This Spend Matters PRO Vendor Analysis provides an overview of TealBook and its solution for supplier data management.
As a company grows, it requires more suppliers to function. Each supplier comes with information about their employees, contact information, products, etc. This information is constantly evolving. Even new or niche companies with few suppliers often struggle to keep this data up-to-date, organized and available to those who need it. At times, it seems like an impossible task, and information is allowed to expire or become unusable due to the labor needed to keep it accurate and functional. In fact, according to Deloitte’s 2021 chief procurement officer survey, poor quality of data is a top issue for CPO’s across the board (in fact, poor quality data is a reoccurring top issue in Deloitte’s CPO survey).
TealBook was created to solve this problem and to provide supplier discovery and diversity tools to its clients. Like other supplier data management providers, it frees up valuable resources and time for its customers by taking on the burden of keeping supplier information up-to-date and usable. This saves not only time but money, as outdated data can make a supplier realistically unusable. But TealBook specifically excels in addressing this need thanks to its extensive network and metrics; for example, it tracks over 400 different types of certifications and uses machine learning to sweep the web, government entities and certification agencies for updates.
Here’s why TealBook Matters:
- To the market — TealBook provides an innovative approach to building and sustaining a supplier data foundation. It can function independently or as a partner to commonly used transaction systems.
- To customers — TealBook allows its customers to save and reallocate time, resources and money by freeing up a large portion of their data management.
- To potential buyers — TealBook is an interesting platform for potential customers due to its ability to manage, clean and track existing supplier data and the ease with which customers can search for new suppliers.
This Spend Matters PRO Vendor Analysis explains what differentiates this vendor, gives an overview of its capabilities and competitors, provides tech selection tips and closes with key analyst takeaways.