TealBook Launches New Supplier Diversity Capabilities to Accelerate Enterprise Initiatives

 Enhancements expand customers' ability to drive and support diversity, equity and inclusion (DE&I) initiatives without increasing total spend

TORONTO, May 10, 2022 /PRNewswire/ -- TealBook, the leading supplier data foundation that enhances supplier data and powers e-procurement technology, today announced new features to help customers implement, track and report on supplier diversity initiatives.

"TealBook has always been committed to delivering comprehensive supplier information at the speed and scale that supports growing global requirements, and that includes providing our customers with timely supplier information for better strategic decision making." said Stephany Lapierre, CEO of TealBook. "We  continue to be highly motivated to make an even bigger impact on our customers' supplier diversity and ESG goals, and these new features will  further scale and automate processes as well as increase diversity targets by as much as 100%. This powerful capability can represent hundreds of millions in additional diverse spend for our customers and unlock additional value."

The latest enhancements include new ways to collaborate with suppliers and added reporting capabilities. The app makes it easy to directly communicate with suppliers through various functions, including requests to self-certify and renew contracts. Diversity reports can now be generated and saved to your account, then analyzed using the new comparison feature to investigate changes over time. TealBook's supplier diversity offerings also include Tier 2 reporting to uncover additional diverse spend.

TealBook's new Economic Impact Assessment (EIA) measures how working with small and diverse companies generates revenue, creates jobs, and identifies impacts made to the local economy. These updates reflect TealBook's commitment to support small and diverse businesses, provide more equitable opportunities, and drive supplier inclusivity.

"We are excited to announce these new offerings as our customers continue to strive for digital transformation, which has historically been hindered by a lack of accurate supplier data,'' said Arnold Liwanag, TealBook CTO. "TealBook's  AI and ML capabilities continue to provide the market with an enhanced, consolidated view of an organization's entire supplier base, and with these new features can now deliver even greater insights, reporting, supplier search and outreach to our diversity capabilities."

Jessica Kiser, Sr. Manager of Supplier Management and Procurement at TTEC stated that TealBook has helped "find additional diverse spend that [they] wouldn't have otherwise known about", giving them greater visibility and control over their DE&I initiatives. The latest product enhancements have created more value and enabled a higher quality data output for the TTEC supplier diversity program.

By using TealBook, the world's largest organizations have the data they need to make critical decisions, resulting in empowered and transformative procurement strategies.

About TealBook

TealBook is advancing the world through supplier data by empowering the digital enterprise with an autonomously enriched supplier data foundation that powers e-procurement technology, drives supplier diversity, and enables supplier performance. Using AI and ML, TealBook gathers, predicts, and refines supplier data to build the world's most comprehensive supplier intelligence. When there are supply chain disruptions, companies leverage TealBook to identify emergency sourcing options; when it's business as usual, they use TealBook's technology to unleash full procurement possibilities. TealBook has been adopted by Fortune 100 companies and is the winner of many prestigious awards including Spend Matters 50 Vendors to Know, ProcureTech100 and Gartner's Cool Vendor. For more information, visit www.tealbook.com

SOURCE TealBook