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TYS & BT Sourced Winners of a SIG Future of Sourcing Award!

We are beyond excited to announce that Trust Your Supplier (TYS) and BT Sourced have WON the Innovation in Supplier Performance Award at the 2024 SIG Future of Sourcing Awards! 🏆

This incredible achievement is a testament to the power of collaboration, innovation, and a shared vision for transforming procurement. Together with BT Sourced, we’ve driven impactful improvements in supply chain transparency, efficiency, and performance.

A huge thank you to our amazing TYS team, the BT Sourced team, and SIG|ORG. This is just the beginning as we continue to push the boundaries of what’s possible in supplier management!

Learn more about the Future of Sourcing Awards

Learn more about the TYS & BT Sourced collaboration

 


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April Harrison Awards, News, Telecom 0 Comments , , , ,

Trust Your Supplier Recognized in Fall 2024 Spend Matters SolutionMap

We are excited to announce that Trust Your Supplier (TYS) has been recognized in the Fall 2024 Spend Matters SolutionMap, which evaluates leading procurement technology solutions. This recognition places TYS among the key providers in three essential areas of supplier management and risk visibility:

1. Supplier Management (SXM)

TYS has been acknowledged for its ability to streamline supplier information management, performance, and compliance. Our platform integrates with a variety of procurement tech stack solutions, allowing organizations to access up-to-date, verified supplier data for more efficient collaboration and decision-making. TYS enables businesses to centralize supplier management, ensuring seamless operations across different procurement systems.

2. Supplier Management (Risk Enhanced)

In this category, TYS stands out by integrating risk data from leading third-party providers. TYS enables organizations to view and monitor comprehensive risk insights within supplier profiles, including environmental, financial, and geopolitical risks. By automating alerts and approvals based on this data, TYS helps businesses stay proactive in managing supplier risks, ensuring they can act quickly to address emerging threats.

3. Risk Management (TPRM/SCRM)

TYS’s recognition in the Third-Party Risk Management (TPRM) and Supply Chain Risk Management (SCRM) category highlights our ability to provide visibility into third-party risks across the entire supplier network. Through integrations with trusted risk intelligence providers, TYS allows businesses to monitor risks at multiple levels of their supply chain. Automation within TYS helps trigger appropriate actions and approvals, ensuring companies can respond efficiently to risk alerts.

Why This Recognition Matters

The Spend Matters SolutionMap is known for its rigorous, data-driven evaluation process, including over 500 RFI requirements and impartial customer feedback. Being recognized across these categories validates TYS’s role as a trusted solution provider, empowering organizations with tools to manage suppliers and gain visibility into potential risks.

How TYS Can Help Your Business

In today’s evolving supply chain landscape, having real-time visibility into supplier performance and potential risks is crucial. TYS provides the integration and automation capabilities that help businesses streamline supplier management and ensure timely responses to risks—all while enhancing compliance. Our platform integrates seamlessly with procurement tech stacks, offering flexibility and efficiency. This recognition from Spend Matters reinforces the value TYS brings to supply chain resilience and management.

Looking Ahead

As we continue to innovate, TYS remains committed to delivering enhanced supplier management and risk visibility solutions. Our inclusion in the Fall 2024 Spend Matters SolutionMap underscores our focus on helping businesses thrive in an increasingly complex environment.

Interested in learning more? Get in touch to explore how TYS can help your organization manage supplier relationships and stay ahead of potential risks.


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April Harrison Awards, News, Risk Management, Supplier Information Management 0 Comments , , ,

TYS & BT Sourced Finalists for the SIG Future of Sourcing Award!

We are thrilled to announce that Trust Your Supplier (TYS) has been shortlisted for the Innovations in Supplier Performance Award at the upcoming SIG|ORG Future of Sourcing Awards! This recognition is a testament to our commitment to bringing procurement into a new era, made possible by our strong partnership with the team BT Sourced.

Together, we’ve been able to drive impactful improvements in supply chain transparency, efficiency, and performance. We are honored to have been shortlisted and look forward to continuing our journey of innovation and collaboration. Thank you to everyone involved in making this achievement possible!

