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Tealbook: Vendor Introduction (Part 1) — Background and Solution Overview [PRO]

Procurement organizations today talk a big game about automating transactional processes so that they can focus on upstream value creation opportunities. The thinking goes like this: The biggest opportunities for procurement are not in squeezing diminishing savings out of the usual vendors year after year but in identifying and contracting with the most innovative suppliers that can enable exclusive competitive advantages. These include not only strategic sourcing efforts around major categories or products but also mutually beneficial relationship-based activities like supplier collaboration, development, innovation and risk mitigation.

Yet there are several obstacles to this shift in emphasis toward more strategic activities. One is remarkably simple: The majority of procurement organizations do not have a single, accurate record of all of their suppliers. Most of the vital information that would constitute a vendor master file is instead scattered across various silos, including ERP systems, dedicated P2P or S2P tools, homegrown tools, and proverbial three-ring binders. So before procurement can earnestly attempt to spend more time on higher-impact value creation opportunities, most organizations have a lot of work to do forming a baseline off which they can build stronger supplier management, discovery and development competencies. This baseline of supplier knowledge is not just about maintaining an accurate vendor master file to pay the bills, but also a hub for information to help build supplier intelligence and a private supplier network (albeit with some community-based elements) rather than any single commercial network/marketplace.

Helping organizations form this baseline is how Tealbook, a four-year-old provider based out of Toronto (with an office in New York City), is deploying its platform for supplier information management and discovery. Combining machine learning to accelerate data cleansing and gathering with a social media-like user experience to encourage collaborative supplier information management, Tealbook is gaining use cases with enterprise-level procurement organizations that want to consolidate their efforts in master data management (MDM), quickly bring their supplier diversity programs to target levels, and find new suppliers more effectively than a search on the open web allows, as well as expedite the supplier on-boarding process. And as it continues to bring more users and suppliers into its network, Tealbook generates insights that becomes increasingly valuable to its community (without ever sharing proprietary information between organizations).

This Spend Matters PRO Vendor Introduction offers a candid take on Tealbook and its capabilities. The first part of this brief includes an overview of Tealbook’s offering and a short selection requirements checklist that outlines the typical company for which Tealbook might be a good fit. The second part of this brief provides a breakdown of what is comparatively good (and not so good) about the solution, a high-level SWOT analysis, and some market implications and takeaways.

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