Machine Learning (ML) is what makes TealBook able to deliver such a significant change to procurement processes. It enables our tool to continually improve your vendor master, allowing you to focus on strategic activities.
What is Machine Learning?
Machine Learning is a form of Artificial Intelligence (AI) that makes it possible for systems to automatically learn and improve based on the data they encounter. It teaches an AI system how to teach itself. ML algorithms study patterns in massive amounts of data—images, words, numbers, or anything else—and use those patterns to determine the best option and apply it to the other AI systems in place.
This grasp of patterns makes for better data because the machine learning algorithm can tackle vast quantities of information that would be impossible for humans or much other technology to sort through in a reasonable amount of time.
How does Machine Learning help your business?
Machine Learning (ML) helps businesses turn massive amounts of data into actionable intelligence. It enables you to do more with less, saving you time and money. It also provides insight into your business, your customers, and your suppliers, which allows you to future-proof your organization’s performance.
TealBook’s innovative ML technology uses data to improve procurement-supplier relationships by giving easy access to supplier information, eliminating the need for multiple supplier profile platforms, and automatically cleansing data of duplicates while highlighting diverse suppliers and sanctioned companies.
Machine Learning saves procurement departments time, money, and helps evaluate risk.
- It empowers you to automate routine IT tasks, allowing your team to focus on more strategic aspects of their work.
- Data cleansing and maintenance are automatic rather than manual.
- Supplier discovery is quick and easy, with automatically updating products and services for existing suppliers, and customized recommendations for your supply chain needs.
- It enables you to consolidate or extend contracts with existing suppliers for new or more products and services.
- It give you a complete view of all the variables that contribute to supplier decisions, including previous and current sanctions.
- Personalized recommendations, diversity and environmental certifications, and predictive modeling based on previous patterns can provide strategic insight for future transactions.
Final thoughts
If you think about your vendor master and the amount of time and energy you’ve had to put into it to build it, and the daunting task of trying to keep it updated and correct, you’re likely going to be overwhelmed quickly. And, if you’ve had to sort through a collection of dirty data full of errors or duplicated but slightly different entries—and had to spend time tracking down the correct information instead of being able to quickly connect with and complete an order with your vendor—you know the frustration of incorrect information. Machine Learning removes the need for all of this manual labor and provides so many more advantages.
