The Power of Trust: How Strong Supplier Relationships Reduce Onboarding Costs

In the world of business, trust is a precious commodity. This rings especially true when it comes to supplier relationships. Trusting your suppliers can lead to a host of advantages, and one often-overlooked benefit is the reduction of onboarding costs. In this blog post, we will explore how building trust with your suppliers can significantly impact your bottom line by streamlining the onboarding process and leveraging insights from “The Benefits of Supplier Consolidation Extend Far Beyond Sourcing Savings” by Hackett Group (2012/19). 

The Role of Trust in Supplier Relationships 

Before we dive into the advantages of trust, it’s important to understand why it’s vital: 

  • Improved Collaboration: Trust fosters open communication and collaboration between you and your suppliers, leading to smoother operations. 
  • Risk Mitigation: A strong supplier relationship can help you better manage and mitigate risks associated with onboarding, reducing potential setbacks. 
  • Efficiency: With trust, suppliers are more likely to meet deadlines and provide high-quality goods or services, streamlining the onboarding process. 

Now, let’s explore how trusting your suppliers can translate into tangible cost reductions and efficiency improvements and how a modern application like Trust Your Supplier (TYS) can enhance these benefits:

Expedited Onboarding
Trusted suppliers are often part of a consolidated network of partners. A sophisticated application can provide access to a shared network of pre-qualified suppliers, reducing the time and effort required to identify and onboard new partners. By leveraging pre-verified data from the network, you can significantly expedite the onboarding process, reducing delays and their associated costs.

Lower Sourcing Costs
As highlighted in “The Benefits of Supplier Consolidation Extend Far Beyond Sourcing Savings” by Hackett Group (2012/19), supplier consolidation can lead to substantial sourcing savings. When you trust your suppliers and have a network in place, you can consolidate your supplier base, negotiate better terms, and enjoy cost savings through volume discounts. 

Quality Control Efficiency
Quality control becomes more efficient. The pre-qualified suppliers are more likely to have a track record of delivering high-quality goods or services, reducing the need for extensive quality control measures during onboarding. 

Risk Mitigation and Shared Compliance
With built-in compliance and risk management features you can ensure that your suppliers meet regulatory requirements and industry standards, reducing potential risks and costs associated with non-compliance. 

Customized Onboarding Solutions
Pre-qualified discoverable suppliers, the ability to pre-load existing cleansed data, enhance the ability to work with your suppliers to develop customized onboarding solutions that meet the specific needs of your industry and business. This collaborative approach can lead to cost-effective and tailored onboarding processes. 

Ongoing Efficiency Gains
Continuously collaborate to improve efficiency. The platform allows for real-time communication and information sharing, resulting in long-term cost savings and process enhancements. 

Conclusion 

Incorporating insights from “The Benefits of Supplier Consolidation Extend Far Beyond Sourcing Savings” by Hackett Group (2012/19), it’s clear that trust and supplier consolidation can lead to substantial cost reductions and efficiency improvements. When you trust your suppliers and utilize modern applications like Trust Your Supplier (TYS), you can enjoy the benefits of reduced onboarding costs, streamlined processes, and risk mitigation. 

Trust isn’t just a concept; it’s a practical and cost-saving strategy that can propel your business to new heights of success, especially when coupled with the power of a shared network of trusted suppliers. 

 

#SupplierOnboarding #SupplierRelationshipManagement #Sourcing #Procurement #RiskMitigation #RiskandCompliance

Hyperledger in Action – TYS

🎉 Exciting news! As the only blockchain supplier information management solution, Trust Your Supplier (TYS) has been featured in Hyperledger‘s Supply Chain & Trade Finance ebook! 🌐 This recognition validates our commitment to revolutionizing the industry and providing innovative solutions.

📖 Take a peek at the ebook to discover how our cutting-edge technology is transforming supply chain and trade finance processes.

🔗https://www.hyperledger.org/hyperledger-supply-chain-finance-ebook-2023

#BlockchainTechnology #SupplyChainInnovation #Hyperledger #SupplierManagement #Sourcing #Procurement #DigitalWallet

 

Did You Know? Search Diverse Suppliers

Did you know? You can discover veteran-owned suppliers on TYS!

🔍 Searching for the perfect supplier that aligns with your needs?

With Trust Your Supplier (TYS) you can easily find the ideal supplier based on various filters such as product codes, location, or even diversity status such as veteran-owned businesses.

