Using a Solid Data Foundation to Save Time During Procurement Processes
As organizations work to navigate the ever-evolving landscape of procurement, CPOs and other leaders are figuring out how to improve processes to manage cost savings, cash flow, future opportunities, and risk mitigation.
Tealbook has put together an overview of how our AI and machine learning capabilities allow organizations to build a strong data foundation to strengthen existing data and save procurement teams time and money when working to make key decisions.
Optimizing Master Vendor Lists Comes with Time Constraints
After years of different employees entering data, different systems being used, and vendors moving locations and altering their information, master vendor databases can be left with incomplete or incorrect data.
When you consider the fact that 93% of procurement leaders feel their organizations have experienced adverse effects due to poor supplier data, as well as the fact that many companies are relying on time-consuming and outdated manual methods to validate data, many companies struggle with errors and time-constraints within their procurement processes.
Poor Data Can Lead to Disruptions and Loss Revenue
When you don’t have quick access to accurate data, it becomes much more difficult to find alternative suppliers when disruptions come about. Additionally, since many companies don’t actively track lower-Tier suppliers, the risk of disruption increases and a lack of optimized data makes it more difficult to find a solution to those problems.
When you need to find a supplier immediately, using manual, traditional tools puts you at a significant disadvantage, wasting resources, losing time, and potentially landing you with questionable suppliers.
Tealbook Provides Solutions to Traditional Data Optimization
Tealbook’s autonomous supplier intelligence platform leverages the power of machine learning to analyze data, triangulate vendors, and provide you with enriched and harmonize data to use within your organization. By proactively gathering and continuously updating information on global suppliers, Tealbook offers a convenient portal for locating suppliers to quickly resolve disruptions, saving you time and money.
As the gold standard for procurement and supply chain management, Tealbook ensures that your department has access to the reliable, comprehensive, and up-to-date source of information you need.
We invite you to schedule an industry-specific demo with our team!