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Beyond Technology: How Trust Your Supplier Delivers Real Business Value Through Collaboration

Technological advancements are often hailed as the ultimate game-changers. However, as Jim Mason aptly put it, “Technology is just… well… technology. It delivers value only through real business systems engineering.” At Trust Your Supplier (TYS), we understand this principle profoundly. While our innovative blockchain-based solution is a cornerstone of our offering, the true essence of our value proposition lies in our collaborative approach with clients and our robust business system engineering. 

The Power of Blockchain Technology
Blockchain technology is undoubtedly transformative. Its immutability, transparency, and security features have the potential to revolutionize supplier and risk management. By leveraging blockchain, TYS ensures daily monitoring and provides historical, predictive, and prescriptive risk insights. This enables trusted data exchange and workflow automation that extends beyond traditional boundaries. 

However, blockchain alone is not enough. The real business value emerges when this technology is seamlessly integrated into an ecosystem that addresses the specific needs and challenges of our clients. 

Collaboration: The Heart of TYS
At TYS, we believe collaboration is the key to unlocking the full potential of technology. From the outset, our approach has been to work closely with our clients, understanding their unique pain points and business objectives. This partnership goes beyond mere consultation; it is a co-creative process where the TYS team and our clients come together to define and refine the right solutions. 

Jim Mason’s observation resonates deeply with our ethos: “There was a clear business value opportunity in the market. The TYS team and their clients came together collaboratively to define the right solution that delivers value.” This collaborative spirit ensures that the solutions we develop are not only technologically advanced but also practically applicable and tailored to deliver tangible business outcomes. 

Business System Engineering: Bridging Technology and Value
Our emphasis on business system engineering bridges the gap between cutting-edge technology and real-world value. Business system engineering involves a holistic approach to designing and optimizing business processes and systems. It requires a deep understanding of the interplay between technology, people, and processes. 

At TYS, we bring this expertise to the table, ensuring that our blockchain solution is integrated into the broader business context of our clients. This integration is critical for achieving operational efficiency, risk mitigation, and strategic advantage. Our clients benefit from streamlined supplier management processes, enhanced transparency, and data-driven decision-making capabilities. 

We are committed to delivering real business value that goes beyond technology. Our blockchain-based solution is a powerful tool, but it is our collaborative approach and expertise in business system engineering that truly sets us apart. By working closely with our clients and understanding their unique needs, we co-create solutions that drive efficiency, transparency, and strategic growth. 

In a world where technology is constantly evolving, it is this human-centric approach that ensures our clients stay ahead of the curve and realize the full potential of their investments. Trust Your Supplier is not just about technology; it is about delivering value through innovation, collaboration, and engineering excellence. 

 


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April Harrison Blockchain, Blog, Digital Transformation, Value Engineering 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 , , ,

World Environment Day 2024: A Call for Global Action on Land Restoration

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

World Environment Day (WED), observed on June 5th every year, is the United Nations’ principal platform for encouraging global awareness and action for environmental protection. This year, the event is hosted by Saudi Arabia, focusing on the crucial themes of land restoration, desertification, and drought resilience.

The 2024 theme underscores the urgency of addressing land degradation, a pressing issue impacting nearly half of the world’s population and threatening global GDP. Land restoration is vital not only for ecological balance but also for the socio-economic well-being of billions of people. The initiative aims to restore one billion hectares of degraded land, which could significantly bolster carbon storage, enhance biodiversity, and improve livelihoods and food security worldwide​ (UNEP – UN Environment Programme)​​ (UNEP – UN Environment Programme).

Geopolitical Context
WED 2024 and its chosen focus are of particular significance as climate issues become a growing component of geopolitical risks to supply chains.

TYS partner, PRISM, a geopolitical risk analysis firm focusing on supply chains, said this was an important event to highlight environmental issues beyond the narrower focus on the energy transition that dominates many supply chain discussions. Extreme weather events continue to cause widespread disruptions in key supply chain locations around the world and issues like droughts and desertification are set to rise even further. Such issues cause disruptions in and of themselves, but can also contribute indirectly to driving geopolitical conflict.

