The Impact of Supplier Diversity 1110x860
Release Notes

May 2022 Release Notes: Diversity Enhancements and Economic Impact Assessment

By TealBook

TealBook is excited to announce the latest product updates and introduce the Economic Impact Assessment. 

Diversity Report Improvements

We added new features to the Diversity Report to make it easier for you to manage and analyze progress in one place.

[NEW] Save

Take a snapshot of your diversity reports with the new Save feature.  

  • Save diversity reports for a set time period.
  • View the saved reports at any time. 
  • Save the report directly on your profile to manage documentation in one place.

Saved reports include all supplier data and qualification rules within the time period you selected. 

[NEW] Compare

Easily analyze different reports with the new Compare feature.

  • View a side-by-side comparison between two diversity reports.
  • Understand how your diverse spend has changed between time periods. 
  • Capture changes between each report’s qualification rules, certification status, and more. 

The Diversity Report helps  you gain a better understanding of how much your supplier spend contributes to diverse spend targets.  Click here to learn more about the new Save & Compare features. 

Supplier Outreach Improvements 

The Supplier Outreach function makes it easy to manage communications with your suppliers. With these new and enhanced features, you can stay on top of your supplier requests and get notified of potential risks.

[ENHANCED] Self-Certify Request

Reach out to your suppliers and send Self-Certify requests.

The Self-Certify Request feature allows you to directly reach out to suppliers on their profile. This allows suppliers to self-certify as a diverse company without the hassle or expense of traditional certifications.

Track and take action on your requests.

When you send a Self-Certify request to a supplier, your requests are auto-populated into the Supplier Outreach tab of the Open Requests section. Set the filter to “Self-Certify” to view the status of your request. Click the ellipsis in the Action column to Close Request As Non Responsive, Resend the Invitation, or View Communication History.

[NEW] Contract Renewal Request

Get notified before your contracts expire.

When contracts you have attached to a supplier profile are about to expire, they are auto-populated into the Supplier Outreach tab with a Priority status. Set the Open Requests filter to “Contract Renewal” to view a list of expiring contracts. Click the ellipsis in the Action column to Upload New Contract, Contact Supplier, or Close Request.

The Contract Renewal Requests feature is set, by default, to create notifications 90 days before the contract expires. This setting can be changed by buyer admins to 30 or 60 days in the admin section of the application.

[NEW] Economic Impact Assessment

Unlock maximum value from your supplier diversity reporting. 

TealBook’s Economic Impact Assessment offering allows our customers to externally communicate the impact of spend with diverse suppliers, including how diverse spend generates revenue, creates jobs, and impacts the local economy. In addition to qualified EIA results, TealBook can also offer a potential EIA based on potential diverse spend.

Our EIA offering provides direct, indirect, and induced spend impact for the following metrics: 

  • Output Effect: A measurement of revenue and income generated by the diverse suppliers you do business with. 
  • Employment Effect: A measurement of the number of jobs you have created by working with diverse businesses.
  • Income Effect: A measurement of the total income generated by diverse suppliers within your supply chain. 
  • Tax Effect: A measurement of the federal, state, and local business and personal taxes that your business has influenced. 

Contact your Customer Success Manager for more information.

[NEW] Global Diversity Sources

As part of TealBook’s commitment to providing continuous intelligence to diverse suppliers, we’ve added 70k diverse suppliers to our platform. This expands our diversity suppliers to  770k—a 10% increase. We’ve also added 3 new UK-based global diversity sources including 2 small-business certifications and 1 minority-business certification.

To check out the latest enhancements, log in to TealBook today. If you have questions about any of these updates, please reach out to your CSM.

Unleash procurement possibilities.

Whether you’re looking to maximize diversity spend, optimize supplier diversification, or identify emergency sourcing options, the best available supplier data makes all the difference.

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