How Does TealBook Use Artificial Intelligence to Collect Trustworthy Supplier Data?
When people think of artificial intelligence, commonly known by the abbreviation AI, they often think of human-like robots in science fiction movies. But AI isn’t just what it looks like in movies. It’s also everyday tools like Alexa or Siri—and AI technology is changing the way we do business and changing the way we do procurement.
Artificial intelligence has many uses, but it all boils down to using science and engineering to make intelligent computer programs that solve problems and achieve goals.
Our goal is to help you fix your supplier data and to make sure it stays fixed. To do this, we use AI. There are a lot of different branches of AI technology, and the one we use at TealBook to compile reliable supplier data for our clients is called machine learning.
Machine learning is a kind of AI that creates computer systems that can learn from data by identifying patterns. The program is then able to make decisions using what it’s learned.
TealBook uses machine learning to consistently gather accurate supplier data for you.
Our in-house developers have created and continue to refine our machine learning tool that continually reads over 400 million websites to locate accurate supplier information and capture changes as soon as they happen. This allows the TealBook technology to:
- Automatically extract keywords from supplier websites to create structured profiles that include products, services, contact information, certifications, sanctions, and diversity information.
- Use natural language searches and powerful filters to make it easy to find useful information.
- Recognize patterns and keywords to provide recommended suppliers based on search criteria, even if they use slightly different language.
- Parse addresses to deliver geographic insights.
- Automatically cleanse data, removes duplicates, and distinguishes between businesses and individuals.
- Highlight sanctioned companies and locations.
- Search independent diversity sites to capture clear diversity insights.
Using AI technology to gather supplier data ensures it is always accurate and enables procurement teams to find suppliers quickly.
Our machine learning technology prepopulates supplier profiles, increasing profile completeness by up to 80%. By doing all of this automatically, our machine learning tool saves a ton of time, which allows procurement teams to spend their time doing more important things, like building relationships with customers and vendors. It enables businesses to function better and to find ideal suppliers more quickly.
All in all, it makes sense to use technology like this. Machine learning technology provides more accurate information than humans can gather manually, ensures that the data is always up to date and clean, and organizes the information in a way that is easy and quick to access and use.