However, PRISM notes that the WED will also act as a forum to collaborate on the policy response in the face of growing regulatory fragmentation that risks causing higher costs and greater disruption risk for supply chains.

For example, EU climate rules impacting supply chains like the Carbon Border Adjustment Mechanism and the Deforestation Law are already forcing faster climate policy change in countries looking to export to Europe. The differing pace of progress around the world risks forcing supply chain leaders to adjust their footprints or face higher costs.

Global Campaigns and Local Actions
In conjunction with WED, the United Nations Environment Programme (UNEP) and Saudi Arabia have launched several campaigns to promote land restoration. These efforts are part of a broader strategy to mitigate the triple planetary crisis of climate change, biodiversity loss, and pollution. Elizabeth Mrema, Deputy Executive Director of UNEP, emphasized the importance of replanting forests, rewetting marshes, and reviving soils to restore ecosystems and combat land degradation effectively​ (UNEP – UN Environment Programme).

Role of Trust Your Supplier (TYS) and Aggregated Data
Trust Your Supplier (TYS) can play a pivotal role in supporting these global environmental initiatives. By leveraging its platform for supplier information management, TYS can aggregate critical data from various third-party sources to ensure transparency and sustainability in supply chains. Here’s how TYS can contribute:

Data Aggregation and Analysis: TYS can compile data from suppliers worldwide, providing insights into sustainable practices and compliance with environmental standards. This data can be used to monitor progress toward land restoration goals and identify areas needing improvement.

Promoting Sustainable Practices: By verifying and promoting suppliers who adhere to sustainable practices, TYS can encourage more businesses to adopt environmentally friendly methods. This can lead to a significant reduction in practices that contribute to land degradation and deforestation.

Facilitating Global Cooperation: TYS’s platform can serve as a collaborative hub where businesses, governments, and NGOs share data and strategies for land restoration. This collaboration is essential for scaling up efforts to combat desertification and drought resilience globally.

Tracking and Reporting: TYS can provide robust tracking and reporting tools that help organizations measure the impact of their sustainability initiatives. Accurate reporting ensures accountability and helps maintain the momentum of environmental campaigns.

Global Commitments and Future Outlook
Countries worldwide have pledged to restore vast areas of degraded land. If these commitments are fulfilled, the environmental benefits could be enormous. For instance, restoring just 15% of converted lands could prevent up to 60% of expected species extinctions​ (Mirage News). The upcoming UN Convention to Combat Desertification’s Conference of the Parties (COP16) in Riyadh further aligns with this year’s WED theme, aiming to accelerate progress toward these restoration goals​ (UNEP – UN Environment Programme).

World Environment Day 2024 is a pivotal moment for global environmental action, particularly in the realm of land restoration. By uniting under this year’s theme, the international community can make significant strides in reversing land degradation, fostering biodiversity, and enhancing climate resilience. Saudi Arabia’s leadership in this global effort exemplifies the critical role nations must play in safeguarding our planet for future generations. Trust Your Supplier’s data-driven approach can significantly support these efforts, ensuring sustainable practices and facilitating global cooperation for a greener future.

Learn more about our TYS partner Prism.

For more information on World Environment Day and related initiatives, visit the official UNEP website and the World Environment Day campaign site. Join #GenerationRestoration – together, let’s restore & safeguard our land & soil.

#TYS #Prism #ESG #Sustainability #WorldEnvironmentDay

April Harrison Blog, ESG, Geopolitical Issues, Value Engineering 0 Comments , , , ,

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.

 

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April Harrison AI & Automation, Blog, Supplier Diversity, Value Engineering 0 Comments , , ,

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 

April Harrison Blog, ESG, Geopolitical Issues, Risk & Compliance, Risk Management, Value Engineering 0 Comments , , , , ,

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!

April Harrison Blog, ESG, Events, Risk & Compliance, Value Engineering 0 Comments , , , , ,

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.

April Harrison Blog, Value Engineering 0 Comments ,

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. 

April Harrison Blockchain, Blog, ESG, Risk & Compliance, Value Engineering 0 Comments , , , ,

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. 

April Harrison Blog, Pharmaceutical, Risk Management, Supply Chain, Value Engineering 0 Comments , , ,
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