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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 

April Harrison Blog, Value Engineering 0 Comments ,

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.

April Harrison Blog, Digital Transformation, Supplier Information Management 1 Comment ,

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 

April Harrison Blog, Value Engineering 0 Comments , ,

The Evolution of Supplier Management (Part 1)

Successfully Addressing Today’s Needs While Preparing for Tomorrow’s Challenges

by Gary Storr, General Manager

“How do we overlay today’s needs with tomorrow’s needs and build a bridge that organizations can invest in today and be ready for tomorrow?”

During a recent interview, I gave the above response to the question “Where is supplier management technology now, and what it will look like in the future?” It is seemingly a straightforward question. But underlying its simplicity is the complexity of building and proactively managing dynamic and interconnected supply networks in a volatile global marketplace.

Now one might think that as a solution provider, my focus would be on the technology part of the equation. Even though emerging AI technology is the main event when it comes to supplier management, you must look beyond it to the experience and expertise behind it.

Think about it for a moment. ESG investing began in the 1960s as “socially responsible investing, with investors excluding stocks or entire industries from their portfolios.” The industries on the no-investment list included tobacco companies and any businesses deemed to be supporting the apartheid regime in South Africa.

Now ponder this fact – ESG reporting did not begin until 2004 under the UN “Who Cares Wins” banner. Here we are in 2023, and it is only recently that things like carbon emissions, ESG, and global compliance have become emerging mainstream regulatory concerns.

The above “timeline” raises two essential questions:

  • Why are companies now scrambling to comply with new legislative requirements and proposed future ones when we saw this train coming as far back as the 1960s?
  • Regarding future regulations, e.g., ESG, what will the reporting (and technology) requirements be next year or decade? By the way, if you want a glimpse into what is on the compliance horizon, check out the following ESG Regulations link.

From my standpoint and experience, we need to do two things so that we don’t continue to play catch-up with known and unknown compliance realities. In today’s post, I will tell you the two things you need to do to stop chasing compliance and start mastering (and benefiting) from it.

First, A History Timeline Review

 

Regarding the evolution of supplier management platforms, the old saying “if you can’t measure it, you can’t manage it” tells a notable story.

In the above graphic, you will note how we have progressed from a “blind trust” qualification process to where we are today – somewhere between email and spreadsheets and corporate web portals.

As your service provider, you will be happy to know that we are on the leading edge of the emerging standard: enterprise supplier networks. I will get into what this emerging standard is shortly.

That said, we have also created an overlay between today’s and tomorrow’s supplier management needs. Why is this important?

It is important because instead of implementing technology to catch up with emerging requirements, we are also creating a seamless bridge to put you out front of the proverbial curve to address not yet known future requirements. If you think about it, this will be the first time that your AI technology capability will – through supplier digital identity, put your organization ahead of future industry demands. 

The Here And Now

In Part 2 of this series, I will get into the specifics of supplier digital identity. However, we can’t take our eyes off the immediate challenges you face in managing your present-day supplier network, including the importance of:

  • Reliable supplier data
  • Digital supplier discovery
  • Minimized administration
  • 3rd party verifications

Through this immediate capability, you will meet today’s demands while laying a universally consumable digital supplier identity foundation that will create unprecedented supplier trust and a single version of the truth.

Up Next: The Evolution of Supplier Management (Part 2) – Winning The Tomorrow War, Today

April Harrison Blog, Digital Transformation, Supplier Information Management 0 Comments ,

FAQ: How do questionnaires play a role in supplier compliance & risk management?

Frequently Asked Question: How do questionnaires play a role in supplier compliance & risk management?

