Chainyard is the recipient of the Institute of Supply Chain Management (ISCM) 2021 award in the category of Best Procurement Technology for our solution Trust Your Supplier! Learn more
Chainyard is the recipient of the Institute of Supply Chain Management (ISCM) 2021 award in the category of Best Procurement Technology for our solution Trust Your Supplier! Learn more

Challenges

  • Supplier Discovery is a process that is not documented
  • There is no guideline on how to prospect for a new supplier
  • The sources used to search for new suppliers don’t provide any kind of information security
  • Inaccuracy on the contacts details in order to initiate the connection

How TYS Helps

  • Marketplace of suppliers that the buyer can reach out
  • User stays in TYS rather than going to multiple sites and programs
  • Uses global standard code set for classification of Goods and Services (UNSPSC)
  • Suppliers can now be reviewed and easily invited to connect, where comprehensive supplier detail and completed questions can be evaluated in a single aggregated view. Third-party tools such as RapidRatings are included in this view for greater detail and validation
  • Accurate contact details available

Outcomes

  • An established process to supplier discovery
  • Relationship history (timestamps and action taken)
  • Supplier prospection in a secure and trusted environment/network
  • All information in a single place and reduction of time

Roadmap Horizon

  • Reporting & Analytics Dashboard will allow for ratings and other attributes across many suppliers for comparison
  • Smart Attributes will be enabled which allows for key ratings and data points from third parties to be searchable
  • Planned integrations with other networks like Trade Shift and Source Connect/DMSCA will enable the discovery of the suppliers from the other networks