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How to Reduce Workload & Shorten Onboarding Time for Procurement teams and Their Suppliers
by April Harrison
Buyers and Suppliers have a common goal: to transact. Often standing in their way is an intensive administrative workload to provide and maintain critical business information.
The traditional process of validation & qualification is slow and cumbersome for both purchasing teams and suppliers.
Suppliers must submit their information to each buyer in different formats. Buyers must review supplier information and ratings to meet compliance regulations. These highly manual and repetitive steps result in long lead times to their first transaction.
Trust Your Supplier frees both buyers and suppliers from redundant administrative work with a seamless exchange of information, increased visibility, and embedded third-party risk management. In this short video, hear how TYS works for Glaxo-Smith-Kline managing their supplier relationships.
Reduce supplier effort to share information with customers
With TYS, suppliers can update once, share with many.
Reduce procurement team effort to collect and validate supplier information Procurement teams automatically receive updated and accurate supplier information along with market, media, and other external commentaries to constantly monitor news regarding suppliers.
In this video, Lenovo’s COO, Renee Ure, describes how TYS streamlines onboarding. This simplified process gives time back to your team, so they can focus on their core competencies and shortens the runway to the first transaction.
Learn more at www.TrustYourSupplier.com
A Platform for Procurement Innovation
by April Harrison
Supply Chains are an intricate interchange of information between buyers and suppliers that result in an exchange of goods or services and payment. If all goes well, this can result in lasting partnerships.
One cumbersome aspect of the supply chain process is collecting and maintaining accurate and validated supplier information. Intensive administrative work is required from both suppliers and buyers to ensure accurate data to minimize risk.
The traditional qualification, validation. and onboarding processes require suppliers to submit their information to each buyer in different formats. For or buyers, compliance regulations demand reviews of supplier information and ratings. Because these steps are highly manual and repetitive, they often result in unnecessary time delays to the first transaction.
Trust Your Supplier (TYS) solves this challenge to the first transaction and in the upkeep of accurate & current information.
Built on blockchain technology, TYS provides a single, trusted digital identity for suppliers to share with multiple buyers and across business networks
By a supplier building a singular profile in TYS, they can establish a neutral, cross-industry identity layer that offers seamless integrations with multiple buyer vertical industries, business networks, and procure-to-pay solutions.
Trust Your Supplier brings together the technology and a network that transforms the supplier information experience, leading to reduced cost, risk, and administrative effort.
Over the next few weeks, we’ll take a look at the impact TYS has on each of these areas with the potential for amazing outcomes. Stay tuned!
The Trust Your Supplier Podcast has Officially Launched!
Focusing on insights about supplier information management, we’ll have conversations with key stakeholders to discuss how to break the cycle of redundant administrative work and how to increase supply chain agility.
In our first episode, GSK’s Director of Policy, Risk & Compliance in Procurement, Ashna Amarshi, chats with TYS’s Michelle Armstrong & Mohit Bothra. They discuss GSK’s journey with Trust Your Supplier, why it’s more important than ever to speed the onboarding process, and how her team will benefit.
TYS will allow her team to focus on GSK’s overall mission, to help people Do More, Feel Better, Live Longer.
Listen to the full conversation here.
BYD Joins Trust Your Supplier
BYD, one of the world’s largest producers of masks and other personal protection equipment (PPE), has joined the Trust Your Supplier (TYS) Network to help improve access to equipment in response to the COVID-19 pandemic.
“The market for PPE is a prime example of supply chains run amok at a time when the stakes for being able to trust who you do business with have rarely been higher,” said Gary Storr, TYS General Manager. “By providing supply chain visibility and helping create a transparent, accessible market for PPE, we can help improve the flow of goods for these critical products.”
Read the press release here.
Blockchain Supply Chain Solutions to Prepare for Disasters
In this article about businesses preparing for another disaster, Trust Your Supplier is highlighted as a blockchain based solution to provide supply chain transparency. During times of emergency or normalcy, preparedness involves trust and efficiency, both of which are provided by Trust Your Supplier.
Blockchain Supply Chain Virtual Summit
Gary Storr, General Manager of Trust Your Supplier, will take part in an IBM Business Partner panel addressing supply chain needs leveraging Blockchain technology. The discussion will air on Wednesday, 7/22 at 12:15pm on https://blockchainsupplychainsummit.com/. Registration is free.
Trust Your Supplier Wins Prestigious Enterprise Blockchain Award
Chainyard and Trust Your Supplier won Blockchain Revolution’s prestigious Innovative Entrepreneurship in Blockchain Award in the category of Supply Chain Applications.We take pride in the Trust Your Supplier platform and network. Thank you to Blockchain Revolution Global for recognizing our team’s achievements.
The awards ceremony took place on July 7th and honored innovators that are “making a measurable difference within their organizations and across industries ripe for blockchain disruption.”
TYS is a Finalist for an Enterprise Blockchain Award
“On July 7th, the blockchain community will be honouring the 2020 finalists and winners of the Enterprise Blockchain Awards (EBAs) at our annual EBA Gala. These innovators, advocates, and researchers are making a measurable difference within their organizations and across industries ripe for blockchain disruption. Now in its second year, the EBA Gala recognizes their stewardship of this technology.”
The ceremony is free to watch and will be live-streamed on the Blockchain Revolution Global website on Tuesday, July 7th, at 7:00PM EDT.
TYS @BiTA Symposium – June 10th
Chainyard will be highlighting Trust Your Supplier as an important and timely use of blockchain. Register for this free, virtual event.
BiTA is a leading member-driven community comprising stakeholders across the transportation, logistics, supply chain, freight, technology, and blockchain arenas.
Join us on June 10th as BiTA members highlight real-world learnings from their use of cutting-edge technology. Projects to be discussed include:
- An update on the DLT Labs + Walmart Canada project, the largest industrial blockchain application in the world
- How Specright empowers Salesforce Blockchain customers to create a trusted supply chain network
- Trust Your Product & Trust Your Supplier: why Chainyard’s work is more important than ever
- Ubirch’s COVID-19 testing solutions for transportation companies
- Pitney Bowes’ blockchain-enabled tracking and chain-of-custody eCommerce PoC
- Polaris Transportation Group’s FreightLens product using Hyperledger
- How Routeique is using RECAST to reframe supply chain strategies
- Why interoperability is essential and what it means for supply chains with the CEO of Agoric