Questionnaires are a vital component of supplier compliance and risk management. At Trust Your Supplier (TYS), we leverage a range of questionnaire features to ensure comprehensive and efficient supplier evaluations. Here’s how our questionnaires contribute to effective supplier management:

  1. Standardized: TYS collaborates with a consortium of major buying organizations to develop and maintain standardized questionnaires applicable across various industries. These questionnaires are regularly updated to reflect new requirements and regulations, reducing the number of questions suppliers need to answer while ensuring thorough compliance checks.
  2. Custom: Recognizing that organizations may have unique regional and global risk management needs, TYS offers custom questionnaires. These cater to specific regulatory requirements that may not be covered by standardized questionnaires, providing tailored solutions for unique compliance challenges.
  3. Questionnaire Groups: TYS allows the creation of questionnaire groups, which can combine multiple questionnaires based on common requirements such as location, product, service, or other features. This grouping simplifies the process for suppliers and ensures that all relevant compliance aspects are covered efficiently.
  4. Automated: The TYS approvals workflow can be customized and automated for each questionnaire. Each supplier answer is scored based on your internal risk thresholds. Any response that doesn’t align with the preferred score is automatically flagged for further review by the appropriate team. This automation allows your team to focus on critical issues rather than reviewing every answer, enhancing efficiency and effectiveness.
  5. Predictive: TYS enables buyer teams to create rules that predict which questionnaires should be assigned to a particular supplier. This feature is invaluable as new compliance regulations and laws emerge globally, allowing organizations to reach more suppliers without extensive manual outreach. During onboarding, suppliers can be easily assigned to the appropriate questionnaire group, ensuring relevant risk assessments are conducted seamlessly.
  6. Internal Due Diligence: Internal Due Diligence checklists are customized by your team and used to manage tasks such as procurement reviews or additional onboarding steps outside of TYS. These internal questionnaires help teams stay synchronized and ensure all necessary internal checks are completed.

By incorporating these features, TYS ensures that questionnaires play a pivotal role in managing supplier compliance and risk. They provide a structured, efficient, and comprehensive approach to evaluating and monitoring suppliers, helping organizations maintain high standards of trust, transparency, and regulatory compliance.

Learn more about how TYS’s questionnaire features can enhance your supplier compliance and risk management with these resources:

TYS Questionnaire Features Infographic 

The “Q” Word blog post

April Harrison Blog, FAQ, Risk & Compliance, Risk Management, Supplier Information Management 0 Comments , ,

Unlocking the Potential of Data-Driven Procurement Teams with Actionable Insights

by Michelle Armstrong, Chief Relationship Officer

Pssst… The secret to unlocking the full potential of procurement lies in embracing the power of data. With a wealth of raw information at our fingertips, it’s crucial to transform this data into actionable insights that fuel informed decision-making. Learn how to satisfy your thirst for actionable procurement data by leveraging cutting-edge tools and strategies to turn raw information into valuable insights that propel your procurement operations to new heights. 

Rob Handfield, a distinguished professor of supply chain management, emphasizes that digital transformation in procurement is only possible with clean data. When discussing procurement data, we’re really talking about the importance of usable, clean data. 

Despite the vast amounts of data captured, only about 5% is analyzed. With the rapid growth of emerging technologies, we have more data than ever, yet we need more insight. So, how can we convert this information into intelligence? 

Visualizing a New World of Data 

Data visualization is a game-changer in making complex data more accessible and understandable. By presenting data in a visually engaging format, procurement teams can quickly identify patterns, trends, and relationships that might be concealed within raw data. Utilizing data visualization tools like interactive dashboards and detailed reports allows valuable insights to be easily communicated and understood, empowering teams to make data-driven decisions. 

Moreover, data visualization can help procurement professionals monitor key performance indicators (KPIs) in real-time, track supplier performance, and identify potential bottlenecks in the supply chain. By embracing this visual approach, organizations can transform their procurement processes and drive efficiency across the board. 

Collaborative Minds, United Goals 

To unlock the full potential of procurement data, it’s crucial to involve diverse perspectives and expertise. Cross-functional teams, composed of members from various departments, can work together to analyze data and develop innovative solutions. This collaborative approach enables organizations to leverage their employees’ unique skills and knowledge, fostering a culture of open communication and teamwork. 

By breaking down silos and encouraging collaboration, organizations can tap into the collective wisdom of their workforce and drive data-driven decision-making across the enterprise. This united effort leads to more effective procurement strategies and promotes a culture of continuous improvement and innovation. 

Embracing the Power of Predictive Analytics and Machine Learning 

The combination of predictive analytics and machine learning offers a powerful toolset for procurement teams to uncover hidden insights and make more informed decisions. By analyzing historical data, these advanced techniques can identify trends, forecast future outcomes, and recommend actions to optimize procurement processes. 