TYS empowers you to make well-informed decisions by providing comprehensive supplier details. Review and assess if the supplier meets your specific requirements, ensuring a fruitful partnership. 📋✅

 

Exploring Coopetition: When Competitors Join Forces for Customer Value 

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In today’s ever-evolving business landscape, the game of competition is no longer a zero-sum endeavor. It’s about leveraging strategic partnerships to maximize value for our customers. 🌟

Coopetition, a business strategy rooted in game theory (my thesis project), has been a game-changer. It’s the art of recognizing when it’s in our best interest, as competitors, to collaborate. By doing so, we can collectively innovate, reduce costs, and provide unparalleled solutions to our customers.

This strategy defies the notion that fierce competition is the only path to success. It’s about realizing that by working together on common challenges, we can elevate the entire industry. 📈

I’m excited to see how coopetition is reshaping the business world.

Have you had any experiences with coopetition, or insights to share? Let’s connect and discuss how we can create more value for our customers through collaboration and competition. 🤝

#Coopetition #BusinessStrategy #Collaboration

Elevate Your Master Data

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In today’s fast-paced, data-driven world, organizations are increasingly relying on accurate and reliable data to make informed decisions, ensure compliance, and optimize operational efficiency. Among the most critical forms of data for any business is supplier information, which plays a pivotal role in procurement, risk management, and overall operational excellence. That’s where Trust Your Supplier (TYS) comes into the picture, revolutionizing how organizations manage their supplier data. In this blog, we’ll explore how TYS can help you take your master data governance to the next level. 

The Foundation of Trust: Transparency Through Blockchain 

One of the key challenges in managing supplier data has always been ensuring its accuracy and integrity. Discrepancies in supplier information can lead to costly errors, delays, and compliance issues. Trust Your Supplier leverages cutting-edge blockchain technology to address this challenge. 

Transparency: TYS creates a transparent and tamper-proof ledger of supplier information on the blockchain. This means that once data is recorded, it cannot be altered or deleted without leaving a trace. Say goodbye to data discrepancies and hello to data accuracy. With TYS, you can trust that the information you have is the most up-to-date and reliable. 

Data Accuracy: The Cornerstone of Informed Decision-Making 

Accurate master data is not just nice to have; it’s a necessity. TYS ensures that your supplier data is not only up-to-date but also reliable. This empowers your organization to make informed decisions confidently. With trustworthy supplier data, you can negotiate better contracts, forecast with accuracy, and optimize your procurement processes. 

Efficiency: Streamlined Supplier Management 

Managing supplier data can be a time-consuming and manual process, often bogged down by paperwork and data entry. TYS is designed to streamline supplier onboarding, automate processes, and reduce the need for manual data entry. This, in turn, allows your team to focus on what really matters – building and nurturing strategic supplier relationships. By automating administrative tasks, you can optimize your procurement operations and dedicate more time to enhancing supplier collaboration. 

Compliance: Your Path to Regulatory Adherence 

Master data governance and compliance are intrinsically linked. Ensuring that your supplier data aligns with regulatory requirements is paramount to avoid legal issues and financial penalties. TYS helps you meet these regulatory requirements with ease. By maintaining an accurate and tamper-proof ledger of supplier data, you can mitigate risks more effectively and ensure that your organization remains compliant with ever-evolving regulations. 

Join the Ranks of Data-Driven Organizations 

Trust Your Supplier is more than just a tool; it’s a revolution in master data governance. It empowers organizations to redefine how they manage their supplier data, providing transparency, data accuracy, efficiency, and compliance. By leveraging TYS, you can unlock the full potential of your supplier management processes and drive your organization forward in an increasingly competitive business landscape. 

Are you ready to elevate your master data governance? Join the ranks of forward-thinking organizations that have embraced Trust Your Supplier and discovered how it can transform your supplier data management. Say goodbye to data discrepancies and hello to data accuracy, efficiency, and compliance with TYS!  Let’s Talk

#TrustYourSupplier #MasterDataGovernance #DataAccuracy #Blockchain #SupplierManagement #Compliance 

Trust Your Supplier isn’t just a solution; it’s a fundamental shift in how businesses manage their supplier data. With its foundation in blockchain technology, it provides the transparency, accuracy, efficiency, and compliance needed in today’s data-driven business landscape. Don’t miss the opportunity to elevate your master data governance – trust in Trust Your Supplier. 