Learn more about the Future of Sourcing Awards

Learn more about the TYS & BT Sourced collaboration

#FutureOfSourcing #SupplierPerformance #Innovation #TrustYourSupplier #wesourceforabetterfuture #futureofsourcingawards

 


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April Harrison Awards, News, Telecom 0 Comments , , ,

Mastering the Complexities of Energy and Utility Supply Chains with Trust Your Supplier

by Nick Picone, TYS VP of Advisory Practice

Energy and Utility (E&U) organizations operate within one of today’s most complex and operationally challenging supply chain environments. They are interdependent industries where reliability and resilience are non-negotiable. As these industries evolve, they face three key operational challenges, ranging from ensuring a consistent supply of the goods and services (at stable prices) required to maintain an aging utility grid, balancing energy transition with compliance requirements, and mitigating a wide range of supplier risks – especially cyber vulnerabilities.  

According to Hemingway’s Law of Motion, these challenges can lead to an unforeseen collapse which “happens gradually and then suddenly” where seemingly manageable issues can escalate into critical failures if not addressed proactively. What’s needed is a novel approach to supplier and risk management, one that anticipates and mitigates risks before they impact operations. 

In order to deliver meaningful change, leaders across the sector need to be intellectually honest about their current state and capabilities and curious about what practical steps they can take to improve how they operate. In this case, the improvement that I’m referring to is a future state that provides the visibility, and end-to-end capabilities required to mitigate key challenges before they reach a tipping point. 

Aging Infrastructure: A Pressing Concern

One of the most consequential challenges facing the energy and utility sectors is aging utility infrastructure. According to a U.S. Grid Deployment Office (GDO) report, over 70% of the U.S. utility grid is more than 25 years old and will require substantial modernization or complete replacement. This ongoing issue not only impacts reliability but also significantly increases maintenance costs. The American Society of Civil Engineers (ASCE) Infrastructure Report Card underscores that aging infrastructure requires more frequent repairs and faces an increase in prolonged outages that can erode customer trust and impact daily life. 

Moreover, the Department of Energy (DOE) highlights that outdated infrastructure cannot support the advanced technology needed for grid modernization and integration of renewable energy sources. This presents a considerable obstacle as utility companies strive to meet regulatory requirements and sustainability goals. As infrastructure projects ramp up, the demand for raw materials and components increases, leading to potential supply bottlenecks, which can further delay critical upgrades and increase costs.  

How TYS Helps: 

Maintaining aging infrastructure requires a diversified supplier base to provide specialized components and services, which can be challenging to source, especially in a landscape prone to supply bottlenecks. TYS simplifies the diversification process by providing U&E companies with the tools to segment and identify potential risks and the ability to quickly discover, assess, and onboard suppliers. 

TYS provides comprehensive visibility into your entire supplier base, as well as the agility and controls required to mitigate risks proactively, ensure compliance, and enhance operational efficiency. By leveraging clean and continuously maintained data in addition to a network of trusted suppliers, companies can pre-qualify and onboard new suppliers with speed and precision. Furthermore, TYS’s automated monitoring capabilities ensure continuous oversight of supplier risk and compliance with regulatory standards, allowing organizations to address potential issues before they reach a tipping point.  

This holistic approach streamlines procurement processes, fortifies supply chain resilience, and empowers utilities to maintain and modernize their aging infrastructure without unexpected delays or disruptions due to supplier challenges. 

Energy Transition & Compliance Management: Balancing Innovation and Regulation 

The global push towards clean energy has added a new layer of complexity to the energy and utility industries. Transitioning to renewable energy sources like solar, wind, and hydroelectric power necessitates significant infrastructure upgrades, while the rapidly evolving regulatory landscape requires meticulous compliance management. 

As regulations become more stringent, utility companies face increasing pressure to meet Environmental, Social, and Governance (ESG) standards. This challenge extends to the careful selection of suppliers who align with these criteria. KPMG emphasizes that non-compliance with safety and environmental regulations can lead to severe penalties, operational setbacks, and reputational damage. 

