Procurement Needs Actionable Intelligence
Procurement professionals have significant supplier and market intelligence needs. Whether for strategic sourcing, category management, supplier relationship management, or new solution innovation, actionable information is a key input for strategic procurement teams. And this information must be up to date and trustworthy in order to increase procurement’s impact on the organization.
Procurement gathers information and puts it to use during activities but all too often the journey ends there. The opportunity for procurement to save and share intelligence that is already been created is huge. Until now, the primary barrier to achieving this has been finding technology designed to centralize, leverage, and facilitate access to actionable supplier intelligence.
tealbook CEO Stephany Lapierre was recently interviewed for the TATC podcast about how tealbook addresses the challenge of making actionable intelligence accessible – both within procurement and between procurement and other internal functions and stakeholders.
Host Amber Christian asked, “How do we help people work better together internally?”
As Stephany explained, “One of the biggest challenges for procurement is how to partner with and bring value to the business. We believe that making information accessible beyond procurement enables the entire business to be more strategic, and it improves the speed and quality of decisions because information is accessible at the moment it can be put to use.
“As we learned through research last year, it can take up to six weeks to identify qualified suppliers. This timeline is dependent on the category or the type of spend, but six weeks is a long time. Given the pace of business today, how likely is it that anyone will wait that long for a response? Motivated individuals are more likely to start reaching out to colleagues and doing their own due diligence. This jeopardizes the quality of the information available to the project team in the short term and into the future.
“The business is constantly being presented with information about suppliers. It often resides in their memory or sits in a stack of business cards in a drawer. If procurement can capture that wealth of intelligence and make it accessible to the entire organization, they will enable that information to achieve scale and actionability. This changes what the company is capable of and contributes to competitive advantage.”
tealbook provides procurement with a platform that captures intelligence and curates it for the benefit of the entire organization. This is a powerful way for procurement to have a positive impact – one that will be welcomed and leveraged across functions.
Click here to listen to the entire TATC podcast or to read the transcript, which covers the collaborative advantages of actionable intelligence as well as:
- How relationship-driven procurement still needs a basis in quality data
- The power of the ‘network effect’ for building supplier intelligence
- The importance of clean integration to ambitious objectives