TORONTO, ON / ACCESSWIRE / July 8, 2024 / TealBook, the most trusted source for supplier data, announces the launch of Teal iQ. The solution enables procurement teams to get an accurate baseline on the state of their supplier data coverage and quality, and allows them to enrich their vendor master data with trusted attributes that support business-critical processes and activities across the supplier lifecycle.
Leveraging TealBook's Supplier Data Platform (SDP), Teal iQ analyzes vendor master data against TealBook's trusted supplier data consisting of 13 million supplier profiles (and counting), and rapidly generates a detailed report. Teal iQ consists of two phases:
Phase 1 - Diagnosis: The first phase provides a diagnosis of the organization's vendor master data quality, including a breakdown of the gaps that reside, such as missing attributes, non-suppliers, and duplicates.
Phase 2 - Enrichment: The second phase of Teal iQ quickly matches an organization's vendor master data to the right supplier entity, and enriches it with additional attributes, such as address, employee numbers, size, company size, and NAICS codes. Teal iQ also includes up-to-date diversity certificates, along with classification and expiration date.
"We know that data quality is a real challenge for procurement teams and they need an easy and fast way to improve and enrich the data they need to achieve their goals. Without quality data, they're making decisions blindly, spending significant time on manual review and maintenance tasks, and losing massive opportunities to deliver value to the business. Teal iQ allows procurement teams to see exactly where their supplier data stands so they can take the necessary steps to enrich their data with the quality attributes needed to power their S2P systems and processes," says Stephany Lapierre, Founder & CEO at TealBook.
Key Features of Teal iQ:
Rapid Vendor Master Data Analysis: Teal iQ delivers results quickly and with context and suggestions for data enrichment in a matter of days.
Data Quality Diagnosis: Teal iQ offers a full picture of an organization's current supplier vendor master data, identifying inconsistencies and anomalies, such as duplicates and invalid records.
Data Enrichment: Organizations get a detailed breakdown of the diversity certifications in their vendor master data, including the number of active and expired certifications, and then can enrich the data to fill out what they're missing.
Duplicate Supplier and Data Identification: Teal iQ assesses an organization's data to identify the number of duplicate entries so they can be consolidated.
Teal iQ delivers a comprehensive breakdown of an organization's vendor master data, highlighting areas that require immediate attention. Organizations with any level of data maturity will benefit from the actionable insights provided.
"Vendor master data management is an ongoing journey, but it's always best to know where you're starting from," says Lapierre. "Teal iQ will help procurement teams build a good understanding of the state of their data, as well as actionable recommendations to improve it over time. Equally important, procurement teams will gain visibility and be able to access enriched attributes that can easily be accessible in a flat file or via SDP's API."
For more information on Teal iQ and how your organization can get started, visit TealBook's website.
About TealBook: TealBook's AI-based Supplier Data Platform (SDP) autonomously collects, verifies, enriches, and distributes trusted supplier data across your data lakes, existing applications, tools, and systems. TealBook seamlessly integrates with existing applications and systems, enhancing procurement technologies, workflows, and processes. Leading global brands such as Nasdaq, Goldman Sachs and Freddie Mac leverage TealBook to optimize their investments in suppliers, personnel, and source-to-settle and ERP tools, ensuring efficient and effective supply chain operations.
Contact: Connie Jensen, Sr. Manager, Content Marketing
Email: mkt@tealbook.com
SOURCE: TealBook
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