How TYS Helps 

TYS simplifies compliance management by enabling utility companies to quickly find and onboard suppliers that meet sustainability and regulatory requirements. The platform offers an intuitive supplier discovery experience through features like dynamic search and filtering, making it simple to identify suppliers within a trusted network that adhere to compliance criteria. 

The procurement process is also streamlined by enabling efficient review and consensus approvals on internal supplier requests before initiating contact. TYS’s flexible platform supports customization of the prequalification process with tailored assessment questionnaires, automated approvals, and segmented validations to ensure alignment with specific business requirements. 

Compliance initiatives are seamlessly managed through a combination of up-to-date supplier compliance questionnaires and risk data from trusted partners. This approach provides both qualitative and quantitative insights, supporting informed decision-making. 

Once suppliers are onboarded, TYS’s life cycle monitoring tools offer ongoing visibility into compliance, reducing the risk of penalties and helping to maintain a strong reputation. 

Risk Management: Safeguarding Against Disruptions 

The E&U sectors are facing an increasing frequency of disruption driven by global events such as pandemics, geopolitical conflicts, natural disasters, and trade restrictions. Additionally, the exponential rate of integration of digital technologies is driving a significant volume of new cybersecurity attacks. In fact, Power Grid International reports a 71% rise in cyberattacks on utility companies in North America in just the last year. 

Effective risk management is often hampered by fragmented data management processes, which can lead to limited visibility across the supplier network. This lack of transparency is a direct result of outdated information creating sub-optimal conditions for decision-making, leaving companies ill-prepared to respond to emerging threats. 

As digital technologies are being continually implemented across utility operations, the stakes of cybersecurity continue to grow. Cyberattacks can compromise sensitive data, disrupt essential services, and inflict severe financial and reputational damage. 

How TYS Helps: 

TYS offers a secure and comprehensive risk management solution that enhances visibility across the supply chain. This enables companies to identify potential risks related to cyber security and respond proactively. By integrating data from leading risk intelligence providers, E&U organizations can continuously access reliable, “best-of-breed data” that supports informed decision-making.

Additionally, TYS provides supplier profiles that can be enriched with critical information from top cyber risk intelligence sources, allowing companies to assess and monitor cyber threats associated with their suppliers. This comprehensive understanding of potential risks is further strengthened by TYS’s use of blockchain technology, which minimizes the risk of data breaches and provides a secure environment for supplier interactions, protecting against operational and reputational damage. 

The TYS platform includes comprehensive risk monitoring workflows that continuously track changes in supplier risk profiles. These workflows trigger an automated approval process that will re-evaluate key data points and provide a best-in-class risk management process. 

Through these capabilities, TYS empowers utility companies to build resilient and reliable supply chains that can withstand global challenges and safeguard their operations against emerging risks. 

TYS: Empowering Energy and Utility Companies for Long-Term Success

In an industry defined by aging infrastructure, the transition to renewable energy, and the growing risks of global supply chain disruptions, energy and utility companies face challenges that demand innovative solutions. 

Trust Your Supplier (TYS) provides a comprehensive suite of tools that allow organizations to rethink their risk management posture and redesign their supplier management process, enhancing visibility, digitizing processes, and strengthening risk and compliance management. 

From supplier discovery and onboarding to multi-dimensional risk management, TYS equips companies with the capabilities needed to build resilient, reliable, and compliant supply chains and position themselves for sustainable success in an ever-evolving industry. 

Want to dive deeper into these insights? Watch our vlog where Nick Piccone explores these complexities how Trust Your Supplier can help you overcome them.  Check it out here.

 

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April Harrison Blog, Energy & Utilities, Supply Chain 0 Comments , , , ,

Enhancing Transparency and Reliability in the Food Manufacturing Supply Chain

Ensuring the highest standards of transparency and reliability in the food manufacturing supply chain is paramount. Consumers today are more conscious than ever about where their food comes from and how it’s produced. Every step in the supply chain needs to be meticulously monitored from farm to table to ensure safety, quality, and compliance. Trust Your Supplier (TYS) offers a cutting-edge blockchain-based solution that transforms supplier and risk management for food manufacturers, ensuring unparalleled transparency and reliability.

