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FAQ: How Does TYS Improve Supplier Pre-Qualification?

Frequently Asked Question: How Does TYS Improve Supplier Pre-Qualification?

TYS transforms supplier pre-qualification by making it faster, smarter, and more reliable. TYS leverages automated workflows to simplify and expedite the process, ensuring that all necessary data is collected and verified without the manual back-and-forth. By integrating risk intelligence and compliance checks from leading partners, TYS provides businesses with a thorough, data-driven view of each supplier, reducing the likelihood of bottlenecks and delays.

With streamlined and automated pre-qualification, companies can:

  • Reduce Costs: Cut down on the time and resources typically required for manual checks and data validation.
  • Enhance Efficiency: Efficiently vet potential suppliers using integrated risk and compliance data, eliminating redundant steps.
  • Speed Up Onboarding: With faster pre-qualification, businesses bring suppliers on board quicker, boosting agility and resilience in their supply chain.

TYS takes the guesswork out of pre-qualification, so companies can focus on building a robust, resilient supplier network.


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FAQ: How does TYS positively impact both the top and bottom lines of your business?

Frequently Asked Question: How does Trust Your Supplier (TYS) positively impact both the top and bottom lines of your business?

TYS enhances business performance by driving both top-line growth and bottom-line savings. Here’s how:

Top Line Impact: 

Faster Supplier Onboarding: TYS significantly reduces the time it takes to onboard new suppliers, allowing you to engage with vetted, compliant suppliers faster. This helps to avoid delays in production or service delivery, speeding up revenue generation. 

Improved Supplier Discovery: By utilizing TYS’s advanced supplier discovery tools, businesses can identify new suppliers that meet their unique criteria, helping diversify the supplier base and ensure resilient supply chains. This adaptability can lead to faster time-to-market for new products or services, increasing opportunities for growth. 

Enhanced Supplier Collaboration: Through better supplier data and collaboration features, TYS enables stronger relationships with key suppliers, which can result in better terms, pricing, and access to new innovations, ultimately boosting your top line. 

Bottom Line Impact: 

Cost Reduction: By automating supplier management processes, TYS helps reduce administrative and manual efforts, cutting down operational costs related to procurement and supplier management. Efficient workflows reduce the cost per transaction and streamline compliance checks, minimizing costly delays or penalties. 

Risk Mitigation: With integrated risk intelligence and compliance monitoring, TYS ensures early identification of potential risks such as supplier financial instability or regulatory issues. This allows businesses to act proactively and avoid costly disruptions or fines, preserving profit margins. 

Data Accuracy and Consistency: TYS ensures that your supplier master data is accurate and up-to-date across all systems, reducing discrepancies that lead to errors or compliance risks, saving time and costs associated with data reconciliation and audits. 

By improving efficiency and creating more resilient, compliant supply chains, TYS helps businesses boost profitability and sustain long-term growth.

Reach out to learn more about how TYS can help improve your business’s financial performance.


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FAQ: Can TYS integrate with existing business systems? 

Frequently Asked Question: Can TYS integrate with existing business systems? 

Yes, Trust Your Supplier (TYS) seamlessly integrates with various business systems, enabling efficient data exchange and workflow automation across different platforms. This integration ensures that TYS connects with your existing ERP, procurement, and supply chain management systems, creating a unified and streamlined process. Key benefits include: 

  • Optimize data synchronization – ensuring the majority of systems have the most current information, enhancing accuracy and decision-making
  • Dynamic Single Source of Truth  – Centralize all supplier data to ensure an up-to-date, comprehensive view, enhancing transparency and trust 
  • System Agnostic APIs: Integrate seamlessly with any system using our system-agnostic APIs, with support for custom solutions as needed

Learn more about the key challenges, solutions and outcomes.

 

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FAQ: What industries benefit the most from TYS?

Frequently Asked Question: What industries benefit the most from TYS?

Trust Your Supplier (TYS) is designed to support a wide range of industries, particularly mid-size to large enterprises managing complex supplier networks. Our expertise and innovative solution drive transformative business change in risk management and global compliance across various sectors.

Industries that benefit from TYS often deal with extensive supplier bases and require robust systems to ensure compliance, mitigate risks, and maintain transparency. TYS helps streamline supplier pre-qualification, monitor performance, and optimize supply chain efficiency, making it an invaluable asset for businesses aiming to enhance their supplier management processes and achieve global compliance.

 

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April Harrison FAQ 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 , ,

FAQ: What is the Importance of Standardization?

Frequently Asked Question: What is the importance of standardization?

Standardization is crucial for streamlining processes, ensuring compliance, and reducing risks. At Trust Your Supplier (TYS), we have collaborated with buyer organizations across various industries to identify best practices and key questions that ensure supplier questionnaires comprehensively address compliance and risk perspectives. Our standardized questionnaires are designed to meet global, local, and industry-specific regulatory requirements.

These standardized questionnaires and workflows significantly reduce onboarding time by allowing suppliers to focus on unique questions without having to repeatedly address common ones. This approach enhances the overall supplier experience while reducing time, effort, and costs for both parties. Internally, organizations can operate more agilely, quickly onboarding the suppliers they need to meet their goals and deadlines.

Watch this short video to learn more. https://trustyoursupplier.com/resources/cycle-time/ 

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

FAQ: Why Supplier Management?

Frequently Asked Question: Why did Trust Your Supplier choose to tackle supplier management?

At Trust Your Supplier (TYS), we identified a significant gap in the reliability and efficiency of supplier data management. In today’s rapidly evolving supply chain landscape, traditional methods for discovering, onboarding, and monitoring suppliers are struggling to keep pace with the constant flow of changing information and increasing regulatory demands.

The “supplier” is a fundamental element of every supply chain, and globalization necessitates rigorous vetting and risk assessment across multiple areas to ensure trust, transparency, and compliance with global regulations. The pandemic highlighted the vulnerabilities of over-reliance on a limited number of suppliers, leading to disruptions, higher costs, and inefficiencies. It also underscored the growing importance of supplier diversity and the need for suppliers to demonstrate ESG (Environmental, Social, and Governance) and sustainability initiatives.

We believe that a blockchain-powered solution like Trust Your Supplier is essential for modernizing and securing supplier management. By harnessing blockchain technology, we aim to provide a robust platform that addresses these challenges, ensuring more reliable, transparent, and efficient supplier management for the future.

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

FAQ: Why Blockchain?

Frequently Asked Question: Why did Trust Your Supplier choose blockchain technology for our platform?

Trust Your Supplier (TYS) chose blockchain technology because of its unparalleled ability to ensure data integrity, security, transparency, and auditability. Blockchain enables secure and efficient data exchange between stakeholders, enhancing compliance and decision-making processes.

Blockchain also enhances auditability by maintaining a tamper-proof record of all transactions and interactions. Every change and update is recorded in a chronological, unchangeable ledger, making it easy to trace the history and origin of data. This comprehensive audit trail simplifies compliance with regulatory requirements and facilitates internal and external audits.

In essence, blockchain technology empowers TYS to deliver a robust, reliable, and innovative solution for supplier and risk management, helping businesses achieve greater efficiency, confidence, and accountability in their supplier management operations.

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