Tealbook is empowering procurement teams through digital transformation

Tell us about Tealbook, and the journey to where you are now.

The inspiration for Tealbook came from my own experience in running a consulting business. We supported Fortune 100 companies in making their procurement function more efficient. The business also built procurement functions for hyper-growth companies. I discovered that the more systems and tools that we would introduce to capture information about suppliers, the more data islands were created. We also found that a lot of the failures in software were caused by poor quality data. In fact, Gartner claims that 75% of IT projects fail because of data quality, rather than the software.

How have you gone about solving that problem?

What we’ve created is the only AI-based vendor master management solution. The adoption of cloud technology has enabled the investment in software to be a lot more efficient, solving that fundamental issue of data quality. We’re using this technology to create a vendor master cloud that can enable any investment in technology for organizations going through a digital transformation. We’re building a massive supplier data cloud and using AI and natural language processing to aggregate information. We provide customers with a dynamic and high-quality data stream while also giving any enterprise visibility into who the suppliers they do business with are.

Tell us about some of the initiatives you’re working on today.

Some of the biggest companies in the world are using our technology and our data to enable their digital transformation – it’s tremendous and it’s exciting! We’ve recently hired a VP of Sales and Commercial Strategy and opened our office in Cincinnati and we’re excited to plug into their ecosystem. Here in Toronto, we’re working with CBRE so that we can expand and find space that matches our product and our energy in the environment we want to create.

What’s next for tealbook?

We’re really excited about the future of tealbook. We have great momentum and we’ve found product-market fit. Now we’re looking for capital. We’ll use this to hire talent to sell and continue to build our technology. We plan to build API’s and new functionality. Our priority is to constantly be improving our data. We have a perfect position and a perfect opportunity right now, and we don’t want to miss that window.