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. 📋✅

 

Tales of TYS Superheroes: Supplier Discovery

Here’s a little end-of-week humor. 

 This comic strip is a fun way to showcase a problem and a solution around an organization’s need for supplier resiliency. Now, more than ever, enterprises need a trusted base of suppliers. With today’s supply chain risks, volatility in supply, and the increased regulatory situation, the traditional methods to discover and onboard suppliers can’t keep up with the pace of changing information. 

Today’s hero uses the power of TYS’s discovery function to quickly find numerous pre-vetted suppliers to fill an unexpected gap in their supplier base. A simple search function reveals suppliers that meet the requirements and characteristics this organization is looking for along with risk data including questionnaires and third-party data.

The supplier information is available nearly immediately, which reduces the effort to discover qualified suppliers and reduces onboarding cycle time. 

Enjoy the first installment of Tales of TYS Superheroes – stories of everyday heroes in supplier management! 

 

New Podcast Episode – Supplier Diversity

On Trust Your Supplier’s podcast, Procurement Block, we get to hear from the people who are at the forefront of procurement innovation.  

On this latest episode, I am being schooled by Michael Robinson.  Michael K. Robinson is the Program Director of Global Supplier Diversity for IBM’s Integrated Supply Chain. He is responsible for leading IBM’s supplier diversity initiatives worldwide. In this role, Michael, and his team, focus on the utilization, development and mentoring of diverse suppliers who can provide value-add to IBM’s Supply Chain. 

Under Michael’s leadership, IBM has been recognized for numerous awards including Corporation of the Year by the NMSDC (3x), one of the Top Corporations by WBENC (13x), and one of DiversityBusiness.com’s Top Corporations to name a few.   IBM has spent in excess of $2Billion, 1st Tier, annually worldwide with diverse enterprises since 2006 and in excess of $1B, 1st Tier, annually with diverse enterprises in the U.S. since 2000. 

Michael brings his wealth of knowledge and experience to our conversation on supplier diversity. He explains how to jazz up your supplier diversity program by understanding the benefits, how to identify and attract diverse suppliers, and what to take into consideration when implementing or expanding a program. 

Listen to our conversation and get more information from the show notes at ProcurementBlock.com.

Assessing the Risk of a New Supplier Relationship

Supplier Relationship Management isn’t necessarily a new concept, but in today’s COVID-related, digital climate, its scope and structure should be formalized and followed diligently. Instead of a transactional interaction and a contract that gets shoved in a filing cabinet until renewal, GEP states that the nature of the vendor/supplier relationships is shifting to just that: relational. Long-term.  A constant conversation that lasts throughout the contract – not just at the endpoints.  Now, of course in any relationship there is risk. 

Without diligence or with diligence only executed at the endpoints, it is much harder to figure out where the relationship went wrong if problems occurCNN reported that the HHS’ Assistant Secretary of Preparedness and Response misappropriated the millions of dollars allocated to the Biomedical AdvanceResearch for administrative and office expenses, dubbing it the Bank of BARDA. If misappropriation and mistakes can happen in an organization with that degree of oversight, they can happen anywhere.   

Gaps in normalcy like shipping delays, business shutdowns, limited manufacturing capabilities, and a higher-than-average online population gives a fraudster the perfect opportunity to slide in. So how can you identify whether your supplier is one you can count on?  

GDC agrees with the PWC categorization risks in a supplier relationship.  The risks are broken up into five segments:  

Reputational Risk 
A reputational risk means your business’ brand is affected. This can happen when the end-user experiences a product failure or substandard quality as a result of a bad supplier.  

Resilience Risk 
Resilience risks affect the customer’s access to the product because of a bad supplier. This can happen if a crucial part of your product is missing, and you must deem it out of stock. 

Data Security and Privacy Risk  
63% of data breaches happen from third party access, so strict security measures should be enforced in order to prevent stolen customer, employee, or partner data  

Regulatory Risk 
Regulatory risks happen when a business violates the country- or jurisdiction-specific compliance requirements for outsourcing or signing with a supplier.  

Commercial risk
Commercial risk can happen when supplier failure results in inaccurate or over billing, or when the costs of the supplier partnership is larger than the profit.  

Now that you know your risks, it is time to think about how to solidify your process for supplier management and risk prevention.  

Luckily, there are a few best practices and guidelines out there to lay the groundwork 

Vendor Selection 
This is where we come in. Global Data Consortium is a data-as-a-service company that delivers real-time, locally sourced business verification for financial institutions around the globe to combat reputational, regulatory, and commercial risksWhen you use GDC’s Know Your Business solution, you can choose from three types of checks with varying levels of verification and customizable match rules to meet whatever level of compliance your organization requires.  

The key to a successful supplier relationship is to never let the bad ones get to you in the first place.  Whether you’re seeking to verify the legitimacy of a potential supplier, conduct a risk analysis, or confirm the beneficial owners and directors, GDC’s KYB solution helps you kick your supplier relationship management process off with a head start.  

Contract  
Setting a contract up with your supplier means setting expectations up with your supplier. Make sure both parties are aware of the duration of the partnership, quantity of work, and quality of service expected.  

Vendor Management 
As stated above, the nature of a supplier relationship is shifting. Monitor your partnership throughout the life of it and keep an open line of communication.  

Contingency Planning 
Even with all the precautions listed above, things can still go wrong. If a supplier falls through, have a backup plan so you can still avoid a resilience risk.  

And there you have it! Although every organization has its own structure, these best practices should set the groundwork for what will be an exceptional supplier relationship management process.  

Want to start your supplier relationship management process off on the right foot? Check out our page to learn more about how GDC’s Know Your Business solution can help you minimize Regulatory, Reputational, and Commercial risks for a supplier relationship you can be confident in.