Market Leading Supplier Intelligence Data Platform Validates UMass Supplier Diversity Spend Efforts by 28% increase YoY
Toronto, Canada – December 7, 2022 –– TealBook, the leading supplier data platform that autonomously enhances supplier data, and the University of Massachusetts, a world-class public research university system, today announced the details of their successful first year as partners. The partnership has enriched UMass’ existing supplier information to ensure diverse suppliers are identified and leveraged throughout the university’s six campuses.
Due to the university system’s expansive size and tremendous economic impact on the state of Massachusetts, UMass has made it a priority to increase diverse spending within their supplier base. With the help of TealBook’s supplier diversity intelligence platform, UMass was able to increase both their list of diverse suppliers and diverse dollars spent. Additional results of the first year of the partnership include:
- 28% increase in identified diversity spend for their FY22, up from around $50 million to $64 million for suppliers
- 28% increase in identified diverse suppliers in FY22, from 709 suppliers to 906 suppliers
- Deeper visibility into spend with other minority groups included under the minority business enterprise (MBE) umbrella
- New online portal that includes dashboards of curated UMass supplier diversity data, spend categorization and watchlist notifications
“Since the launch of the Unified Procurement Services Team (UPST), we have been striving to be a much more data-driven organization that uses empirical evidence to ensure sound business decisions are taken,” said Dave Cho, Chief Procurement Officer at UMass. “Our partnership with TealBook now allows UMass to use data to validate that we are truly matching the social values of our university system as we have increased our supplier diversity spend by around 33% since UPST launched in 2020. I’m further excited that this platform, over time, will also provide us the ability to start framing our environmental sustainability objectives in the next stage of our maturity.”
“UMass has enjoyed continued success throughout the last year in their supplier diversity goals, and TealBook is proud to have been part of that advancement,” said Stephany Lapierre, CEO and founder of TealBook. “As the leading supplier data platform, TealBook is committed to giving businesses the tools they need to evaluate and report on their diverse supplier bases.”
For more information about TealBook and their product offerings, visit tealbook.com.
TealBook is the leading supplier data platform that automates the collection, enrichment and distribution of supplier data to power the end-to-end procurement lifecycle. Using AI and ML, TealBook enables procurement teams to unlock and realize the investment made in suppliers, people, source-to-pay and ERP systems. The world’s most innovative procurement organizations are building their data foundations with TealBook’s trusted supplier data. TealBook has been adopted by Fortune 100 companies and is the winner of many prestigious awards including: Spend Matters 50 Vendors to Know, ProcureTech Top 100, LinkedIn Top Startups, and Gartner Cool Vendor. For more information, visit www.tealbook.com.
About The University of Massachusetts
The University of Massachusetts is a world-class public research university system committed to advancing knowledge and transforming lives. UMass is renowned for the quality of its academic programs, the scope and impact of its research, and the strength of its public service mission. With four comprehensive campuses, a world-class medical school and a mission-driven law school, UMass educates more than 72,000 students, has more than half a million alumni, conducts $752 million in annual research, and is responsible for $7.5 billion in economic impact every year. The university system comprises UMass Amherst, UMass Boston, UMass Dartmouth, UMass Lowell, UMass Chan Medical School in Worcester and the UMass School of Law in Dartmouth and is one of the largest employers in the Commonwealth of Massachusetts. For more information, visit www.massachusetts.edu.