TYS Implementation Case Study

Now available is a Trust Your Supplier case study on a telecoms company’s approach to managing change when implementing a new supplier onboarding process. Read how the organization worked with suppliers and internal teams to roll out the Trust Your Supplier platform and the outcomes they are finding as a result.

Read the Case Study

 

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/ 

FAQ: Why Supplier Management?

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

At Trust Your Supplier (TYS), we identified a significant gap in the reliability and efficiency of supplier data management. In today’s rapidly evolving supply chain landscape, traditional methods for discovering, onboarding, and monitoring suppliers are struggling to keep pace with the constant flow of changing information and increasing regulatory demands.

The “supplier” is a fundamental element of every supply chain, and globalization necessitates rigorous vetting and risk assessment across multiple areas to ensure trust, transparency, and compliance with global regulations. The pandemic highlighted the vulnerabilities of over-reliance on a limited number of suppliers, leading to disruptions, higher costs, and inefficiencies. It also underscored the growing importance of supplier diversity and the need for suppliers to demonstrate ESG (Environmental, Social, and Governance) and sustainability initiatives.

We believe that a blockchain-powered solution like Trust Your Supplier is essential for modernizing and securing supplier management. By harnessing blockchain technology, we aim to provide a robust platform that addresses these challenges, ensuring more reliable, transparent, and efficient supplier management for the future.

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/ 

 

The Path to Reducing Cycle Time

Looking to forge a new path in 2022 to meet your goals & deadlines? Watch this video to learn how Jack & Jill were able to reduce cycle time and create a win/win in their supplier/buyer relationship. 

https://trustyoursupplier.com/use-cases/cycle-time/  

#procurement #digitaltransformation #cycletime #supplierrelationshipmanagement

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