The Evolving Landscape of Data Validation and Supplier Discovery: Human Expertise Meets AI

by Michelle Armstrong, TYS Global VP of Value Engineering

In the digital age, businesses seek efficiency and accuracy in their supply chain operations, particularly in supplier discovery and data validation. While Artificial Intelligence (AI) presents promising solutions, it is not a panacea. At Trust Your Supplier, we recognize the unique value of combining AI with the irreplaceable insights provided by in-country verifiers, ensuring that our clients receive the most reliable and contextually accurate data.

The Limitations of AI in Supplier Discovery
AI is powerful and capable of processing vast datasets to identify patterns and anomalies at speeds no human could match. However, its effectiveness is contingent upon the quality and structure of the data it processes. In regions with less standardized digital data or where legal constraints limit data accessibility, AI alone may falter, yielding less than optimal results.

The Human Element: In-Country Verifiers
At Trust Your Supplier, we enhance AI’s capabilities with the local knowledge and expertise of in-country verifiers. These professionals are fluent in the local languages and business practices and familiar with regional legal nuances that might affect data collection and validation. This human element ensures that the data you receive is accurate and fully compliant with local regulations.

Balancing AI and Human Insight
Incorporating in-country verifiers into our process addresses the gaps left by AI. For example, when supplier data changes—such as updates in tax IDs or operational addresses—our local experts can verify these changes promptly and accurately. This approach reduces the risk of outdated or incorrect data, a common issue when relying solely on AI, particularly in dynamic markets.

Looking to the Future
While AI continues to advance, reaching new heights of data processing capabilities, the path to perfection is long. At Trust Your Supplier, we are committed to staying at the forefront of technology while also valuing the indispensable human touch. Our blended approach prepares us for today’s challenges and also sets a robust foundation for integrating more sophisticated AI solutions in the future.

Why Trust Your Supplier?
Choosing Trust Your Supplier means opting for a service that understands the balance between technology and human expertise. Our clients benefit from a hybrid model that leverages the best of both worlds—cutting-edge AI backed by the critical oversight of seasoned professionals. This ensures not only the accuracy of the data but also its applicability and compliance, giving businesses the confidence to make informed decisions.

In the evolving world of supplier management, Trust Your Supplier stands out by offering an innovative and balanced approach. While AI is a powerful tool that will continue to improve, the current landscape requires a human touch to ensure the highest standards of data validity and reliability. Trust us to be your partner in navigating the complex, ever-changing world of supplier discovery and validation.

 

TYS Lunch & Learn Episode 4 – Unraveling the Global Tapestry of Politics, Economics, and Supply Chains

In this episode, we dive deep into the intricate web of global politics, economics, and supply chains, unraveling the complexities that shape the landscape of modern business. Join us as we explore pressing questions and uncover insights that shed light on the evolving dynamics of the global risk environment.

The volatile nature of today’s global political and economic climate reverberates across industries, making it imperative for supply chain and procurement professionals to stay vigilant. Every shift in geopolitics or economic policy can send ripples through the supply chain, impacting everything from sourcing strategies to operational efficiency.

So, why does this matter for supply chain and procurement? Simply put, businesses operate in a connected world where disruptions in one region can have far-reaching consequences. Whether it’s trade disputes, sanctions, or geopolitical tensions, these factors can disrupt supply chains, increase costs, and affect business continuity.

Tracking these issues requires a comprehensive approach, leveraging a mix of data sources, analytics, and expert analysis. By monitoring key indicators, companies can anticipate risks and identify opportunities, enabling proactive decision-making.

To gain deeper insights into these challenges, we asked the experts at Prism about the emerging trends in global politics and economics. Watch our conversation with them and read our blog, co-authored by TYS and Prism, on how the Swiss climate ruling reshapes supply chains and risk management.

Navigating Geopolitical Shifts

How the Swiss Climate Ruling Reshapes Supply Chains and Risk Management

by Michelle Armstrong, TYS Global VP of Value Engineering and George Coe, Prism Cofounder & Partner

On April 9, 2024, a Swiss Court determined that the Swiss government had a legal obligation to combat climate change, based on European Human Rights Law. The case will have significant implications for ESG and supply chains. 

