms that allow instant information sharing with suppliers, partners, and third-party providers are essential for transparency, fast decision-making, and enhanced customer satisfaction.

Closer Scrutiny of Materials Suppliers
Materials suppliers, often less scrutinized than contractors, now face increasing scrutiny due to economic and regulatory pressures. Ensuring compliance with health, safety, quality assurance, environmental protection, and ethical practices is paramount. Supporting suppliers in demonstrating their compliance with supply chain risk management practices is crucial in navigating the complex maze of global and regional regulations.

Embracing Technology and Innovation
Incorporating technology and innovation is pivotal. Digital transformation can significantly streamline operations. Integrating advanced analytics, AI, and IoT technologies can revolutionize supply chain management.

Fostering a Culture of Continuous Improvement
Encouraging a culture of continuous improvement is essential. This involves open communication, regular training, and celebrating milestones to align the team with organizational goals.

Adapting to Change and Overcoming Challenges
The supply chain industry faces numerous challenges, including market fluctuations and global disruptions. Balancing steadfast commitment to resolutions with the flexibility to adapt is key to resilience.

Conclusion
As we progress through the year, let’s focus on these resolutions with strategic planning, data management, strengthened business networks, and rigorous supplier scrutiny. Let’s make this year count by staying focused, resilient, and committed to our goals in the ever-evolving landscape of supply chain management.

April Harrison January 2, 2024 Blog, Supplier Information Management, Supply Chain, Value Engineering 0 Comments Compliance, Michelle Armstrong, Supplier Risk Management