With procurement under increased pressure due to global pandemics, ongoing wars, difficulties in the logistics and transportation sector, and the rise of the prosumer economy – the list goes on – procurement teams are digging deeper into their supply base to find out if they’re working with suppliers that meet environmental, social and governance (ESG) criteria. In this context, suppliers must be environmentally responsible and inclusive, whilst also being cost-effective and able to deliver within a timeframe that chimes with today’s market needs.

From budgetary and resource (compiling supplier insights is time consuming as it often entails manual data entry) to skills constraints, organizations soon realize that they must look beyond excel spreadsheets, and other internal tools their procurement teams may use, if they are to achieve such a vision. The need for up-to-date, accurate data and digital solutions is growing just as the pressure on global supply chains persists.

SCOUTBEE Supplier Intelligence: Big Data and AI-powered 360-degree supplier view

To that end, Scoutbee’s latest solution empowers procurement teams to solve supply chain challenges. Formerly known as DeepSee, SCOUTBEE Supplier Intelligence is powered by a new, robust data foundation that uses AI and Scoutbee’s knowledge graph to map data from multiple areas, such as Scoutbee’s data ocean of over 10 million supplier profiles; Scoutbee’s extensive internet search; supplier- provided information, third-party supplier data, as well as supplier profiles already stored within organizations’ ERP systems.

Scoutbee’s new, centralized supplier intelligence solution is being announced today at the ISM World Conference (Florida, US) and the timing could not be better. The solution allows procurement teams to: 1. gain deep insights into their supply base (e.g., social, environmental, and business ethics performance); 2. compare existing suppliers based on supplier profiles that have been enriched by both Scoutbee and third-party data; 3. use this information to build a more diverse, agile, and sustainable supplier portfolio that can withstand current and future demands.

The future of procurement is data first

Having a holistic, transparent overview of the supply base is key to agility and prevents procurement teams from getting mired in a supply shortage. Be it from a cost-effectiveness, compliance, diversity, quality, risk, sustainability scores, or market performance standpoint, it is vital that procurement professionals can put their suppliers under the microscope. Gone are the days when sourcing decisions were primarily based on quality, pricing and delivery times. With wider – and richer – data availability, organizations can ensure they are working with the best and brightest in the supply chain sector.

“At Scoutbee, we’re redefining the future of procurement by empowering procurement leaders to drive market competitiveness by placing big (and smarter) data at the forefront of their sourcing strategies. It’s time to realize that the future of procurement is data first. Through data, we can tackle supplier diversity and sustainability and empower procurement teams to become more proactive, more resilient, and able to have more supplier options at hand when they need them the most,” says Gregor Stühler, SCOUTBEE CEO and co-founder.

With better data at their disposal, procurement teams can deliver quality cost reduction, faster time to market, breakthrough innovation, and the opportunity to mitigate risk. For example, supplier bankruptcy – or any other factors that could lead to a disruption in supply – would be a known risk.

Shahin Ghazinouri, SCOUTBEE VP of Engineering, adds: “Providing our customers with actionable, accurate supplier data is the core of our business. All too often, such data is fragmented and scattered across different systems, and knowledge of supplier relationships is siloed, making it difficult for procurement teams to get the facts they need to make critical decisions. Our AI-powered data foundation ingests and aggregates customers’ internal data, whilst also enriching it with customized data points such as financial performance, sustainability and diversity metrics. The result is a unique, comprehensive knowledge graph that provides a true 360-degree view of our customers’ supplier profiles.”

SCOUTBEE Supplier Intelligence in a nutshell

• Import & Enrich
  • Connect existing ERP systems, more easily and faster, by importing supplier data into one platform;
  • Access existing supplier data in one secure data vault;
  • Onboard procurement users within minutes;
  • Enrich existing supplier profiles with external data (e.g., diversity and sustainability scores, financial statements, market insights, etc.) and Scoutbee proprietary data.

• Search, Decide & Manage
  • Indexed supplier data can be searched through and filtered within seconds to show supplier location, production range, capabilities, relevant certifications, and ESG insights critical to sourcing processes;
  • Create a preferred supplier list – including “best rated” suppliers – by category and have access to the supplier portfolio with a single click;
  • Review and rate suppliers: Share information with relevant teams and stakeholders within the organization to help them make better, more informed decisions;
  • Compare suppliers – based on production capacity, annual revenue, staff headcount, ratings, and relevant certifications – to negotiate better deals and make strategic decisions.

When discovery meets intelligence: ESG goals take center stage

SCOUTBEE Supplier Intelligence arrives to complement the company’s market leading SCOUTBEE Supplier Discovery, which empowers smarter and faster supplier identification, onboarding, and collaboration within global enterprises such as Audi, Roche, SAP, Siemens, and Unilever – to name but a few. With the Supplier Discovery solution, users can scout and select new suppliers within weeks, enabling them to develop new products, mitigate risk, drive innovation and ensure agility. With this combined offering, not only do procurement leaders now have a wider array of choices but also a much better decision-making basis to cherry-pick suppliers that are committed to ESG goals.

An inclusive procurement strategy broadens the range of potential suppliers and stimulates competition and innovation, which often results in improved product quality and cost savings. SCOUTBEE Supplier Intelligence capabilities speak volumes about the company’s mission to foster innovation in the procurement industry, whilst also driving supplier diversity and sustainability.

Book a meeting now and learn how our new AI-powered data platform can help you realize your ESG goals.