This adds to a wave of climate litigation, against both countries and companies, but stands as a landmark ruling due to the use of human rights law broadly, and the European Convention on Human Rights (ECHR) specifically, for which a precedent is now set for all 46 countries that are signatories. 

The implications go far beyond the direct ruling. TYS partner, PRISM, a geopolitical risk advisory firm, breaks down the issues for supply chain leaders to watch in three categories. 

Risk of rapid regulatory expansion: the ruling implies that governments have an obligation to take appropriate measures to meet their stated climate goals. Current policy in almost every country comes far short of stated climate goals, such as the Net Zero by 2050 targets set in most Western economies. Legal obligations to put in place policies that match stated goals would mean transformative new climate regulations that would require far larger changes to supply chains than current law. This could range compliance burdens like greater disclosures, but the ruling implies effort aimed more directly at cutting climate risk, making it more likely that direct supply chain costs would be imposed by policies that require renewables investments, more ambitious emissions reductions, reduction of high emissions imports, and other more fundamental changes. 

More countries: a range of other cases exist using human rights and other laws. Other countries, from France to Portugal to India and beyond must be watched for similar precedent-setting rulings that would expand the implications of this legal framework beyond Switzerland and the ECHR. 

Direct corporate lawsuits: the ruling accelerates the impact of climate litigation from activists, which has also been aimed directly at companies. It can be expected to boost efforts to sue companies directly for failures on climate change, creating financial risk to companies and their suppliers, if more lawsuits are successful. 

More broadly, the case could act as a catalyst for enhanced international cooperation. By framing climate action as a human rights imperative, it may lead to a concerted effort among nations to standardize environmental policies and regulatory frameworks, especially at a time when human rights and environmental goals are being pursued in tandem in supply chain regulations like the EU’s CSDDD. 

The case itself is a crucial moment in the use of litigation by climate activists, bringing together years of work at the intersection of environmental advocacy, human rights, legal strategy, and political dynamics. If a precedent has truly been set that expands to more countries, we can expect a rapid rise in transformative climate action, rather than just stated goals, in the coming years. 

Learn more about our TYS partner Prism.

Read more about the landmark Swiss case.

#TYS #Prism #ClimateLitigation #ESG #HumanRightsLaw #RegulatoryExpansion #CSDDD #Sustainability #GeopoliticalRisk 

Trust Your Supplier at EcoVadis SUSTAIN 2024

A Thankful Reflection and Path Forward

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

Last week, Trust Your Supplier (TYS) joined leaders in sustainability at EcoVadis SUSTAIN 2024, diving into the complexities of compliance and sustainable practices. We’re grateful to EcoVadis and all participants for a forum rich in insights and collaborative spirit.

Key Insights: Simplifying Compliance
The call for simplification in the face of growing regulatory complexities was loud and clear. Our blockchain-based solution’s role in streamlining compliance and fostering transparency across supply chains was more relevant than ever. This reinforces our mission to make navigating compliance easier for everyone.

Our Commitment to Guidance and Collaboration
The discussions at SUSTAIN 2024 have strengthened our commitment to providing innovative solutions and expert guidance. Emphasizing collaboration, we’re energized to work alongside industry peers and businesses to tackle sustainability and compliance challenges together.

Looking Ahead with Optimism
SUSTAIN 2024 was a powerful reminder of our shared goals for a sustainable future. Trust Your Supplier is dedicated to leading the charge in simplifying compliance, ensuring it’s a stepping stone rather than a hurdle. We thank everyone involved for the inspiration and look forward to continued collaboration.

As we move forward, let’s carry the momentum from SUSTAIN 2024 to create a sustainable, compliant world where businesses thrive together.

Interested in seeing how the EcoVadis integration works in TYS? Book a meeting!

Harnessing the Power of Feedback

The Vital Role of Product Feature Enhancement Loops in Trust Your Supplier Development

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In an era where business landscapes are continuously reshaped by technological advancements and regulatory shifts, the success of a digital procurement platform like Trust Your Supplier (TYS) hinges on its ability to evolve swiftly and efficiently. The catalyst for such evolution? A robust product feature enhancement feedback loop—a cyclical process where user input becomes the bedrock for continuous product improvement.