Renee Ure Joins TYS as a Business Advisor

We are thrilled to announce that Trust Your Supplier (TYS) has a new addition to our team! Please give a warm welcome to Renee Ure, who has joined us as a dedicated Business Advisor. 🎉👏

Renee has always been an ardent supporter of TYS since the beginning, and we consider ourselves extremely fortunate to have her on board in this formal position. Her expertise and unwavering passion for supply chain management will play a crucial role in shaping our solutions and forging impactful partnerships that will revolutionize the entire industry. 🚀

With Renee’s valuable insights and forward-thinking mindset, we are confident that TYS will continue to lead the way in transforming how the procurement and supply chain operates.

✨ Join us in congratulating Renee and let’s embark on this exciting journey together! Stay tuned for more updates as we work towards an even brighter future. Read the press release.

—————————————————————————————————
Trust Your Supplier (TYS) is a small Minority and Women-owned business with a global reach, offering an innovative blockchain-based solution for supplier and risk management to large and mid-size enterprises. By harnessing the immutability of the blockchain, TYS ensures daily monitoring with historical, predictive, and prescriptive risk insights, enabling trusted data exchange and workflow automation beyond traditional boundaries. This distributed ledger technology fosters transparency, efficiency, and empowerment for businesses to effectively manage suppliers and mitigate risks.

#ProcurementExcellence #DigitalTransformation #Procurement #ProcurementComliance #RiskManagement #SupplyChainSolutions #FinancialRiskMitigation #SanctionsCompliance #ESGStrategy #ClimateRiskManagement #SustainableSourcing #SupplyChainResilience #RiskandCompliance #EthicalSourcing #FinancialCompliance #ESGReporting #ClimateResilience #SupplierDiversity #GlobalTradeCompliance #SupplyChainVisibility #ESGPerformance #ClimateChangeAdaptation #ProcurementInnovation #RiskAssessment #SupplyChainRisk #EthicalBusiness #CarbonFootprint #SupplyChainTransparency #ESGInvesting #ClimatePolicy #SustainableProcurement #RegulatoryCompliance #ProcurementLeadership #CPO

Breaking News: Trust Your Supplier (TYS) Thrilled to be Spotlighted in Harvard Business Review Article

We’re absolutely elated to announce the release of the Harvard Business Review article that shines a spotlight on Trust Your Supplier (TYS) as the ultimate game-changer in supplier onboarding. It is with great excitement and pride that we share this incredible recognition with our TYS community and partners. 

Supplier onboarding – a necessary but often time-consuming process. It’s not uncommon for this vital step to take weeks or even months due to manual processes and documentation checks. But what if we told you there’s a game-changing disruptor on the horizon? Trust Your Supplier (TYS), as featured in the Harvard Business Review, is here to revolutionize supplier onboarding. TYS has harnessed the power of blockchain technology to create a worldwide network of buyers and suppliers, setting a new standard for supplier onboarding. 

So, what sets TYS apart? 

  1. Automation: TYS automates the cumbersome manual processes involved in vetting supplier data. Say goodbye to the days of lengthy onboarding.
  2. A Global Network: With over 100,000 fully vetted suppliers and partnerships with major players like BT Sourced, Lenovo, Nokia, Pearson, and Thermo Fisher, TYS has created a truly global network.
  3. Efficiency & Cost Savings: Purchasers using TYS have reported cost savings of nearly $500 per supplier. For enterprises with extensive supplier networks, this translates into eight-figure savings.
  4. Supplier Benefits: Suppliers experience an average onboarding time of less than a week, a 67% reduction. Plus, they can seamlessly work with multiple customers without the hassles of data duplication. 

We believe that a paradigm shift is underway in supply chain management and procurement. Organizations are increasingly adopting platform solutions like TYS to address systemic supply chain issues efficiently and collaboratively. TYS is leading the charge, revolutionizing supplier onboarding, and setting a new standard for the industry. 

Join us on this exciting journey toward a more efficient, collaborative, and cost-effective future. Learn more about how TYS is changing the game in supplier onboarding in our full article. 

harvard-business-review-logo-FD07ED9958-seeklogo.com

 

#SupplierOnboarding #SupplyChainRevolution #Blockchain #TYS #Efficiency #Collaboration #ProcurementExcellence #DigitalTransformation #Procurement #ProcurementComliance #RiskManagement #SupplyChainSolutions #FinancialRiskMitigation #SanctionsCompliance #ESGStrategy #ClimateRiskManagement #SustainableSourcing #SupplyChainResilience #RiskandCompliance #EthicalSourcing #FinancialCompliance #ESGReporting #ClimateResilience #SupplierDiversity #GlobalTradeCompliance #SupplyChainVisibility #ESGPerformance #ClimateChangeAdaptation #ProcurementInnovation #RiskAssessment #SupplyChainRisk #EthicalBusiness #CarbonFootprint #SupplyChainTransparency #ESGInvesting #ClimatePolicy #SustainableProcurement #RegulatoryCompliance #ProcurementLeadership #CPO  

