Chainyard is the recipient of the Institute of Supply Chain Management (ISCM) 2021 award in the category of Best Procurement Technology for our solution Trust Your Supplier!
The awards ceremony was held on August, 21, 2021 in Mumbai. Just as ISCM is a thought leader to the supply chain community, Trust Your Supplier (Chainyard ) endeavors to have a transformational impact to the same through our network solution and innovative marketplace. We are thankful for this recognition and eager to continue contributing to ISCM and the global supply chain industry.
An incredible line-up of guests joins me for our first 3 episodes of Procurement Block, a podcast designed to school procurement newbies and seasoned professionals alike. Join me as we build up from the basics about the initiatives and technology that fuels innovation within procurement and supply chain.
Listen at www.ProcurementBlock.com.
How does understanding the lifecycle of a frog help you build stronger supplier/customer relationships? We have the answer on Procurement Block, a new podcast designed to school procurement newbies and seasoned professionals alike.
Join us as we take a big leap into podcasting and learn from the game changers who are leading the initiatives around blockchain, risk management, and change management.
Launching August 11th at www.ProcurementBlock.com.
By Praveen Rao
Managing Director, Supply Chain Solutions and Partnerships
IBM Industry Platforms
Today’s businesses are operating in an increasingly complex world in which risk and volatility are putting new pressure on day-to-day business operations. A study by IBM indicates businesses are spending more than 50 percent of their revenues on procuring goods and services from their supplier base. Leading procurement organizations must excel in the fundamentals of reducing cost, ensuring compliance, driving performance and ensuring innovations in the supply base.
In today’s procurement world, a keystone in the sourcing strategy is to have vendor management methods that foster engaging with the right suppliers at minimal cost. This involves managing all aspects of supplier lifecycle from discovery and qualification to onboarding and monitoring.
Continuous monitoring of the supplier performance in today’s fast-paced and global environment, along with supplier rationalization as a key piece of strategy, must be considered by procurement organizations to innovate in driving better supplier management. In our conversations with large procurement organizations, these are some of the top procurement challenges for 2021 and beyond:
- Reduce spend cost
- Lack of resiliency in supply chains
- Lack of risk mitigation around onboarding unfavorable suppliers
- Outdated procurement systems
- Lack of analytics for insights around supplier performance
- Not enough focus on sustainability and diversity of supplier base
- Dark purchasing that happens outside the approved procurement processes
So how do procurement organizations drive change to face these challenges? Trust Your Supplier (TYS) works with a network of enterprise buyer organizations to bring digital transformation to their industries. As an integral part of their strategy, the TYS blockchain platform is bringing transparency and supplier visibility at every touchpoint. The supplier owned profile, with information needed for onboarding and qualification, can be cross referenced against industry recognized validators to reduce your organization’s overall procurement cost and to support compliance activities such as diversity, sustainability, cyber security, and anti-corruption.
TYS boasts a rich marketplace of business partners that cater to evolving risks such as: supplier Identity, firmographics, financial, sustainability, cybersecurity, governmental sanctions, compliance and screening for undesirable entities.
Furthermore, TYS has partners into your supply chain resiliency and potential disruptions that could arise from unplanned events such as a pandemic or natural calamities. Marketplace providers offers continuous monitoring capabilities to ensure that your risk data is kept up to date with evolving market conditions. These solutions are offered through free basic data sets, bring your own license, and commercial license purchasing options.
To learn more about how Trust Your Supplier can help with your organization address these top procurement challenges and bring innovation to your supplier management process, please contact us to speak with an expert.
Insights from the Innovators…Cyril Pourrat, Sanjay Mehta and Ninian Wilson discuss how they are bringing digital transformation to BT, Nokia, Vodafone, and the telecom industry with Trust Your Supplier. Hear what you should be thinking about as you embark on the path to transforming your organization and your industry.
Our team had the opportunity to appear on CPO Arenea (Season 1, Episode 7). Similar to shows like Shark Tank, service providers pitch to a panel of experts that weigh in on their solution.
Congratulations to our team a successful performance in the CPO Arena! It was an impressive showcase of how Trust Your Supplier helps with onboarding suppliers faster, using operational intelligence and partnerships within our integrated, blockchain platform without unnecessary admin activities for buyers or suppliers.
Thanks to the CPO Arena team for having us on your show!
This insightful article by VentureBeat features a fantastic interview with Gary Storr, General Manager of Trust Your Supplier. Chainyard’s experience with blockchain technology has been a differentiating factor for TYS, an example of the innovative use of blockchain for any industry that requires trusted relationships.
