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AI / ML

A Guidebook for Procurement Investment in ESG

By Kate Hands

“Sustainability” is the Watchword

As consumers begin to expect more environmental & social consciousness in business, sustainability is top of mind at many organizations — and with good reason. Sustainability in business practices can not only boost a company’s reputation but can also benefit their bottom line by reducing costs, increasing efficiency and sparking innovation that can lead to more growth. Many organizations now even have a chief sustainability officer on staff, showing just how critical meeting ESG requirements has become in today’s business environment.

Supplier selection and management is one area where a company can use external solutions to achieve greater sustainability by actively choosing to work with suppliers who meet their ESG criteria. This (along with supplier diversity) is an area that TealBook feels especially passionate about serving our clients in. 

Using TealBook to Meet ESG Goals

TealBook’s ESG capability was recently covered by procurement technology experts Spend Matters. The following has been reprinted with permission:  

TealBook is a growing supplier management provider with specializations in supplier data cleansing and enrichment, especially for ESG-related fields.

TealBook is a unique supplier data foundation that is tackling the universal supplier MDM problem faced by companies with incomplete and outdated supplier information across systems. It autonomously maintains supplier master data, powers e-procurement technology, drives supplier diversity, and enables supplier performance. 

Empowering Procurement Through Innovative Technology

Using AI and ML, TealBook gathers, predicts, and refines supplier data, and that data is constantly validated and maintained both automatically through their data extraction pipeline and intelligent processing and by its customer community. Data validation occurs on a regular basis for commonly used suppliers across its customer base, and even rarely-used suppliers are validated quarterly. TealBook can be integrated with any S2P platform, and inquiries can be injected where needed through its API.

TealBook’s ESG coverage is focused on diversity and sustainability. Sustainability strengths for which TealBook is notable include continuously cleansed supplier profiles out of the box, deep data extraction capabilities with the ability to automatically update supplier data (and web activity/recency) on a regular basis and extensive diversity and inclusion profile information. TealBook can also suggest potential diversity classifications for suppliers that might qualify but have not yet claimed official status and offers suppliers the ability to self-certify as small or diverse.

Filtering By Specific Requirement

TealBook provides support across many ESG areas, including: 

  • Anti-corruption/AML: Immediately identify connected associations, relevant news articles, etc. via web crawling. 
  • Human Rights: Monitor public/3rd party information on ethical practices, and are in the process of developing a risk scoring system for human trafficking.
  • Diversity & Inclusion: TealBook maintains diversity information on over 1 million suppliers globally with unique dashboards for managing current and potentially diverse suppliers to drive program success. They also have a robust self-certification offering. 
  • Sustainable SCF: We can provide Tax IDs, DUNs number, revenue projections, parent child hierarchies, etc. for risk elements. 
  • Carbon Footprint & Waste Management: Collaborate with the UN global compact to define reporting standards. 
  • Environmental Impact: Monitor public/3rd party information on sustainability and partner with EcoVadis for sustainability ratings. 
  • Other: We offer certificate tracking and maintenance.

Learn more about how TealBook can help make your supply chain more sustainable here.  

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About the Author

Kate Hands is Vice President of Customer Experience at Tealbook. Kate Hands is a globally trusted Procurement Transformation Professional with 17 years of experience across multiple industries and countries. She has held senior procurement leadership roles at American Express, Comcast NBCUniversal, Rogers Communications, L’Oreal and Unilever. She has led multi-year holistic transformation efforts across the end-to-end supply chain and has a proven track record of achieving significant value add and cost reduction outcomes.

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