Episode 136: Lessons Learned from Crisis - Bad Data

Our new mini-series, in partnership with Tealbook, is called “Lessons Learned from Crisis” – it’s a timely look at how individual businesses, and our industry as a whole, need to learn, adapt and use our findings to inform our shared future. Over the next four episodes, we’ll be taking a closer look at the importance of data, managing risk, technological advancements, what COVID-19 has taught us about weathering the storm – and how Tealbook can support your business, through good times and bad. Today in Episode 1, Bad Data, I‘m joined by Tealbook CEO Stephany Lapierre to talk about the potentially devastating impact of poor supplier data, some of the biggest lessons learned from the COVID-19 crisis and exactly how Tealbook can help to revolutionize your data systems. IN THIS EPISODE WE DISCUSS: [01.30] Stephanie’s thoughts on many companies’ cynical approach to data management, and how it highlights the need for a simple, effective and comprehensive solution to harnessing, unifying and synchronising data. “It’s not as hard as you think to have good data!”      [03.24] How Stephanie’s experiences, and the problems she observed, inspired her to found Tealbook. [09.45] The importance of data-first digital transformation and how Tealbook enhances visibility, identifies opportunities for supplier consolidation and encourages collaboration to simplify data and create ‘a single source of truth.’ [16.08] Bad data, and why it’s so harmful to business. “93% of supply chain and procurement executives claim to have negative impact on their business on a regular basis because of misinformation and poor data quality.” [18.49] How Tealbook allows companies to take charge of their data, keeping it up-to-date, accessible and accurate, eliminating bad data. [24.08] Tealbook’s amazing community spirit: how they helped over 170 business in the first 3 weeks of the COVID-19 crisis to access key data that enabled them to pivot quickly and effectively, and Tealbook’s mission to help minority businesses in response to the Black Lives Matter movement. “We offered the market the ability to provide a supplier list for any organisation, in the private and public sector, that had a disrupted supply chain.” [29.10] From operating a strong data strategy to employing supplier data platforms, what Tealbook has learned from the COVID-19 crisis and what the industry can learn for the future. “Don’t hope technology will solve your data problem!” Head over to Tealbook’s website now to find out more and discover how they could help you too. Check out our other podcasts HERE.