Bridging the Gap Between the Intricacies of the Technological World and the Practicalities of Business Operations

In today’s age of digitalization, there exists a profound interconnectedness encompassing individuals, processes, institutions, and notably, risks. The junctures at which various forms of risk intersect—be it cyber, third-party, #compliance, operational, and more—are poised to proliferate in the foreseeable future.

Examining these risks in isolation falls short of offering a comprehensive perspective. Neglecting to grasp and scrutinize the interconnections and dependencies among them can result in shortsighted decision-making that does not align with overall risk tolerance levels and business objectives.

With diverse risk, audit, and compliance teams operating independently, often lacking a shared GRC (Governance, Risk, and Compliance) terminology, opportunities arise for redundant efforts, duplicated work, inconsistent and disorganized data, and the overlap of controls. Measuring the interconnectedness and swiftness of risk also becomes a complex endeavor since risk relationships lack clear definitions and consequently elude monitoring.

It is imperative to adopt an integrated and all-encompassing approach to risk management—one that fosters connections among individuals, data, and systems, in contrast to separate risk initiatives.

At Trust Your Supplier (TYS), our approach seeks to dismantle organizational silos and facilitate a profound understanding of the multifaceted risks emanating from various corners of an organization and how their interplay can impact the business.

How are you managing all the silos in your industry? Can we help?

#ValueEngineers, #TechnologyInnovators, #BusinessStrategists, #DigitalTransformation, #UnconventionalThinking, #RiskMitigators, #TrustYourSupplier, #EfficiencyExperts, #ValueEngineering, #TechVisionaries, #ProblemSolvers, #OrganizationalGrowth, #ProcessOptimization 

The Evolution of Supplier Management (Part 2)

Winning the Tomorrow War, Today

by Gary Storr, General Manager

In Part 1, I talked about how this will be the first time your AI technology capability will – through Supplier Digital Identity, “put your organization ahead of future industry demands.”

I then emphasized the importance of “laying a universally consumable digital supplier identity foundation” today to achieve an unprecedented level of “supplier trust…and a single version of the truth.”

Let’s revisit the following graphic from the first post to understand the bridge or path to getting to trust and a single version of the truth.

 

If you take a step back to reflect on the above, it is hard to argue with the validity of the key points or theme. In short, moving to the “future state” that is Supplier Digital Identity sounds good.

But what does it mean, e.g., the future state of Supplier Digital Identity in the here and now? How do you leverage AI to get there? And what tangible benefits will it deliver? To put it another way, what good is my telling you about Eden and how great it is and then not showing you the way to get there?

It Isn’t About The Technology

As a service provider with what I believe is the most amazing technology in the industry, you will be surprised by what I am about to say.

Getting to that single version of truth and supplier insight is about something other than the technology. It is about the expertise behind that technology. To be clear, when I say expertise, I am not just talking about a deep understanding of how the technology works. I am talking about the knowledge and anticipation of the expected and unexpected external disruptions we face in a dynamic and complex world and how to leverage said technology to determine the appropriate response.

For example, the organizations with whom we work are consistently talking about:

  • Concern about the supplier data they house being accurate and current to ensure they have the latest view on that, supplier’s qualifications, credentials, performance, et cetera.
  • The flurry of the evolution of rules, standards, and requirements – that are much more diverse than they’ve ever been.
  • Adoption, cycle time reduction, and administration are “hugely important.”
  • Increasing awareness of the importance of “authoritative data.”

The above are only a few examples of where companies want and need to go to arrive at that future state of optimal supplier management capability. To reach this state of capability, you must look beyond the technology to assess your service provider’s ability to address these points and many others.

The Right Captain For The Right Vessel

You have to have a partner who will have the same vision as you do.

For example, if a partner is “established” in older technology, or if a partner doesn’t understand the regulatory compliance landscape worldwide, or doesn’t have some insights into particular industries that you’re in, you can be guided off course.

It’s a little bit like the analogy that there’s a difference between a sailboat and an oil tanker. You have to hire the right captain for the sailboat and hire a different captain for the oil tanker.

