When we think about innovation, we often think of coming up with ideas that haven’t been thought of before.
But sometimes, you just need to rethink the ideas that are already out there.
That’s what scientist Jim Allison did, and he revolutionized cancer research and treatment.
While other scientists researched how to “hit go” on T cells to fight cancer, Jim researched how to release the brake on the immune response. By inhibiting the CTLA-4 protein, Jim stopped T cells from binding to cancer cells, which allowed them to attack cancer cells instead.
Innovation doesn’t always mean coming up with something completely different. Sometimes it’s trying something in a slightly different way.
Why Poor Supplier Data Exists: Too many portals, too much opportunity for error.
We invested in supplier portal software, believing it would flood us with insights we could use to deliver massive savings to the organization.
But the problem is, there isn’t just one supplier portal out there. There are hundreds.
When supplier portal software first came out, it was easy to create interest among suppliers, and have them enter their own data.
At first, the supplier was excited. They were ready to earn more business.
But then all of their customers start using different supplier portals, and the portals become a burden.
With the number of procurement technologies available today, the supplier needs to go and input the same information into hundreds of different, separately-formatted portals. And that’s just not feasible.
So suppliers stop updating their information there, which leads to poor supplier data. Or, they pass the added cost of paying someone to do that job onto those accessing the data, which essentially defeats the purpose of procurement.
The problem that we’re trying to solve at Tealbook: Poor supplier data because of a complicated, burdensome system.
By rethinking the supplier portal, we can replace all of these supplier portals with a data foundation that you can build your technology on top of. You should be able to choose the technology that best fits your business, and access trusted and validated information whenever you need it.
Tealbook uses AI and machine learning to regularly scan 400 million websites and extract all the different components so that we can monitor what information is changing. We blend our data with over 300 data partnerships to ensure accurate information. We then put that information into our supplier portal, so the suppliers don’t have to.
There are Five Elements of Supplier Data that Tealbook focuses on:
- Supplier name
- Taxonomy classification
- Products and services
- Geographic reach
- How long they’ve been in business
- Size of the corporation
- Sales contacts by location, with emails/phone numbers
- Executive contacts
- DUNS number
- Entity hierarchies
Supplier Trust and Risk
- Sanctioned screening
- Corruption score indexing
- Ethical practices
- Labor and human rights
- Health and safety
- Environmental and sustainability
- Banking information
- Tax IDs
- Diversity spend
- Green certifications
- ISO certifications
- Security/SOC 2
Building a strong foundation is essential to building your house. A strong data foundation is just as essential to your business.
Using an innovative data solution like Tealbook will allow you to bring in quality data so that you can make informed decisions, and become the procurement champion you aim to be.