Data is like water: if left stagnant for too long, it becomes useless and potentially harmful, exposing companies to risk. When you use TealBook as your supplier data foundation, rest assured that not only will your supplier data always be fresh, but it will continuously improve, providing you with actionable insights and maximizing the value of your technology stack.
While it’s hard to narrow it down, the following are TealBook’s 5 biggest value-adding benefits that I believe every procurement practitioner should know.
1. TealBook Cleanses Your Supplier Data
By deduplicating and harmonizing disparate entries in siloed systems, TealBook brings together all your supplier data in the most visible, complete way possible.
2. TealBook Enriches Your Supplier Data
By using machine learning technology, your supplier data gets boosted from an average of 10% completeness to 75%. You receive details such as products/services provided, categories (e.g., NAICS and UNSPSC codes), quality, diversity and sustainability certifications, and contact email addresses.
3. TealBook Reduces Onboarding Costs
Accurate supplier data helps by driving compliance and access to existing preferred and qualified suppliers prior to any additional new supplier request.
4. TealBook Identifies Sole Source Categories
This, combined with introducing competition using the rapid supplier discovery function, yields a 90% improvement in cycle time in finding and qualifying new suppliers.
5. TealBook Increases Visibility of Your suppliers’ Parent/Child Relationships
This opens up the possibility of your existing agreements being consolidated and renegotiated with the parent entity.
Final Thoughts
It comes as a huge relief to realize how simple and quick it is to update your profile. TealBook does all the heavy lifting. Our machine learning technology pre-populates your B2B profile to more than 75% completeness, so you spend a mere 20 minutes on average to complete it. Also, diverse suppliers are able to self-certify in our tool so customers can identify them for sourcing events, saving great amounts of time and money.
I come from a procurement transformation background in blue chip companies. If I still worked on the customer side, reviewing potential solutions to drive efficiencies, compliance, and savings, the investment in TealBook would be a no-brainer. Our solution pays for itself within months.
