A new challenge for the CPO
A newly appointed Chief Procurement Officer (CPO) at a leading biotech organization faced the substantial challenge of achieving significant cost savings in a short timeframe. The CPO, hired for his ability to reassess processes and identify cost-saving opportunities, found himself searching for a new solution when he realized the biotech company lacked contextual data regarding its supplier base. There was no clear understanding of why specific suppliers were chosen or the value they provided. The organization needed a robust supplier data solution to enrich their spending information with vital details, enabling them to understand their current supplier relationships and meet their aggressive savings targets.
A trusted data solution
The company turned to TealBook for quick access to alternative suppliers, fostering competition and revealing more opportunities for cost savings. TealBook’s platform reduced resistance to inviting additional suppliers to sourcing events as team members had the ability to provide data-backed justifications.
Additionally, the implementation and training process was swift and efficient. In order to help meet the biotech companies goals, TealBook delivered a full platform implementation in less than five weeks, and the onboarding team conducted one-hour training sessions to educate employees on navigating the platform, searching for certifications, and optimizing supplier discovery.
Immediate results
The impact of TealBook’s solution was dramatic. The biotech company saved $25 million in a single sourcing event post-implementation and exceeded their cost savings target by an impressive 250%.
TealBook’s advanced approach, leveraging AI and machine learning, empowers organizations to drive material savings to their bottom line by finding competitive suppliers. Unlike traditional supplier data sources that rely on manually inputted data or supplier self-reporting, TealBook automates the collection, verification, and enrichment of supplier data across any data lake or enterprise system, delivering insights that are far superior to self-reported, manually collected, and maintained data feeds.
We encourage you to contact us to schedule an industry-specific demo or learn more about how you can unleash procurement possibilities.