The Challenge: Complexity and Risk in the Food Supply Chain
Food manufacturing companies face a unique set of challenges in their supply chains. With numerous suppliers, from farmers to packaging companies, the complexity is immense. This complexity often leads to issues such as: 

  • Lack of Visibility: Difficulty in tracking supplier information and credentials 
  • Compliance Risks: Ensuring all suppliers adhere to food safety regulations and standards 
  • Inefficiencies: Manual processes can lead to errors and delays
  • Risk Management: Predicting and mitigating risks related to supplier reliability


The TYS Solution: Blockchain-Based Supplier Information Management
Trust Your Supplier addresses these challenges head-on with our innovative blockchain-based platform, providing a single source of truth for supplier information and updates. Here’s how TYS enhances transparency and reliability in the food manufacturing supply chain: 

  1. Immutable Records and Transparency: Blockchain technology ensures that every update or change to supplier information is immutable, meaning it cannot be altered or deleted. This immutability guarantees that all information about suppliers is accurate and tamper-proof, providing complete transparency to food manufacturers.
  2. Comprehensive Supplier Profiles: TYS supplier profiles are owned by each supplier, and firmographics are aggregated with risk intelligence data. These profiles are continuously updated with real-time data, ensuring food manufacturers have the most current information to make informed decisions. This comprehensive visibility helps identify and mitigate risks before they become issues.
  3. Enhanced Compliance and Approval Workflows: With TYS, food manufacturers can automate compliance checks and approval processes. TYS approval workflows streamline validating supplier information and compliance documents.
  4. Real-Time Monitoring and Updates: TYS offers real-time monitoring of supplier information, including risk data and updates to firmographics or documents such as certifications and tax documents. This ensures that food manufacturers are always aware of the current status of their suppliers and can react swiftly to any changes.
  5. Predictive and Prescriptive Insights: Leveraging advanced analytics, TYS reports provide insights into potential risks within the supply chain. By analyzing historical data and trends, users can mitigate these risks to maintain a steady and reliable supply chain.
  6. Efficient and Trustworthy Data Exchange:  By using a distributed ledger, all parties have access to the same information in real-time, reducing misunderstandings and errors. This transparency fosters trust and collaboration among suppliers and internal stakeholders. 


Use Case: Streamlining Supplier Management
Consider the scenario where a food manufacturing company sources ingredients from multiple suppliers. With TYS, each supplier’s information, including compliance questionnaires, certifications, and risk assessments, is recorded on the blockchain. As suppliers update their documents or firmographics, TYS provides real-time alerts to the food manufacturer, ensuring they always have the most up-to-date information to make informed decisions. 

Maintaining transparency and reliability in the food manufacturing supply chain is not just a regulatory requirement but a critical differentiator. Trust Your Supplier provides a reliable blockchain-based solution that helps food manufacturers manage compliance checks, real-time monitoring, and supplier information effectively. By offering comprehensive supplier profiles and streamlined approval workflows, TYS supports food manufacturers in confidently managing their supplier relationships.  

Reach out to discuss how you can enhance the integrity and efficiency of your supply chain with TYS.

 


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April Harrison Blockchain, Blog, Consumer Products, Risk & Compliance, Risk Management, Supplier Information Management, Supply Chain 0 Comments , , , ,

Embracing Innovation in Telecommunications: Enhancing Digital Agility

by Michelle Armstrong, TYS Global VP of Value Engineering

In today’s fast-paced telecommunications industry, innovation and digital agility are key drivers of success. As companies strive to keep up with rapid technological advancements and ever-changing customer demands, a reliable and efficient supply chain becomes more critical. 