Why is such a loop indispensable? The procurement domain, brimming with compliance requirements, ever-changing sanctions, and volatile sourcing needs, demands a platform that not only keeps pace but also anticipates and preempts market trends. TYS, standing at the crossroads of innovation and customer-centricity, leans on feedback loops to steer clear of obsolescence and foster a climate of perpetual advancement.

Central to this feedback-centric approach is the agility of TYS’s developmental practices—an agile methodology that not only supports but thrives on the regular injection of stakeholder insights. Whether its adapting to the latest compliance and regulatory standards or incorporating the newest buzzwords that resonate with industry insiders, the agility facilitated by feedback loops allows TYS to maintain its relevance and utility in a competitive market.

This blog post aims to unfold the layers of the feedback loop, dissecting its significance in fostering the agile development of TYS and highlighting how stakeholder engagement through this process is not just beneficial but quintessential for aligning product features with the dynamic, often unpredictable, contours of compliance and sourcing.

Section 1: Understanding the Feedback Loop
At its core, a feedback loop in product development is a structured path that allows for the continuous refinement of a product based on user and stakeholder input. In the context of TYS, this loop involves four pivotal steps: collection of feedback, detailed analysis, strategic implementation of changes, and a review of the outcomes. Positive feedback loops reinforce successful features, while negative feedback identifies areas for improvement. By examining this process, we can see how TYS harnesses this dynamic to fuel its evolution and adaptability.

Section 2: The Agile Approach in TYS Development
Agility in development is synonymous with resilience in the face of change. The agile methodology, characterized by its iterative cycles and incremental improvements, fits perfectly with the ethos of TYS. This section would explore how the agile approach underpins the rapid integration of feedback into the development cycle, facilitating quick pivots and fostering a culture of continuous enhancement. It would also highlight real instances where TYS has successfully implemented agile methodologies to adapt to new industry standards or user expectations.

Section 3: Aligning with Compliance and Industry Changes
Regulatory compliance and industry trends are as variable as the winds, with each shift necessitating a change in direction for product features. TYS, within its feedback loop, uses these changes as beacons to guide development. Here, we will dissect how feedback is crucial in identifying and integrating new compliance and regulatory standards into TYS, ensuring that the platform not only meets but exceeds the requisite legal and ethical standards. Examples of how TYS has responded to recent changes in regulations or industry-wide sanctions will be detailed to illustrate this alignment.

Section 4: Engaging with Stakeholders through Effective Feedback Channels
The efficacy of a feedback loop is determined by the quality of the engagement with stakeholders. For TYS, this means establishing robust channels for communication where feedback is not just heard but acted upon. This section would delve into the mechanisms TYS has put in place to garner valuable insights from its diverse stakeholder base, including structured surveys, user forums, and direct communication lines. We’d explore how TYS not only collects this feedback but also prioritizes and translates it into tangible product enhancements.

To conclude,  the journey of Trust Your Supplier is one marked by continual learning and adaptation, driven by the invaluable insights of its users. The feedback loop is not just a tool; it’s the very heartbeat of innovation within TYS, allowing it to flex and pivot with the dynamic tides of compliance, sourcing, and market demands. As we have explored, the agile methodology empowers TYS to not just respond to changes, but to anticipate and lead them, with stakeholder engagement being the catalyst for this proactive evolution. We invite the entire TYS community to be active participants in this continuous loop, contributing to the platform’s evolution and ensuring its role as a leader in the digital supply chain ecosystem. Your voice is not just heard—it’s integral, it’s acted upon, and it’s valued as we stride into the future of supply chain management together.

Navigating Climate Disclosure

TYS Leads the Way Amid Regulatory Evolution

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In the ever-evolving landscape of climate disclosure, recent adjustments by the U.S. Securities and Exchange Commission (SEC) have prompted a reevaluation of reporting requirements, leaving many businesses in a state of uncertainty. This shift underscores the importance of adaptable solutions like Trust Your Supplier (TYS), a trailblazer in blockchain technology, which continues to serve as a guiding light for companies navigating the complex web of regulatory compliance, including alignment with European directives. 