For instance, procurement teams can use predictive analytics to optimize inventory levels by identifying patterns in demand and adjusting stock levels accordingly. This ensures organizations balance carrying costs and stock availability, ultimately reducing waste and improving efficiency. 

Similarly, predictive analytics can help identify supplier risks by analyzing factors such as financial stability, delivery performance, and compliance. This enables procurement teams to proactively mitigate risks and maintain a resilient supply chain. 

Machine learning can further enhance procurement decision-making by continuously learning from data and refining its predictions over time. This allows organizations to uncover cost-saving opportunities, streamline processes, and stay ahead of the competition in an ever-evolving market landscape. 

Cultivating a Data-Driven Culture 

In her Procurement Magazine interview, Dawn Tiura explained that procurement should be the central hub of a successful enterprise with a culture of service-driven curiosity. This mindset should also extend to mining the gold within data. 

When Satya Nadella became Microsoft’s CEO in 2014, he emphasized creating a data culture to make better decisions based on quality data. Under his leadership, Microsoft has transformed into an organization that values data-driven decision-making, recognizing the immense potential of quality data to drive innovation, efficiency, and growth. 

So, does your organization have a data culture that includes your suppliers? 

To extract the most value from your data, involving stakeholders within and outside your enterprise is crucial. The procurement department must lead in fostering a data-driven culture, harnessing the potential of technologies like AI and blockchain. 

As a service provider, your success is my priority.  

By embracing diverse perspectives, leveraging data visualization, and harnessing advanced analytics, your organization can unlock the full potential of procurement data and drive meaningful business outcomes. 

#ProcurementData #DataDrivenCulture #DataVisualization #Collaboration #PredictiveAnalytics #MachineLearning #DigitalTransformation #EmpowerProcurement #FutureOfProcurement 

April Harrison Blog, Diversity 0 Comments , ,

How To Avoid The Non-Compliance Speed Trap (What’s the Opposite of Cynical?) – Part 2

by Nick Picone, Trust Your Supplier VP of Advisory Practice

In my last post, I shared my thoughts on the coming regulatory headwinds and potential financial implications that all companies that lack efficient and effective supplier management capabilities will eventually face.

Today, I want to share insights from conversations I’ve had with leaders across the supply chain, procurement, and compliance officers at the various conferences I’ve attended with my team over the last three months.

Risk is Increasing

Nearly every discussion I had involved an extraordinary level of intellectual curiosity about what my company TYS does and what I saw in my day-to-day role as we partner with companies across the globe on their risk and compliance transformation initiatives.

I explained that nearly everyone understands they lack the comprehensive visibility across their supplier base to effectively manage risk and compliance at scale. I also shared a reasonably bold opinion that many companies I am meeting with face the increased risk of a supply chain extinction-level event due to a perfect storm across their small and middle-tier suppliers.

Some people challenged my position – which you expect – or mentioned that the level of risk I was referring to did not apply to their company which I was also willing to debate. The good news is that nearly all were interested in understanding why I thought the way I did and what I was looking at or seeing that shaped my view.

I explained that small and medium-tier suppliers are most at risk from this “perfect storm” we all face. It is especially important to recognize that these small and medium-tier suppliers could also be strategic and to understand the risk most companies face today by only focusing on their top-tier suppliers due to cost and complexity issues. In other words, companies generally have very little clarity into the situation beyond the first-tier suppliers until it’s too late.

Pre-COVID Survival

Before the pandemic and the world-changing events of the past few years, many small to medium-sized companies were practically on life support, and continued to exist because of favorable lending standards and the abnormally low cost of capital over the previous fourteen-year period. These historically low rates and easier access to credit provided a lifeline to businesses, particularly small and middle-tier suppliers who barely made it and primarily relied on regional banks to provide access to capital.

