Challenges
- No real-time information updates and no supplier contact accuracy
- No strong engagement with supplier, understanding changes occurring with the supplier, and communicating new buyer needs and priorities
- No database with supplier requests
- No standardization across industries towards the questions asked to the supplier, generating repeated and unnecessary work by the supplier and buyer
- Buyer spends a huge amount of time to search and understand the supplier identity: Who is the supplier, what are the parent companies?
How TYS Helps
- New configurable questionnaires and standardization across industries
- Supplier can provide real-time updates to reflect changes to their business
- Buyer-Supplier relationship history tracked on blockchain with versioning
- Bring Gleif (Global Legal Entity Identifier Foundation) will allow Buyer to immediately understand all legal identities that the supplier has. Will capture any identity that performs a financial activity
Outcomes
- Real-time information and supplier contact and legal identities always updated
- Better engagement with the supplier
- Effort reduction in compiling all information from different sources
Roadmap Horizon
- Document Management
- Expiry Notifications
- Liaison Management
- TYS re-verifies the data provided by ecosystem partners at regular intervals
ACCURATE AND UPDATED SUPPLIER DATA
REDUCE CYCLE TIME TO ONBOARD
REDUCED RISK AND ATTRACTED COST