The Changing Face of SEC Regulations: The SEC’s recent decision to revise climate-disclosure rules omitted a proposed mandate for companies to report Scope 3 emissions, concerning emissions from supply chains and product usage by customers. While this alteration may provide temporary relief, TYS recognizes the ongoing challenges that businesses encounter in this swiftly transforming regulatory environment. 

TYS – A Pillar of Compliance: Trust Your Supplier understands that compliance is not a uniform journey for all. Leveraging innovative blockchain solutions, TYS empowers businesses to seamlessly adapt to evolving regulations. The transparency and efficiency afforded by blockchain technology enable continuous monitoring, historical analysis, and predictive insights, fostering a culture of compliance excellence. 

Addressing Scope 3 Emissions: Scope 3 emissions, which include indirect carbon emissions, present a formidable obstacle for companies. TYS acknowledges the complexities involved in quantifying these emissions, particularly amid escalating global pressure to reduce carbon footprints. With TYS, organizations can streamline the tracking of Scope 3 emissions, transforming challenges into opportunities for sustainable practices. 

Embracing Global Standards: While the SEC’s decision may alleviate concerns for some, other jurisdictions such as the European Union and California are steadfast in advocating for comprehensive climate-related disclosures. TYS recognizes the significance of aligning with global directives and stands prepared to assist companies in meeting diverse reporting obligations across various regions. 

Facilitating Supplier Collaboration: Central to Trust Your Supplier’s ethos is its collaborative ethos. TYS facilitates seamless communication and data exchange between businesses and their suppliers. As demands for Scope 3 data intensify, TYS serves as a conduit, aiding companies in acquiring the necessary information to fulfill reporting requirements. 

Looking Ahead: While the SEC’s decision offers a brief respite, the journey towards comprehensive climate disclosure persists. Trust Your Supplier remains steadfast in its commitment to empowering businesses, equipping them with the tools needed to navigate the evolving landscape of compliance. 

In a regulatory environment characterized by fluidity, Trust Your Supplier emerges as a trusted ally for businesses navigating the intricacies of climate disclosure. With TYS’s blockchain-driven solutions, companies can not only meet existing compliance mandates but also seamlessly adapt to future changes, ensuring a sustainable and transparent approach to supplier and risk management. Stay tuned for further insights from Trust Your Supplier as we continue to pioneer innovation at the intersection of blockchain technology and regulatory compliance. 

Referenced WSJ Article – The SEC Watered Down Its Climate Reporting Requirements: Here’s What That Means for Companies

Discover how Trust Your Supplier can revolutionize your supply chain security. Contact us today to learn more or to schedule a demo. 

TYS Lunch & Learn Episode 3 – Unlocking the Power of Master Data Management

In the ever-evolving landscape of business operations, one concept stands out as the cornerstone of success: master data management (MDM). Recently, Trust Your Supplier (TYS) hosted a thought-provoking episode of TYS Lunch & Learn, delving deep into the intricacies of MDM, financial information, compliance, and data privacy. This enlightening discussion shed light on the challenges and opportunities facing businesses today and provided invaluable insights for industry professionals. 

The conversation kicked off with an exploration of the “core theater” essential for operational success, encompassing individuals, suppliers, transportation, and data privacy. Participants emphasized the critical importance of maintaining master data governance throughout the supply chain lifecycle, citing real-world examples of companies teetering on the brink of bankruptcy due to lapses in data management. This sobering revelation underscored the profound implications of master data on individual businesses and entire supply chains, making it a non-negotiable aspect of organizational strategy. 

As the discussion unfolded, participants turned their attention to recent trends and innovations in financial information provision and MDM. They highlighted the adoption of technology for financial crime prevention and the challenges posed by the quality of customer and third-party data. The consensus was clear: high-quality, accurate, and complete information is paramount for enhancing customer experiences and detecting suspicious behavior, making MDM indispensable for achieving business objectives and ensuring compliance. 