The Perfect Storm

Today, the problems we face as a society are well known. We find ourselves in a new environment; the optimal operating conditions of the past have quickly eroded and created the previously alluded to perfect storm characterized by exploding interest rates, tightening lending standards (especially across regional banks), inflation, geopolitical risk, and shortages across the supply chain. These events, taking place concurrently, are creating the most challenging financial climate – and operating environment for business – in at least fifty years. As a result, there is a dramatic increase in the risk of a significant shock to the global financial system that begins with regional banks and will ultimately impact companies and consumers.

Supporting Data

It may seem bold to suggest that many – okay, a significant portion of a company’s supply base may not be in business in 18 months. I realize that it is impossible to predict the future. Still, it is possible to see around corners, especially when you have complete visibility over your supplier base and access to instant real-time intelligence.

For example, let me share several “sobering” present-day statistics that will illustrate just how much stress your small and middle-tier suppliers are under – particularly diverse suppliers.

A record number of small businesses folded during the pandemic, and African American businesses were unfortunately “the hardest hit” with a drop of 41%, followed by a 32% decline in Latino-owned businesses.” As a point of comparison, the decrease in white-owned businesses was 17%.

Those numbers are hard to accept for some, which is understandable because they surprise many.

The Opposite of Cynical – Clarity

I understand technically, the opposite of cynicism is optimism. However, for anyone to become optimistic – which I am, by the way – I believe you need a clear line of sight to understand your current reality – where you are, where you want to go, and what you must overcome to get there.

However, you can only achieve your goals with a solid and stable supply base that includes your small and medium-tier suppliers.

The two questions you now must ask – and be able to answer, how stable and resilient is your value chain beyond your tier-one suppliers? How do you really know?

April Harrison Blog, Risk & Compliance 0 Comments ,

Unveiling the Hidden Force Behind Trust Your Supplier’s Flawless SOC Compliance

Within the perpetually transforming sphere of technology and cybersecurity, it’s rare for a person’s influence to be so deeply felt, particularly when their role primarily occurs behind the scenes. Ravinder (Ravi) Sabhikhi, a Compliance Security Consultant (CSC) for Trust Your Supplier (TYS), is one such individual. Having maintained the company’s SOC compliance with no exceptions for three consecutive years, Ravi’s dedication and expertise have been instrumental in ensuring the highest security and data privacy standards for Trust Your Supplier’s clients. 

A Rich Background in Technology and Business Development

Being awarded Employee of the Month at Trust Your Supplier in June 2023 highlights Ravi’s impressive repertoire of extensive experience and diverse skillset. His expertise has been refined through an illustrious background in cloud solutions, IoT solutions, advanced analytics, system solutions application deployment, technology planning, business development, and more across prominent organizations. 

Ravi’s journey began when he moved from India to the United States after high school, with limited English skills. Despite the challenges he faced, Ravi persevered with the support of exceptional mentors and a remarkable work ethic. He pursued his education while working in the evenings, ultimately obtaining an undergraduate degree in computer science, a master’s in computer studies, and an MBA—all while employed. His determination and hard work allowed him to realize his own American Dream. 

During his tenure as a Distinguished Engineer at IBM, Ravi collaborated with industry leaders on the strategy, architecture, and development of cutting-edge solutions using state-of-the-art technology. His significant contributions to both the company and the industry are evident, as are his multiple patents that demonstrate his credibility and expertise. 

At Tata Consultancy Services, Ravi served as the Innovation Lead in the pharmaceutical industry, where he analyzed emerging technologies and trends to enhance operational efficiency and reduce costs. As the Vice President of Sales and Channel Strategy, he revitalized sales with a focus on the banking and financial sectors, further showcasing his ability to deliver results and create a business impact for customers. 

Ravi’s international experience is equally impressive, having worked with clients worldwide and demonstrating a keen understanding of diverse cultural communication. This global exposure has undoubtedly contributed to his proven track record in relationship-building and problem-solving. 

Trust Your Supplier’s Unwavering Commitment to Security and Compliance

Under Ravi’s vigilant supervision, Trust Your Supplier has consistently completed the TYPE 2 SOC 1 and TYPE 2 SOC 2 audits without exceptions, reflecting our unwavering commitment to client information security and data privacy. This annual accomplishment serves as evidence of the rigorous standards and initiatives that make TYS a dependable partner to our clients. 

