Case Study: Biotech organization achieves $25M savings and 250% cost-savings increase with TealBook

Achieving Higher Cost Savings in the Life Sciences Industry

Biotech Organization hired a new Chief Procurement Officer who championed TealBook to meet aggressive short-term hard savings targets. The CPO found the existing supplier base lacked contextual, enriched data to explain supplier use or surface alternatives, so the company needed a data-driven supplier discovery and enrichment solution to expand the vendor master, eliminate tail spend, and increase sourcing agility.

TealBook deployed its supplier data platform — using machine learning and AI to harvest, cleanse, and harmonize supplier data — with a full implementation in under five weeks and brief one-hour trainings to speed adoption. By enabling rapid supplier discovery and increased competition in sourcing events, TealBook helped the Biotech Organization achieve $25 million in savings in a single sourcing event and a 250% increase in overall cost savings.