The key challenges procurement professionals face in order to make accurate and informed business decisions lie in the quality and management of their data. Dealing with data is no easy feat, and never a so-called “one-and-done” solution like many competitors in the space.
The TealBook Platform delivers continuous supplier intelligence that is powered by machine learning (ML) and artificial intelligence (AI) to update and add new information autonomously. In addition, TealBook drives engagement directly with suppliers to instill positive relationships with their buyer and gives them the ability to claim and upgrade their profile in TealBook. The platform validates supplier data across multiple data points, including information suppliers can provide themselves, while being discoverable for new business opportunities too.
There is no other solution in the market that offers a single platform that can solve the data challenge while managing day-to-day procurement challenges, including a positive supplier experience. The latest product updates support enterprise supplier diversity programs involving the following:
- New Save & Compare feature for diversity reports
- Simplified outreach to suppliers to self-certify and renew contracts
- Economic Impact Assessment (EIA)
TealBook’s customers today now have access to 770K+ qualified diverse suppliers across 2.6M+ diversity certifications that are updated and augmented continuously.
Enhancements to Diversity Reporting
Customers who use the Diverse Report feature most frequently communicated they wanted an easy way to store their reports and analyze them. With the new Save & Compare feature, customers are able to do just that. It enables users to report on diverse spend and track performance over time in a flexible way, enabling better transparency for business stakeholders. TealBook works with customers closely to continue to enhance its reporting capabilities.
The platform makes it easy to reach out to suppliers, make requests, and track progress in one place. No longer do buyers need to manually outreach to their suppliers or manage in a separate application. As a result, buyers gain better insights into their suppliers’ business.
From a supplier’s perspective, this is an easy way to be a part of the 5M+ supplier network and not only comply with their customer’s request but be discoverable to potential customers too. Suppliers can claim their profiles, make updates as needed, connect with customers through direct messaging, and even self-certify. The self-certify feature allows suppliers to qualify as diverse, without the hassle or expense of traditional certifications.
In addition, to minimize potential supplier risks the new Contract Renewal Request function automatically populates requests to suppliers contracts that are about to expire. It can be set to 30, 60, or 90 days before the expiration date. That way users can not only track, but also update the status themselves by either uploading a new contract, contacting the suppliers via the app, or close the request.
Creating a positive experience for suppliers makes it easier to conduct day-to-day business affairs and renew contracts when the time comes.
New Economic Impact Assessment (EIA)
The Economic Impact Assessment (EIA) measures how working with those small and diverse companies positively impacts local economies, generates revenue for small businesses, and creates jobs and opportunities for underserved communities. Customers can use this report to support alignment with stakeholders and their corporate social responsibility goals.
Grow your diversity program with TealBook
TealBook helps support diversity programs and the breadth of its data and capabilities in its technology can also solve a wider net of environmental, social, and governance (ESG) goals and corporate social responsibility (CSR) goals.
Contact us today to learn more or to schedule an industry-specific demo.