Ravi’s expertise in security is further emphasized by his understanding of the intrinsic link between blockchain technology and security. A secure environment and comprehensive training have become ingrained in TYS’s DNA, ensuring the highest level of protection for their clients’ data. 

Outside of his professional life, Ravi cherishes time with his family, including his wife of 44 years (!), two children, and various hobbies such as walking, exercising, and playing racquetball. His positive attitude and dedication to his work make every day enjoyable as he collaborates with nearly every department within the company on various projects and activities. 

With Ravi continuing to excel in his role, TYS clients can rest assured that their sensitive data is in the hands of a skilled and dedicated professional committed to upholding the highest security and compliance standards. 

To learn more about Trust Your Supplier’s dedication to data security and ongoing commitment to SOC compliance, visit https://trustyoursupplier.com/resources/data-security/. 

April Harrison Blog, Spotlight 0 Comments

When It Comes To Data, Failing To Plan Is Planning To Fail

by Sai Nidamarty, TYS Cofounder & CEO

Data knowing is a significant and intimidating problem that almost all organizations face, yet they need the data culture and cycles to do something about it. Beyond focusing solely on the consequences of bad or missing supplier data, we have convened a panel of industry experts and thought leaders to closely examine the data challenge from the following three critical points: 1. Data consequence 2. Data culture 3. Centralized planning & supplier oversight data framework. – Supplier Data: What You Don’t Know Can (And Will) Hurt You

The above link is to a webinar on which I was a panel member with Tom Redman and Greg Tennyson. From its title, you can see that we were talking about the importance of data.

Of course, data being important is not a new revelation. Nor is it a subject that hasn’t received significant attention in the media. However, despite its ubiquitous presence, many organizations still need help turning their vast amount of raw data into actionable knowledge. The question is, why? Of even greater importance than the why is how do we fix it – how do we convert our data currency into tangible returns?

During this panel, we answer this latter question.

Data “Street Cred”

Tom Redman and Greg Tennyson are recognized industry thought leaders. Tom, who graduated from Florida State University in 1980 with a PhD, Statistics and worked with AT&T Bell until 1995, when he started his company “The Data Doc,” has written extensively, including a compelling article on data for the Harvard Business Review.

Greg has a procurement pedigree going back to the late 1990s with companies like Oracle, SalesForce, and Coupa. As for me, my experience dates as far back as the early 1990s in the positions of software engineering and program management with IBM.

In short, individually and collectively, we have a deep understanding of not only technology but data as well.

Based on the above, you must know that the panel discussion would be uniquely insightful because we weren’t tackling the data question from a conceptual or theoretical basis. What this means is that during the 60 minutes, we didn’t just talk about the challenges with data but what you can do “about” getting the most from your data using my 3-Point Supplier Data Plan.

The 3-Point Supplier Data Plan

“Partner, Mitigate, Comply is at the heart of the 3-Point centralized planning & supplier oversight data framework. Going forward, I will call it the 3-Point Supplier Data Plan.” – Sai Nidamarty

So, what is the 3-Point Supplier Data Plan?

During the panel, Tom, Greg, and I discussed at length the specifics of the 3-Point plan, including how you can introduce it to your organization. By the way, you can use this 3-Point link to access the on-demand recording of the session.

In the meantime, at a high level, here is a quick overview or outline of the supplier data plan:

Point #1 – Partner

  • Enterprise data drawn from many data sources are generally inconsistent, incomplete, and unreliable for decision-making. Partnering & investing with automated tools to onboard, manage and monitor a single source of truth for the entire supplier base
  • Enhance authenticity and provenance, creating a data culture with a single source of truth
  • Collaborating with suppliers for the exchange of information
  • Establish relationships with comprehensive 3rd party data providers in monitoring supplier risk in real-time; take appropriate actions to mitigate

Point #2 – Mitigate

  • Data and transactions MUST be transparent with an immutable audit trail
  • Simple, quick discovery of qualified, trusted suppliers
  • Nearly touchless supplier onboarding – A faster turnaround of query resolution and proactive alerts enabling better & timely strategy realignment
  • Monitoring risk is now at least equal to monitoring spend & margins for procurement organizations
  • Governance of data management throughout the supply chain
  • Integrate with a range of immutable ledger technologies

Point # 3 – Comply

  • Maintain control of authenticity throughout the supply chain – enhancing supply chain visibility and risk.
  • Comply with regulative reporting and compliance regulations (SCDDA, Diversity/human rights laws, insurance)
  • Meeting internal objectives on compliance (e.g. ESG)
  • The continued evolution of a globally compliant supplier base
  • Blockchain uses digital signatures, data encryption, and cryptographic function to protect the integrity of the data.