Digital agility refers to the ability of an organization to rapidly adapt to changes, implement new technologies, and respond to market demands with speed and efficiency. For telecommunications companies, this means being able to quickly roll out new services, upgrade infrastructure, and deliver exceptional customer experiences. Achieving this level of agility requires a robust and flexible supply chain that can keep pace with the industry’s dynamics. 

Several innovative solutions are emerging to help telecommunications companies enhance their supply chain management and improve digital agility. These solutions leverage advanced technologies such as blockchain, data analytics, and automation to create transparent, efficient, and resilient supply chains. 

Enhanced Transparency and Trust: Advanced technology can create immutable records of supplier information, ensuring data accuracy and fostering a higher level of trust and collaboration between telecom companies and their suppliers. 

Improved Supplier Verification: Telecom companies can now quickly verify the credentials and compliance of their suppliers, reducing the risk of fraud and non-compliance, and ensuring that only reputable and qualified suppliers are part of the supply chain. 

Streamlined Procurement Processes: Automation tools are transforming procurement processes, from supplier onboarding to performance tracking. This saves time, reduces administrative burden, and allows telecom companies to respond more swiftly to market changes and new opportunities. 

Data-Driven Decision Making: Real-time insights and analytics empower telecom companies to make more informed decisions about their supply chain. This data-driven approach helps identify potential issues before they escalate and uncover opportunities for improvement and innovation.

Real-World Impact: Case Studies of Innovation in Action
Several leading telecommunications companies have already begun to realize the benefits of these innovative solutions. For example, a notable telecom company successfully reduced its supplier onboarding time by 50% and improved overall supply chain efficiency by 30% by implementing advanced supply chain technologies. 

In an industry where innovation and digital agility are paramount, leveraging cutting-edge technologies to enhance supply chain management is crucial. Telecommunications companies that embrace these innovations can streamline their operations, foster stronger relationships with their suppliers, and stay ahead of the curve in delivering exceptional value to their customers. As the telecom landscape continues to evolve, those who adopt advanced supply chain solutions will be best positioned for success. 

Learn more about digital agility and TYS’s blockchain-driven platform to better manage and engage your suppliers.

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April Harrison Blog, Supplier Information Management, Telecom, Value Engineering 0 Comments , , ,

The Value of Building a Telecom Industry Vertical Around Supplier Management

by Michelle Armstrong, TYS Global VP of Value Engineering

Building a dedicated telecom industry vertical around supplier management can unlock numerous advantages, enhancing data quality, streamlining workflows, and managing risks effectively. Here’s how a unified approach can transform the telecom sector: 

Increased Efficiency for Suppliers
Suppliers often grapple with diverse requirements and processes for each telecom company they serve. A telecom industry vertical standardizes these processes, reducing administrative burdens and enabling suppliers to focus on delivering high-quality products and services. 

Centralized Supplier Data
Creating a centralized repository for supplier information and performance data improves data accuracy and accessibility. This centralization provides telecom companies with a comprehensive view of their suppliers, enhancing decision-making and operational efficiency. 

Enhanced Collaboration and Transparency
A unified platform fosters better communication and collaboration between telecom companies and their suppliers. This transparency builds stronger, more reliable relationships, facilitating smoother operations and more effective problem-solving. 

Streamlined Compliance and Risk Management
Standardized supplier management processes ensure consistent compliance with industry regulations and standards. Telecom companies can more easily monitor and manage multidimensional risks, leveraging shared insights and best practices to enhance overall supply chain resilience. 

Cost Savings and Innovation
Reducing redundancies and streamlining workflows can lead to significant cost savings for telecom companies and their suppliers. Additionally, a collaborative industry vertical encourages innovation, enabling suppliers to share and implement new ideas and technologies more effectively. 

At Trust Your Supplier (TYS), we understand the critical importance of a robust telecom industry vertical around supplier management. Our blockchain-based platform ensures seamless data exchange, real-time risk monitoring, and workflow automation. By leveraging TYS, telecom companies can standardize supplier management processes, enhance data accuracy, and foster stronger supplier relationships. Let’s look at how TYS can help you build a robust telecom industry vertical, driving efficiency, innovation, and growth:

 

Blockchain for Secure and Transparent Supplier Management
Blockchain technology is central to our platform at TYS, providing an immutable ledger for all supplier transactions and data exchanges. This ensures data integrity, security, and transparency across the entire supply chain. Blockchain enables real-time updates and verifiable records, which are crucial for maintaining trust and accountability among telecom companies and their suppliers. 

