The supply chain — which affects businesses from individual retailers to marketplaces, as well as product sellers — shows no sign of easing up in the midst of historic, pandemic-prompted headwinds.
In a recent Oracle survey, 87% of people said that they’ve been negatively impacted by supply chain issues over the past year, with many unable to purchase certain items due to shortages, forced to cancel orders, and even rationing essentials. Statista reports that supply chain disruptions will cost organizations around the world an average of $184 million per year if the current trends hold.
Supply chain issues are often exacerbated by a lack of quality supplier data. Despite heavy investments in digital transformation, companies have been challenged with supplier information that’s siloed, stalled, incomplete, or unusable. Only 6% of companies report full visibility on their supply chain, according to Zippia, which is perhaps why over 40% told Statista they want to invest in supply chain technologies.
TealBook, a supply chain data platform based in Toronto, Canada, is one of the suppliers of these technologies. Started several years ago, the company gained traction in the supply chain visibility software market, securing customers including Dropbox, LinkedIn, Virginia Tech University, Rutgers University, and the U.K. government.
“TealBook’s vision is to advance the world through supplier data,” founder and CEO Stephany Lapierre told VentureBeat via email. “Tealbook uses advanced technologies like AI and machine learning to collect and aggregate vast amounts of supplier data across millions of sources to create a universal supplier profile becoming the trusted source of supplier data. When activated by an enterprise, it autonomously enriches, synchronizes, and unifies data across all suppliers.”