If you prefer something a little less nautical, In Good To Great, Jim Collins said – and I paraphrase “You have to have the right people in the right seats on the right bus.” What success ultimately comes down to is having the right service provider partner with the right expertise doing the right things!

If you do, you will successfully transition from the emerging standards of today to the necessary future state of Supplier Digital Identity and its competitive edge.

Reaping the Value of Value Engineers

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In the fast-evolving landscape of technology, Value Engineers have emerged as pivotal influencers. Their primary role is to bridge the gap between the intricacies of the technological world and the practicalities of business operations, facilitating the seamless integration of technology systems with business strategies. This unassuming but significant community of professionals, with their knack for continuous collaboration, creativity, and problem-solving skills, have etched an indelible mark on many businesses, becoming our unsung heroes behind flourishing organizations during digital transformation. 

What is Value Engineering? 

Value engineering (VE), sometimes known as value analysis, represents a structured approach targeting the optimization of cost and functionality for products, processes, or systems. It’s a process that stimulates the elimination of excessive costs at various project stages while ensuring that quality and performance remain unaffected. 

Who are Value Engineers? 

Value Engineers are the remarkable, often unheralded, champions working tirelessly behind the scenes to ensure maximum value is derived from technological products and systems. They are responsible for evaluating, identifying, and optimizing any process, successfully bridging the gap between technological innovation and organizational needs. Our technological world is shaped daily by these architects of innovation. 

Value Engineers bring countless benefits to organizations: 

  1. They’re Problem Solvers: They understand the complexities of systems, troubleshoot effectively to ensure their smooth operation and drive maximum value from them.
  2. They’re Insightful Strategists: Leveraging their profound understanding of technology and business interface, they formulate and execute successful strategies to boost productivity, reduce duplicated efforts, and foster the holistic evolution of organizations.
  3. They’re Visionaries: With a futuristic perspective, value engineers ensure that every technological endeavor aligns with the strategic goals and objectives of the company.
  4. They’re Collaborators: They streamline communication between diverse departments encouraging a culture of collaboration that respects the interrelationships of business operations.
  5. They’re Risk Mitigators: With a keen eye for potential vulnerabilities, they proactively implement safeguards, constantly refining processes and protocols to ensure a sturdy infrastructure that minimizes unforeseen challenges and secures the organization’s assets.
  6. They’re Efficiency Experts: Through constant process evaluation, value engineers significantly reduce unnecessary expenditures, increasing overall profitability and effectiveness. 

The Catalyst for Unconventional Thinking 

Incorporating diverse team members in value engineering is no longer optional – it’s essential. A diverse team kindles new viewpoints, propelling unconventional thinking that challenges the status quo. According to a 2019 report by McKinsey & Company, companies with the most culturally and ethnically diverse executive teams were 36% more likely to see above-average profits, a testimony to the transformative power of diversity. 

This critical observation underscores the immense transformative power of diversity. It is not merely a token or a tick mark on the corporate social responsibility agenda but a powerful tool that can shape organizational culture, drive business growth, and define industry trends. 

When a team is composed of individuals who perceive the world through varying lenses, it can engender unconventional thinking — the kind of thinking that routinely questions the status quo, doesn’t fear to tread the thin line between seemingly impossible and possible, and continually strives for betterment. This unconventional thinking often evolves into ingenious solutions, opening avenues of progress that were previously unseen or unthought of. 

Celebrating the Technical Experts and Visionary Leaders 

The value of value engineers cannot be underestimated. Their immense contribution is at the very heart of technological advancements. Their innovative and analytical minds bring a balance between cost-effectiveness, functional performance, and resource efficiency, significantly impacting the overall success of a project. We celebrate their resilience, innovation, and leadership, and remind every value engineer that their output is revered, appreciated, and always integral to our progressive march towards a technology-driven future. 

Incorporating the principles of value engineering can help you achieve the ideal balance between maximizing value and minimizing costs, leading to sustained success in the industry. 

As we help redefine the tech landscape, remember to embrace and elevate the guardians of technology – our value engineers. Let’s celebrate their accomplishments and acknowledge their expertise and vision, for they are the unseen champions writing the narrative of our technological advancement, one improvement at a time. 

#ValueEngineers, #TechnologyInnovators, #BusinessStrategists, #DigitalTransformation, #UnconventionalThinking, #RiskMitigators, #TrustYourSupplier, #EfficiencyExperts, #ValueEngineering, #TechVisionaries, #ProblemSolvers, #OrganizationalGrowth, #ProcessOptimization