Extensive Network of Global Qualified Suppliers
Our network includes over 400 million global qualified suppliers, which supports efficient sourcing and initial risk qualification. By leveraging this extensive network, telecom companies can quickly identify and engage with suppliers that meet their specific needs and standards, significantly reducing the time and effort required for sourcing. 

Preventing Supplier Fatigue
A telecom industry vertical can prevent supplier fatigue by addressing shared assessment and firmographic requirements. Instead of completing multiple assessments for different telecom companies, suppliers can provide their information once and share it across the entire vertical. This not only reduces the burden on suppliers but also ensures that telecom companies receive consistent and up-to-date information. 

Building Vertical Compliance Assessments
We build vertical-specific questionnaires that, when updated by suppliers, are shared across their customer verticals. This approach ensures that all telecom companies have access to the latest supplier data, reducing redundancy and improving the efficiency of supplier assessments. By maintaining a shared pool of updated supplier information, telecom companies can streamline their evaluation processes and make more informed decisions. 

Managing Multi-Dimensional Risk
A telecom industry vertical allows for more effective management of multi-dimensional risks. By utilizing a unified platform, telecom companies can monitor financial, operational, and compliance risks in real time, ensuring a proactive approach to risk management. 

Working in Partnership to Address Supply Chain Requirements
Collaboration within a telecom industry vertical promotes a partnership approach to addressing supply chain requirements. Telecom companies and their suppliers can work together to develop solutions tailored to industry-specific challenges, ensuring a more resilient and adaptive supply chain. 

Firmographics and Compliance Regulation
A centralized system improves the ability to track firmographic data and ensure compliance with regulations. Telecom companies can maintain up-to-date information on suppliers, ensuring adherence to regulatory standards and minimizing risks associated with non-compliance. 

Environmental, Social, and Governance (ESG) Initiatives
A unified platform supports ESG initiatives by providing transparency into supplier practices. Telecom companies can monitor and promote sustainable practices, ensuring that their supply chains align with broader environmental and social goals. 

Building a telecom industry vertical around supplier management offers a myriad of benefits, from enhanced efficiency and innovation to improved risk management and compliance. By partnering with Trust Your Supplier, telecom companies can leverage advanced technologies to create a resilient, efficient, and forward-thinking industry vertical.

 

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April Harrison Blog, Supplier Information Management, Telecom, Value Engineering 0 Comments , , ,
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Streamlining Supplier Engagement: The TYS Pre-Check Experience

As many of us prepare for summer holidays, the anticipation of travel often brings to mind the sometimes tedious experience of going through airport security. The long lines and exhaustive checks can turn what should be a seamless process into a frustrating ordeal. This got us thinking about an analogy that perfectly encapsulates the traditional supplier engagement process versus the innovative solution offered by Trust Your Supplier (TYS).

Traditional Supplier Engagement: The Airport Security Experience

⛔ Long Boarding Time

Just as waiting in line at the airport eats into your travel time, onboarding a new supplier can be a lengthy process. Traditional methods involve multiple steps, approvals, and verifications, leading to delays that can impact your project timelines and overall efficiency.

⛔ Redundant Administration

Imagine filling out the same forms over and over again for every trip you take. That’s how repetitive and cumbersome traditional supplier engagement can feel. Suppliers often need to provide the same information to multiple customers, causing unnecessary delays and administrative headaches.

⛔ Tedious Security Checks

The rigorous security checks at the airport, while necessary, can be time-consuming and exhausting. Similarly, traditional supplier vetting processes are thorough but often slow and labor-intensive, requiring extensive background checks, certifications, and compliance verifications.

