Self-certification and Tier 2 Data Reporting bring new opportunities for companies to increase diversity of supply chains
TealBook Inc. recently announced that they are releasing a self-certification program and a Tier 2 supplier data reporting tool that will enable companies and suppliers to build, manage and participate in supplier diversity programs. These features will be useful for organizations reporting their supplier inclusion programs for small business in addition to diversity spending for the U.S. government this fall and for small business programs in general.
“TealBook is committed to helping organizations expand their supplier networks to be more diverse and inclusive,” said Stephany Lapierre, CEO of TealBook. “Our supplier data platform is now able to give companies the opportunity to massively scale the impact of their supplier diversity program while reducing the friction that has traditionally been part of the administration process. For suppliers, our self-certification takes away the burden of cost, time and resources associated with individually applying to each organization for certification.”
Companies looking to receive Tier 2 spend information from their suppliers can invite suppliers to participate and track their progress. Any invited supplier in the supply chain can securely upload spend either quarterly or annually. This spend information is kept private to them until they explicitly release it. Each of these suppliers generates a diversity spend report for their use. Organizations can then choose to allocate diversity spend to their client companies, either by percentage or by amount per supplier. TealBook combines this allocated spend information from all contributing suppliers into a consolidated Tier 2 Diversity Spend report.
TealBook’s self-certification program will make certifications more accessible to small and diverse businesses as well as open new business opportunities among buyers motivated to include them in new bids.
“Supplier diversity reporting hasn’t significantly changed since the 1970s and we needed to find a better way to bring the best and brightest suppliers into our organization,” said Steven Wuerth, Director of Procurement Operations at Gilead Sciences, which uses TealBook’s self-certified suppliers program. “TealBook’s platform has provided Gilead with access to a broad group of diverse suppliers, which is deeply important to our organization.”
About TealBook
TealBook is a Big Data company that provides a platform to fix enterprise supplier data forever. TealBook does this through proprietary Autonomous Data Enrichment technology which proactively captures and maintains changing supplier information. In addition, TealBook provides a data foundation that can be leveraged by other eProcurement solutions to ensure these larger investments are successful. TealBook has been adopted by Fortune 100 companies across multiple sectors and is the winner of many prestigious awards including Spend Matter 50 Vendors to Watch, Gartner’s Cool Vendor, CIX Most Innovative Company and Most Upside Potential by C100. TealBook’s mission is to deliver a ‘Trusted Source of Supplier Data’ to an ever-growing procurement space
