Revolutionizing Procurement with Trusted Supplier Data

Introduction and Procurement Challenges

Ryan: I’m your host, Ryan Davies, and I’m hosting today’s discussion on Revolutionizing Procurement with Trusted Supplier Data with Stephany Lapierre. Stephany, Thank you so much for joining today.

Stephany: Thank you for having me.

Ryan: Really excited to kind of dive into this episode. I don’t know, we could find somebody quite so strong in this area. You’re the founder and CEO of TealBook, which is a highly coveted supply chain company. She is extremely well thought of as a thought leader and one of the most influential minds in emerging data technologies. She has been recognized as one of the top 100 most influential women in the supply chain and her company. TealBook has been both named a top 50 company by Spend Matters and won the Cool Vendor award by Gartner. Prior to TealBook, Stephany spent ten years building a successful strategic sourcing and procurement consulting firm, a firm that focuses on large-scale sourcing optimization projects. Given her experience of visibility into data issues, and crippling procurement, she has made it her mission to deliver a trusted source of supplier data to an ever-growing e-procurement space. So currently, TealBook is the only big data company that provides a self-enriching, self-maintaining mechanism that kind of fixes that gap and fixes the enterprise supplier data issue permanently. I think that by diving into that, what I’d love to know is sharing a little bit about your journey into the procurement and supply chain industry and what inspired you to start the TealBook.

Stephany: Yeah. Well, no one grows up thinking they want to be in procurement. Everyone has their own story of how they landed, and what I do find is the people that are landing in procurement, staying in procurement, really love what they do; they really love the function and the opportunity to have such a horizontal view of the entire organization. My journey in procurement sort of also felt a bit by accident about 16 years ago. My oldest daughter is 16. So I always know when this started for me. I was pregnant with her, and I decided just to write down the things that I love. There’s always a point in everyone’s career where you have a chance to reflect on what gives me energy and what I want to focus my time on. I felt that there was pretty sort of less opportunity in my late twenties to make that sort of leap in deciding to launch my first business, which was a consulting firm. The initial premise of that consulting firm was to help match companies or enterprises with innovative suppliers that solved similar challenges for other businesses or bring suppliers together to brainstorm and help solve business challenges, and that was pretty broad, but it was intentional. I want to be able to solve business challenges with innovation. Pre-social media: I am in my mid-forties. So before Facebook and LinkedIn, I had sent an email to a lot of my contacts, which at the time was mostly pharmaceutical, and got a first call within four hours. With someone saying like, hey, I heard that you guys could help us, you know, achieve the at the time, they were looking for an innovative company to launch this MS drug in a really competitive space, and I was like, oh, we would love to, and so that was the start of that business. It’s that business. I still own it. I don’t operate anymore, but it’s been profitable in the first year. This was, to me, a validation that there was a need for information in the market with businesses that had challenges. It could have been packaging. It could have been civilization. It could have been in this case; inpatient support could be in clinical trials, it could be in marketing, and there is a lot of desire to find partners that could bring innovation to business. So anyway, that company was called Matchbook. Over time, what ended up happening is my client started seeing this process that we had put in place to look very similar to sourcing, and back in 2007, sourcing was still fairly native as a function of procurement, and what my client had seen is that what we were doing was very much in alignment with what the business needed but it was a way that procurement wanted to shift to drive more value for the business and so, I was asked to help bridge the gap between the business and procurement and help build and formalize this function of strategic sourcing. My consulting firm did that for a few years, working with large companies that had SAP and REBA at the time. Coupa was still fairly new at the time, and SIQES was sort ofthe pre-Jagger days, and then a lot of my contacts ended up going to smaller companies that were raising a lot of capital, and they were launching their first, in this case again, in biotech space, their first commercial product and suddenly they needed everything like literally grout like they needed to build their entire commercial infrastructure. So suddenly I was getting calls for like I need X, Y, and Z. So what started as being a bit more reactive to help those customers source for suppliers ended up looking at, there’s a very similar path to all these companies looking for the same things, but they’re all doing the same enormous amount of work for sourcing, negotiating, etc and so that spiraled into the idea of building procurement functions for these fast-growing companies. Could we do it better? Could we do it where it’s enabling, transparent, and scalable? With this amazing, admirable goal, what we found is as soon as we start introducing systems and tools, they require quality data. We would put the quality data in the system, and then it would start decaying. Then, you depended on suppliers and people for services to keep the information up to date, and suddenly, you quickly lost visibility. You quickly lost transparency. Took an enormous amount of swivel chair and manual work to continue having this transparency on this scale. Then I started seeing the same path like we’re gonna go into the same challenges that large organizations have. More technology is going to be introduced into the market because that is inevitable. And we’re seeing that now it would be harder to scale a technology ecosystem if you don’t have good data. And so it is, to me, that for nine years, I fought the concept of building tail because I had been successful in the consulting business, you know, doing 40% margin. I have three kids. I was like. I don’t need to take on this, this tech-crazy idea, but in every case that I work with companies, if they had this, this data solution, that would be agnostic to their systems, all that they’re trying to achieve would be so much easier because a lot of the work and procurement processes that are there to collect information or process information in the desire or the need to make a decision or exchange with a supplier that’s payment or contract. I just thought there was a huge opportunity to solve this data gap. What I also see is that companies spend millions to hundreds of millions to billions of dollars depending on the size of the company of dollars exchanged with suppliers for their goods and services, but there are also millions to hundreds of millions of dollars in the management of this relationship. Every supplier needs to be sourced, right? Every supplier will go through some kind of RFP or negotiation, will be on board in the system, and will be paid. If you think of a company that has 5,000, 25,000, 100,000, or 150,000 suppliers, think about the amount of money that goes into this relationship. If you ask any organization basic things like how many suppliers do you have? They don’t know. How much do they spend in certain categories, and how does that benchmark with other verticals? How many suppliers do you have in Russia that could be impacted by the war that we saw last year by disruption? How many suppliers are small and diverse, and how much of your suppliers and your spending goes to sustainable businesses? They don’t know, and to know it requires so much effort, time, and manual work that they’re investing more, and they still don’t have quality information. Anyway so, all of that is more to it. But that ended that night eight years ago. I decided to finally take the leap and start seeing the adoption of cloud technology becoming more mainstream, which was needed. I started seeing the opportunity with big data, which was still very new back then. As we know now, AI, everybody knows AI eight years ago, it was still a very new technology that not a lot of people understood and were a bit scared of. But it is required to build this vision. And so, eight years ago, I decided to take the leap and start building what ended up being a massive puzzle. 