The TYS Pre-Check: Revolutionizing Supplier Engagement

✔️ Immediate Onboarding

With Trust Your Supplier, the onboarding process is as smooth as breezing through the TYS Pre-Check. Our system significantly reduces the time it takes to get suppliers up and running. Immediate onboarding means no more waiting in line or dealing with prolonged processes.

✔️ AI-Driven Profiles

TYS leverages advanced AI to create comprehensive supplier profiles. These profiles are automatically updated and maintained, eliminating the need for redundant paperwork and ensuring that all information is current and accurate. This automation leads to a more streamlined and efficient engagement process.

✔️ Pre-Certified, Ready-to-Do-Business

Just like having a TSA Pre-Check status gets you through security faster, our pre-certified suppliers are ready to do business right away. Suppliers in the TYS network have their information and questionnaires completed, so you can confidently engage with them without the usual delays and uncertainties.

Experience the Difference with Trust Your Supplier

Say goodbye to the hassle of traditional supplier engagement and hello to streamlined efficiency with Trust Your Supplier. Our blockchain-based solution ensures daily monitoring, and historical, predictive, and prescriptive risk insights, enabling trusted data exchange and workflow automation beyond traditional boundaries.

Enjoy a seamless and efficient process that keeps your business moving forward. Safe travels to all!


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April Harrison Blog, Digital Transformation, Supplier Information Management 0 Comments

TYS Podcast S2E3 – 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 the TYS Podcast, 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. 

April Harrison Blog, Data Privacy & Security, Podcast, Risk & Compliance, Supplier Information Management 0 Comments , , , , ,

Trust Your Supplier (TYS): Empowering Suppliers in the Digital Age

Exciting news is on the horizon as Trust Your Supplier (TYS), our revolutionary supplier management platform, achieves a significant milestone by securing its place at the center of Dr. Elouise Epstein’s Spider Map. This accomplishment marks a pivotal moment in TYS’s journey, highlighting its commitment to empowering suppliers and reshaping the landscape of risk and compliance management.

Empowering Suppliers with Data Ownership:
TYS stands out as a groundbreaking solution that prioritizes supplier empowerment. At its core, TYS is designed to give suppliers complete ownership and control over their data. This is a game-changer in the supplier management space, as it introduces the concept of digital wallets for suppliers, providing them with a secure and efficient way to manage their information.

Digital Wallet Concept:
The digital wallet concept is at the heart of TYS’s innovative approach. By enabling suppliers to have their own digital wallets, TYS allows them to store and manage crucial data securely. This not only streamlines the data-sharing process but also ensures that suppliers have autonomy over their information, fostering a new era of transparency and trust in supplier relationships.

A Milestone in Dr. Elouise Epstein’s Spider Map:
Dr. Elouise Epstein’s Spider Map serves as a testament to TYS’s exceptional capabilities and potential. Positioned at the center of this influential map, TYS is recognized for its commitment to supplier empowerment and data ownership. This strategic positioning reinforces TYS’s role as a leader in the supplier management landscape.

Revolutionizing Risk and ESG Markets:
As the Risk and ESG markets undergo significant transformations, TYS emerges as a frontrunner, ready to revolutionize these industries. With a robust data foundation and the digital wallet concept, TYS provides cutting-edge solutions and insights that are poised to shape the future of risk and compliance management.

Looking Ahead:
The future looks promising for TYS and its stakeholders. By putting the power back in the hands of suppliers and offering innovative solutions, TYS is set to drive positive change in the supplier management landscape. As industries evolve, TYS remains dedicated to staying at the forefront, delivering value, and shaping a future where data ownership and transparency are paramount.

Trust Your Supplier’s latest achievement in securing a central position in Dr. Elouise Epstein’s Spider Map underscores its commitment to revolutionizing supplier management. With the digital wallet concept and a strong focus on data ownership, TYS is well-positioned to bring about transformative changes in the Risk and ESG markets. As TYS continues to pave the way for a new era in supplier empowerment, the future holds exciting possibilities for the platform and its users.

April Harrison Blog, Supplier Information Management 0 Comments ,
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