Our compliance partner ComplyAdvantage is staying on top of the evolving sanctions regarding Russia. Please visit their LinkedIn page for regular updates.
How Blockchain Integration Is Reducing Risk and Uncertainty in Supplier Management
If you’ve turned on the news or scrolled through your Twitter or LinkedIn feeds at some point during the past 12 to 18 months, you’re probably aware of the supply chain issues currently plaguing the global economy. What most average consumers don’t think about, however, is how the huge task of monitoring supplier relationships creates risk and uncertainty in supply chain management. These issues are far less documented than logistical failures or uneven supply and demand, but equally pervasive.
Barriers to Success
Modern supplier risk management monitoring is often conducted via an approach that is anything but modern. Risk and compliance personnel generally have fragmented information and untimely updates regarding potential or existing compliance issues. In turn, procurement leaders rarely have a single unified view of their suppliers in one place. Instead, they must create an aggregated view by piecing together information from multiple reports and disparate sources.
Procurement organizations often invest significant time attempting to research and understand suppliers before working with them. To support this process, they typically have multiple third-party verifiers, all on different platforms. There’s no standardization across industries pertaining to the questions asked to suppliers, which ultimately means both buyers and suppliers must routinely conduct redundant and unnecessary work.
These are more than simply annoying obstacles. After all, today’s consumers demand nothing less than full transparency when it comes to the origins of the products they purchase and the processes that get those products to their doorsteps. Without complete visibility into their supply base, companies risk losing business, credibility, and more.
The Promise of Blockchain
Companies with digital transformation initiatives generally have several key goals in mind when undertaking those efforts including serving their customers better. By making blockchain integration a part of their efforts, they put those goals within reach.
Blockchain is designed to enable trust between two parties. It does this through a variety of features, including a consensus mechanism and a shared, tamper-evident ledger. Once transactions are recorded on the ledger, they’re immutable and cannot be altered. All parties can achieve clear provenance which supports auditing capabilities.
Chainyard’s Trust Your Supplier (or TYS) platform takes advantage of these and other attributes of blockchain design to enable supplier management in a secure and trusted environment. It provides levels of data security that are simply not possible in regular shared databases, thus reducing vulnerabilities. Relationships between buyers and suppliers are documented comprehensively, as all actions are recorded with time stamps on the blockchain.
Most enterprise organizations have multiple back-end systems used to manage supplier payments. Trust Your Supplier offers integrations from system to system, blockchain to blockchain, allowing a seamless experience for procurement teams.
See What’s Possible
As part of the Trust Your Supplier network, companies can leverage integrated supplier risk data from industry-recognized validators. Having a single platform with streamlined compliance validations drives clarity and provides better oversight while enabling centralized planning in a more efficient and secure way.
TYS’s artificial intelligence-powered tools provide continuous real-time updates on suppliers and can be set to alert compliance teams to any changes based on configurable rules. Moreover, suppliers can provide real-time updates to reflect changes to their business, which ultimately reduces the burden on procurement teams to ensure data is complete and accurate.
As the TYS network evolves, the platform’s utility will continue to expand. To see where we’re going and to learn more about how Trust Your Supplier is improving supplier management today, visit www.TrustYourSupplier.com
Everest Group’s Enterprise Blockchain Services PEAK Matrix Assessment 2022
Congratulations to our team at Chainyard for climbing the Everest Group’s Enterprise Blockchain Services PEAK Matrix Assessment 2022 ! Among many other projects, Chainyard is the owner and operator of Trust Your Supplier, our blockchain-based supplier information management solution.
Check out the announcement here.
#blockchain #blockchainservices #digitaltransformation #chainyard
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
#digitalprocurement #supplierrelationshipmanagement #digitaltransformation #BuyersMeetingPoint
Good Advice From Canda Rozier
One of my favorite parts of each episode of the Procurement Block podcast, is the advice I get from guests. I ask each guest to offer up some advice or a tip that we as listeners can try at work or at home.
During my conversation with Canda Rozier on change management, Canda offered up these words of wisdom: “Don’t be afraid to fail. Failure is inevitable and you have to figure out how to take that failure and turn it into a foundation for future success.”
I really appreciate this encouragement from Canda as I continue to try new things both professionally and personally. What about you? Do you find yourself being afraid to fail or have you found a way to turn past failures into success?
Hear more from Canda Rozier and our discussion on change management here: https://trustyoursupplier.com/procurement-block/s1e6/
Business Benefits from Sustainability Practices (Beyond Compliance)
Long-term business benefits from sustainability practices go beyond checking a box for compliance. Our Trust Your Supplier compliance partner, EcoVadis, offers a fascinating read into the “Compliance Trap” and lays out the many benefits of working with your suppliers for true sustainability improvements.
https://resources.ecovadis.com/buyers/creating-sustainable-value-avoid-compliance-trap
#Compliance #Sustainability #Sustainablesupplychains
New Podcast Episode – Artificial Intelligence
On Trust Your Supplier’s podcast, Procurement Block, we get to hear from the people who are at the forefront of procurement innovation.
When I think of AI, what comes to mind is the character Jarvis/Vision in the Marvel Universe. While Vision is a sentient being, this is not the only manifestation of artificial intelligence. Edoardo Vignani joins me on the latest episode of the Procurement Block podcast to school me in how AI is being used in procurement today and where it’s headed.
Edoardo is the Marketing Category Vice President for Globality, a company that provides AI-powered Smart Sourcing technology. The episode is out now, so head over to ProcurementBlock.com to listen to our conversation and to view the show notes.
How leaders are solving 3 key sourcing and procurement priorities in 2021
As CPOs are determining their upcoming priorities, identifying the biggest focuses for their teams and initiatives will be critical in creating sourcing and procurement success. Here are those key focuses, and how leaders are ensuring they are optimizing them.
#Blockchain #Innovation #Supplychain
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/
Recent Posts
- Rethink and De-risk the Automotive Supply Chain
- FAQ: How does TYS positively impact both the top and bottom lines of your business?
- TEST- EU Deforestation Law: Key Updates and Supply Chain Impacts
- TYS & BT Sourced Winners of a SIG Future of Sourcing Award!
- EU Deforestation Law: Key Updates and Supply Chain Impacts
Categories
- AI & Automation
- Automotive
- Awards
- Blockchain
- Blog
- Consumer Products
- Cyberrisk
- Data Privacy & Security
- Digital Transformation
- Diversity
- Energy & Utilities
- ESG
- Events
- FAQ
- Financial
- Geopolitical Issues
- News
- Pharmaceutical
- Podcast
- Risk & Compliance
- Risk Management
- Spotlight
- Supplier Diversity
- Supplier Information Management
- Supply Chain
- Telecom
- Value Engineering
Archives
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- November 2020
- October 2020
- July 2020
- June 2020
- May 2020
- April 2020