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.