Think back to March 2020 when the COVID-19 pandemic started dramatically impacting supply chains around the world. There was an almost immediate shortage of various medical supplies, personal protective equipment like disposable masks and gloves, and, in North America, toilet paper.
What were procurement teams to do? They needed supplies for their businesses, but their usual suppliers were out of stock with no idea when product would be available again or had stock. But unusually long shipping times meant massive delays between sourcing and receiving goods.
Procurement teams went to their supplier master lists to try to track down more potential suppliers.
Many hit a wall.
Their supplier dataset was poor; it was small, made of only internal data, and was riddled with incomplete entries or errors.
They didn’t have a strong data foundation.
You might not have one either. But you can build one.
Build a Strong Data Foundation Using Autonomous Data Enrichment
Data enrichment is the process of enhancing your data by combining internal or existing data with quality third-party data to create a complete supplier master of current and potential suppliers. Autonomous data enrichment does this automatically without the need for intense labor from your team to source, clean, and sort the data.
Building a strong data foundation with autonomous data enrichment includes:
- Combining internal data from all departments
- Adding data from an authoritative third-party source
- Expanding parameters for more complete data
- Removing duplicates and fixing mistakes in existing data
- Automatically updating data fields to ensure accuracy
- Creating a single source of truth for your organization
Supplier information changes often, so often that manually keeping track of this information is nearly impossible. Tealbook continuously reads websites and other online sources to ensure your organization has up-to-date supplier information.
Data Enrichment Leads to Better Decisions
Enriching your data gives you a big picture view of your suppliers, your customers, and the wider supply chain. Having this total view means you can make informed decisions. Whether you work in procurement, finance, or IT, strategic decisions around processes, relationships, and risk reduce cost and increase profit.
When you build a strong data foundation with data enrichment, you get:
- Better lead quality
- Better pricing negotiations
- Reduced supply chain risk
- Faster pay to purchase cycles
Data enrichment doesn’t just benefit your team. It also benefits your suppliers by giving them increased exposure of the services they offer. And, when buyers make procurement decisions based on data rather than only looking at who offers the lowest price, everyone wins.
Tealbook’s innovative technology does all of this data enrichment for our clients. We use artificial intelligence and machine learning, including the most recent and most powerful deep learning models with hundreds of millions of parameters, to gather supplier information autonomously. So your team can focus on what they do best instead of searching for changes to supplier addresses or phone numbers.
Our goal at Tealbook is to help organizations build solid data foundations. That includes data enrichment that works for you.
Learn more about our advanced AI technology and how it can enrich your data here.