The conversation then shifted gears to address the complexities of monitoring and verifying data across different jurisdictions, particularly in light of evolving compliance regulations. Participants stressed the need for globally sourced, accurate, and consistent data to support robust risk assessment and compliance efforts. The impact of mergers and acquisitions on MDM and compliance was also explored, with a focus on identifying beneficial owners and understanding complex family structures. 

A particularly poignant moment in the discussion arose when the intersection of data privacy regulations like GDPR with compliance requirements was examined. Participants acknowledged the conflicting nature of Know Your Customer (KYC) and GDPR regulations, highlighting the need for companies to navigate these regulations effectively while safeguarding sensitive information. 

Further insights were shared on the challenges of continuous auditing of information and the importance of monitoring data changes. Participants underscored the necessity of providers offering robust monitoring capabilities and event-driven updates, emphasizing the role of compliance officers in reviewing critical changes. 

The conversation culminated in a discussion on the transformative role of AI and machine learning in automating manual processes and ensuring data quality. Participants stressed the importance of high-quality data as the foundation for AI applications and the need for data cleansing to avoid exacerbating existing problems. 

In conclusion, the episode provided invaluable insights into the challenges and opportunities in MDM, compliance, and data privacy. It underscored the critical role of accurate and high-quality data in driving business success and ensuring regulatory compliance. As businesses navigate the complexities of today’s landscape, embracing robust MDM practices and leveraging innovative technologies will be key to staying ahead of the curve. Trust Your Supplier continues to lead the conversation in thought leadership, empowering industry professionals to navigate the ever-changing business landscape with confidence and agility. 

Mitigating Cyberattack Fallout

How Trust Your Supplier Could Safeguard Pharmacy Operations

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

In the wake of the recent cyberattack disrupting US pharmacies’ prescription filling processes, it’s evident that the healthcare sector remains vulnerable to digital threats. The incident, as reported by major news agencies, underscores the critical need for robust cybersecurity measures to protect sensitive patient data and ensure uninterrupted healthcare services.

The cyberattack, which targeted a major supplier, has caused significant delays in prescription filling across numerous pharmacies nationwide. Such disruptions not only inconvenience patients but also pose serious risks to their health, particularly for those dependent on timely medication refills.

Amidst this tumultuous landscape, Trust Your Supplier (TYS) emerges as a beacon of hope for pharmacies striving to fortify their supply chain resilience and security protocols. TYS, a blockchain-based platform designed to enhance supplier qualification processes, offers several key advantages in mitigating the aftermath of cyberattacks:

1. Verified Supplier Networks: Trust Your Supplier leverages blockchain technology to establish a trusted network of suppliers vetted through stringent qualification processes. By onboarding verified suppliers, pharmacies can minimize the risk of engaging with potentially compromised entities, thereby safeguarding their supply chain integrity.

2. Enhanced Transparency and Traceability: With Trust Your Supplier, pharmacies gain unprecedented visibility into their supplier ecosystem. The platform facilitates transparent communication channels and real-time tracking of transactions, allowing pharmacies to identify and address vulnerabilities promptly. By fostering transparency and traceability, TYS empowers pharmacies to proactively mitigate cyber threats and respond effectively to disruptions.

3. Immutable Data Integrity: The immutable nature of blockchain ensures the integrity and immutability of critical data stored on the Trust Your Supplier platform. By leveraging blockchain’s tamper-resistant architecture, pharmacies can trust the accuracy and reliability of supplier information, mitigating the risk of data breaches and unauthorized access.

4. Streamlined Compliance Management: Trust Your Supplier simplifies compliance management by standardizing supplier qualification processes and documentation. Pharmacies can effortlessly verify suppliers’ compliance with regulatory requirements and industry standards, thereby reducing the likelihood of regulatory violations and associated penalties.

5. Resilient Supply Chain Operations: In the face of cyberattacks and other disruptions, Trust Your Supplier enables pharmacies to maintain continuity in their supply chain operations. By leveraging blockchain’s decentralized architecture, TYS mitigates the single point of failure inherent in traditional supply chain systems, ensuring uninterrupted access to critical medications and healthcare supplies.

