Tealbook Launches New Diversity Reporting Features to Foster More Inclusive Supplier Networks

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Self-certification and Tier 2 Data Reporting bring new opportunities for companies to increase diversity of supply chains

To kick-off this exciting announcement, Tealbook is offering a FREE diversity spend health check. Get yours now.

TORONTO, Canada,  August, 2020: Tealbook Inc., the ‘Trusted Source of Supplier Data,’ today announced that they are releasing a self-certification program and a Tier 2 supplier data reporting tool that will revolutionize the way companies and suppliers build, manage and participate in supplier diversity programs. These new features will be critical for organizations reporting their supplier inclusion programs for small business in addition to diversity spending for the U.S. government this fall and for small business programs in general. 

“Tealbook is committed to helping organizations expand their supplier networks to be more diverse and inclusive,” said Stephany Lapierre, CEO. “Our supplier data platform is now able to give companies the opportunity to massively scale the impact of their supplier diversity program while reducing the friction that has traditionally been part of the administration process. For suppliers, our self-certification takes away the burden of cost, time and resources associated with individually applying to each organization for certification.”

Companies looking to receive Tier 2 spend information from their suppliers can invite suppliers to participate and track their progress. Any invited supplier in the supply chain can securely upload spend either quarterly or annually. This spend information is kept private to them until they explicitly release it. Each of these suppliers generates a diversity spend report for their use. Organizations can then choose to allocate diversity spend to their client companies, either by percentage or by amount per supplier. Tealbook combines this allocated spend information from all contributing suppliers into a consolidated Tier 2 Diversity Spend report. 

This approach allows all companies in the supply chain to benefit through simplified access to diversity spend information and a secure and structured way to allocate spend to their clients.  In addition, adding Tier 2 suppliers may increase an organization’s tax rebates as they increase company spend reporting to the U.S. government, this is true for non-profit organizations and companies working with government contracts.

Tealbook also partnered with its customers to develop and launch an initiative that would lower the cost and burden associated with small and diverse businesses certification. The authenticated self-certification program helps companies demonstrate social responsibility by growing their small and/or diverse suppliers while minimizing the burden on suppliers to go through arduous certification processes. The self-certification process asks for suppliers to attest to the specific requirements of each minority organization, including the Small Business Association, U.S Department of Veteran’s Affairs, National Minority Supplier Development Council (NMSDC) US government registry for veteran-owned businesses (VBE), National LGBT Chamber of Commerce (NGLCC) and WEConnect International: International certifying agency for women-owned businesses certifying Canadian women-owned businesses) in order to prove authenticity. This feature provides flexibility in terms of what companies can count as a diverse supplier. 

Tealbook’s self-certification program will make certifications more accessible to small and diverse businesses as well as open new business opportunities among buyers motivated to include them in new bids. 

Steven Wuerth, Director of Procurement Operations of Gilead Sciences, uses Tealbook’s self-certified suppliers and is planning on reviewing the use of the platform’s Tier 2 feature as well. “Supplier diversity reporting hasn’t significantly changed since the 1970’s and we needed to find a better way to bring the best and brightest suppliers into our organization.  Using Tealbook’s platform, Gilead has the opportunity to lead the industry in its pursuit of diverse suppliers, particularly as we continue to investigate treatments for Covid-19. Gilead sees inclusion as a core value and which enhances our corporate performance” added Steven Wuerth.

 

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