Once again, I invite you to use the above links to access the on-demand version of the webinar.

I would also suggest that you stay connected with us, as we are planning to do a special live – open mic Q&A session, where we will specifically discuss the 3-Point Supplier Data Plan in much greater detail. Follow us on LinkedIn or Twitter for updates.

April Harrison Blog, Digital Transformation, Supplier Information Management 0 Comments ,

Women In Tech: Virtual Reality or Tangible Progress?

by Michelle Armstrong, Chief Relationship Officer

“Digital transformation will not happen without women in procurement.” – Kevin Peesker, President Worldwide SMC & Digital at Microsoft

In a captivating August 2019 article in Italy’s The Procurement Magazine, Jon Hansen shared an insightful interview with the then-president of Microsoft Canada, Kevin Peesker. Today, Mr. Peesker holds the title of Microsoft’s President Worldwide SCM & Digital.

In the article, Hansen highlights a powerful statement by the Microsoft leader: without more women in tech – and STEM professions overall, digital transformation will not happen.

Let’s explore the significance of this statement and the role of women in the digital transformation journey.

Compelling Figures: Time for Progress

When a top executive from a global technology giant like Microsoft emphasizes the importance of women for digital transformation success, the world takes notice. But will this attention lead to sustainable and progressive change? It’s time to move beyond mere agreement and take action to bring more women into the technology industry with equal opportunities and pay.

According to Tech Funnel’s April 2023 article, a mere 25% of workers in technology are women, and an even more disappointing 11% occupy executive positions. These statistics are from 2023 – four years after Hansen’s article.

Additionally, gender diversity in tech leadership fell from 86% in 2020 to 59% in 2021. However, a few positive notes also emerged during this time, like the percentage of women working for Apple increasing from 30% in 2014 to 35% in 2021. And overall, the percentage of women in the tech industry grew by 2% between 2019 and 2021.

Despite these small victories, we cannot ignore the following data:

  • 57% of women in tech feel burned out at work, compared to 36% of men.
  • 1 in 5 women in tech is considering leaving their job.
  • 75% of women in tech are consistently asked to handle more administrative tasks.

So, where does this leave us – men and women alike – in the quest for gender equality in high-tech?

Overcoming Digital Transformation Challenges with Women at the Helm

Digital transformation is impossible without more women “in” procurement and leadership positions across various industries. The key to digital success lies in where that “in” resides.

Tech Funnel reports that gender-diverse leadership teams are “48% more likely to outperform their competitors.” Additionally, diverse management teams generally produce better EBITA results, with HBR stating that margins for more diverse companies are higher than those struggling to gain traction.

Focusing on the tech industry and, more specifically, the digital transformation of the procurement industry, a 2019 Deloitte global survey of CPOs revealed dissatisfaction with their digital transformation strategies, and this was just before the pandemic.

In 2023, numerous reports cite poor data quality, lack of transparency, and failure to adopt technology as the top challenges CPOs face today.

While the lack of women in leadership roles in the tech industry – or any industry – may not be the sole or primary reason for companies’ struggles with digital transformation, it is undeniably a critical factor. A 2018 study on “the influence of gender on the adoption of technology among SMEs” is an excellent starting point for understanding our roles and impact on adopting cognitive procurement solutions, including AI.

Let’s keep the conversation going and empower women to shape the future of technology.

#WomenInTech #VirtualReality #DigitalTransformation #GenderEquality #WomenInSTEM #WomenInProcurement #Microsoft #TechIndustry #TrustYourSupplier #DiversityInTech #EmpowerWomen #FutureOfTechnology

April Harrison Blog, Diversity 0 Comments