In conclusion, the recent cyberattack targeting US pharmacies underscores the urgent need for proactive cybersecurity measures and resilient supply chain solutions. Trust Your Supplier offers pharmacies a comprehensive framework for enhancing supply chain security, fostering trust among stakeholders, and safeguarding patient well-being in an increasingly digital healthcare landscape. By embracing innovative technologies like blockchain, pharmacies can navigate the challenges of cyber threats with confidence and resilience, ensuring the uninterrupted delivery of essential healthcare services to those who depend on them most.

Discover how Trust Your Supplier can revolutionize your supply chain security. Contact us today to learn more or to schedule a demo. 

Revolutionizing FMCG Procurement and Compliance

A New Era of Efficiency, Transparency, and Sustainability

by Michelle Armstrong, TYS Global VP of Value Solutions Consultant

Unlock Efficiency, Transparency, and Trust
In the fast-paced world of Fast-Moving Consumer Goods (FMCG), procurement and compliance teams face unique challenges. From ensuring a steady flow of quality supplies to adhering to stringent regulatory standards, the demands are relentless. That’s where Trust Your Supplier (TYS) comes into play, offering an innovative solution that transforms the way FMCG companies manage their supplier relationships. 

Why Trust Your Supplier? 

  1. Enhanced Transparency and Trust
    Trust Your Supplier provides a comprehensive digital passport for suppliers, offering real-time insights into their operations, compliance status, and more. This transparency fosters trust between FMCG companies and their suppliers, ensuring that procurement decisions are based on accurate and up-to-date information. 
  1. Streamlined Supplier Onboarding and Management
    Gone are the days of cumbersome onboarding processes. TYS simplifies and accelerates supplier integration, allowing FMCG companies to quickly benefit from their services. With TYS, managing supplier information becomes effortless, enabling procurement teams to focus on strategic decision-making rather than administrative tasks. 
  1. Risk Management and Compliance Assurance
    In the FMCG sector, ensuring compliance with regulatory standards is paramount. Trust Your Supplier not only facilitates easy access to supplier compliance documentation but also provides tools for monitoring and managing risk. This proactive approach to compliance helps FMCG companies avoid costly penalties and reputational damage. 
  1. Improved Operational Efficiency
    By automating key procurement processes, TYS significantly reduces manual workload, leading to improved efficiency and cost savings. Procurement and compliance teams can allocate their resources more effectively, optimizing their supply chain operations. 
  1. Building Sustainable Supply Chains
    Sustainability is a pressing concern in the FMCG industry. Trust Your Supplier supports the development of sustainable supply chains by enabling companies to identify and collaborate with suppliers that adhere to environmental and social standards. This alignment with corporate sustainability goals not only benefits the planet but also enhances brand reputation. 

The Future of FMCG Procurement and Compliance
In an industry where speed, quality, and compliance cannot be compromised, Trust Your Supplier stands out as a beacon of innovation. By leveraging blockchain technology and a network of trusted information, TYS is redefining what’s possible in FMCG procurement and compliance. 

Join the Revolution
For FMCG procurement and compliance teams looking to enhance their operations, reduce risk, and build stronger, more sustainable supplier relationships, the choice is clear. Trust Your Supplier is not just a platform; it’s a strategic partner in your supply chain transformation journey. 

Discover how Trust Your Supplier can revolutionize your procurement and compliance strategies. Contact us today to learn more or to schedule a demo. 

Trust Your Supplier’s Michelle Armstrong Featured in CIO Business World

Exciting News! Trust Your Supplier (TYS) is proud to announce that Michelle Armstrong, our Global VP of Value Engineering, has been featured in CIO Business World for her insightful article on Scope 3 emissions!

Scope 3 emissions, a critical aspect of greenhouse gas accounting, pose unique challenges for organizations. Michelle explores key factors such as voluntary vs. mandatory reporting, standards and protocols, and the growing pressure from investors and stakeholders to address these emissions.

Check out the full blog to gain insights into:
Voluntary vs. Mandatory Reporting
Standards and Protocols
Investor and Stakeholder Pressure
Sector-Specific Guidelines
Local and National Regulations
Integration with Broader ESG Goals