Join us this week at our Hyperledger Global Forum sessions to explore how we are helping companies innovate their businesses.
Join Lightning Demo: Supplier Digital Passport using Trust Your Supplier – Michelle Armstrong, Chainyard
Join Panel: Consortium Building Through Business Value – Gary Storr, Trust Your Supplier; Pia Gaviria-Desvernay, British Telecom; Eric Evans, Rapid Ratings; Manikandan PY, Schneider Electric; Nuno Pedro, Nokia
Join Session: Supply Chain Security – Tackling Compliance, Fraud and Counterfeiting – Mohan Venkatamaran CTO & Isaac Kunkel, SVP Consulting Services
Register to attend and join us there! https://bit.ly/2RfKiWe
By Ravi Sabhikhi
The exchange of information is crucial to business operations across all industries. Cyber security, confidentiality and data privacy are common concerns with document exchanges and other forms of data transfer. Trust Your Supplier (TYS), owned & operated by the blockchain services and solutions company Chainyard, recognizes that these issues are critical to network participants. In response, Chainyard has successfully completed SOC 1 & SOC 2 Type 2 examinations to further cement our commitment to meeting the utmost in data security requirements.
At Chainyard, data security and data privacy are in our DNA. We ensure our clients’ security concerns are addressed across multiple areas. Chainyard built TYS, one of the largest supplier discovery and information management permissioned blockchain solutions, using a Hyperledger Fabric framework. This adds protection to the network by safeguarding the digital keys that access the data.
Deployed on the IBM Public Cloud using the IBM Blockchain Platform, TYS adheres to all IBM Data Center security policies. The TYS production team also runs daily vulnerability scans along with minute-to-minute logs and can generate system alerts for any anomaly, notifying the appropriate people to take immediate action as required. These defined processes using state of the art technologies ensure Chainyard protects its devices and network against cyber attacks.
On the development side, the TYS team uses an Agile SDLC process where every user story is documented, and security concerns are addressed before each release of the TYS application.
At Chainyard we constantly monitor and adapt to the evolving and increasingly complex privacy landscape. The public awareness of privacy has grown over the past few years and was an instrumental factor in passing legislation such as the California Consumer Privacy Act of 2018 (CCPA), and more recently, the California Privacy Rights Act of 2020 (CPRA). While Europe has led the way with GDPR compliance, more states and countries are developing their own data privacy laws, such as South Africa’s Protection of Personal Information Act (often called the POPI Act or POPIA).
The TYS SaaS application is GDPR, POPIA, and CCPA compliant , with policies and procedures in place for data encryption in motion and at rest. Penetration tests (PEN tests) are performed multiple times a year by IBM X-Force Red in order to discover any security gaps and data vulnerability and perform security checks on the web interface and other access interfaces. All PEN test findings are reported and fixed in priority, as required by their severity level. PEN test reports are available upon customer request.
Chainyard continues to demonstrate its strong focus on the privacy and security of our clients’ data by proactively and successfully completing Type 2 SOC 1 and SOC 2 examinations this year. This allows our clients to maintain peace of mind as they focus on improving lives and reducing costs. Mohan Venkataraman Chainyard, CTO, added that “our recent SOC 1 & SOC 2 certification is only one aspect of our growing infrastructure security program that includes, among other things, ongoing data privacy and confidentiality enhancements and platform security improvements to guard against cyber security threats”.
Established by the American Institute of Certified Public Accountants (AICPA), SOC 1 and SOC 2 examinations are designed for organizations across all industries and scope to ensure the personal and business assets of their potential and existing customers are protected. SOC 1 and SOC 2 reports are recognized globally and affirm that a company’s infrastructure, software, people, data, policies, procedures, and operations have been formally audited by a third party. Chainyard’s SOC exams were led by A-LIGN ASSURANCE (A-LIGN), an independent auditing firm focused on industry-leading security and compliance, and trusted by more than 2,500 global organizations.
A-LIGN’s Type 2 SOC 1 and SOC 2 audits of Chainyard’s infrastructure and internal processes revealed no exceptions, affirming that our company’s security policies, data protection, and privacy protocols meet or exceed the highest industry standards. These SOC examinations reinforce Chainyard’s commitment to information confidentiality and data security on the Trust Your Supplier network, and we plan to continue maintaining and re-evaluating our policies and measures to maintain this standard of excellence.
Chainyard will perform SOC 1 and SOC 2 audits on an annual basis and make the reports available to current clients upon request and to potential clients upon execution of a non-disclosure agreement. If you are interested in viewing these SOC reports, please contact us.