TealBook: Using AI and Machine Learning to Leverage Data
Stephany Lapierre founded TealBook with a strong conviction that poor-quality data hinders procurement teams’ ability to drive efficiency and deliver actionable insights. Now, as TealBook’s CEO, Lapierre and her team leverage technologies – such as machine learning (ML) and artificial intelligence (AI) – to help enterprise organisations access a single, trusted source of supplier data that seamlessly integrates with any data lake or enterprise system.
What’s more, TealBook enables organisations to efficiently centralise their supplier data, consolidating fragmented records from different sources into a single, comprehensive supplier record. TealBook utilizes AI to autonomously collect, verify and enrich supplier data, promoting transparency and delivering actionable insights to procurement teams and their wider businesses.
Uncomplicating supplier data management
TealBook was proud to pioneer the utilisation of AI technology to gather and enhance supplier data, transforming the way procurement teams collect and manage vital information.
“Procurement teams needed accurate data in a consistent and easily accessible way,” Lapierre says. “If businesses have better data, their systems will produce better outcomes and, ultimately, procurement will have more value within an organisation.
“It wasn’t until 2017 – when I met TealBook’s first CTO, who was fascinated with the evolution of technology – that I realised we could achieve this without suppliers having to come to a portal. We could, in fact, build on Google to leverage some of the models, to then find information on businesses and make sense of it in a profile that procurement can consume.”
Describing this as the “magic moment”, Lapierre shares that the AI-enabled TealBook not only allows procurement teams to automate their existing software solutions, but also generates information that is more valuable to customers.
Finding information and matching it to the right company is, therefore, the baseline of how TealBook is utilising AI.
“Examples of this include how we’ve introduced natural language tags to allow our customers to search for normal words rather than codes, and by reducing the amount of ‘checks’ that humans have to make, so our customers have full confidence in the data provided,” adds Lapierre.
TealBook’s relationship with VISA
Over time, TealBook has cultivated a robust partnership with VISA, a leading global financial services company.
“Empowered by high-quality, trusted supplier data, large enterprises are able to drive financial prosperity while shaping a positive impact on our world,” Lapierre says. “They have the opportunity and responsibility to leverage their buying power, aligning it with their commitment to sustainability and social responsibility.”
VISA exemplifies this proactive approach, using quality data to demonstrate the diverse impact of its spending, while empowering small and diverse businesses through increased buying power.
“It's a testament to the transformative potential when data-driven decisions merge with a vision for a better future,” Lapierre concludes.
******
Make sure you check out the latest edition of Procurement Magazine and also sign up to our global conference series - Procurement & Supply Chain 2024
******
Procurement Magazine is a BizClik brand