Ryan:  It sounds like a massive puzzle, but one of those ones where you’re out, you’re like, you’re trying to do it upside down sometimes, right? So, if you don’t even have a picture to work off of, you’re just trying to go off of shapes and piece them together and bring things, right?

Stephany:  Oh, The first shape was like, let’s build a LinkedIn for suppliers, which, in traditional thinking, makes a lot of sense. As we build this software, we’ll invite the suppliers to come and own their profiles. We’ll make the experience really good, like LinkedIn, and they will enable the same information to be available and distributed across all customers. What we found out, like everybody else, is that suppliers won’t come fast enough, not enough because they have 500 other marketplaces, software, and portal updates, and the information needed to be accessible to our customers faster. What we saw is that we started buying data from Broad Street and other sources to try to populate this profile, but the data was so bad, with no visibility into what was good or what was bad, that we ended up deciding, hey, you know, there’s a different way. Luckily for me, I had met a CTO who had been at a rebuff for ten years prior to going back to school to study big data machine learning and AI. He introduced me to this most like a magic moment, where we can actually see that data is everywhere. There’s so much information, and businesses want you to know about them. So it’s not like my own private information or my kids’ information that I want to protect. There are some that you may not want your customers to know, but for the most part, you want to make yourself marketable, and you update so many different databases for different compliance reasons. The data is available just in a way we can actually go get it. Can we make it available in a way that could bring more automation, intelligence, and scale without having to depend on suppliers to come to a portal or have customers maintain information? Could we do this? That was the big question: could we actually do it in a way that would be trusted enough information, easily consumed by our customers to be marketed, to have a commercial to be commercially viable? That was the first. It was a sort of the second chapter of the teal book, the first chapter being sort of the linked-in for suppliers. The second chapter is like, hey, actually, I think we can use AI and start using big data to start collecting this information, make sense of it, and creating these digital profiles that we felt we could increase the coverage, we can improve the quality over time. Then there are many other chapters after this, but these were the two first chapters of the business.

Optimizing Capital and Efficiency

Ryan:  I think that solves a lot of, you know, or at least touches on those some of those common challenges and pain points that businesses are facing, trying to manage their supplier data, right? That is a huge obstacle, and in your experience, as you said, you’ve seen a lot of outdated, inaccurate supplier data. What kind of impact does that have in terms of the procurement processes and business operations, and obviously, a cost impact on top of that? It sounds confidential.

Stephany: The reason I’m so passionate even eight years later with all that comes with building a tech company from scratch? Is that at the time, I couldn’t believe why CFOs and CEOs didn’t care because if you’re spending all this money on this relationship and you’re not able to optimize it, we have an asset that you’re on tap, that could be a huge amount of levers to achieve your goals, that it’s improving your margin, that it’s to reduce your risk, that it’s to be able to scale faster, to access innovation, to achieve your ESG targets? I mean, we’re talking like even to be able to enable sales to build pipeline with your suppliers and negotiate better with customers based on the balance of trades, like there are so many opportunities, and it really takes someone to kind of think through a supplier, third party like a company that we do business with, who touches that company. Suppose you start thinking of all the functions that touch that company and what they’re doing right now to get information about that same supplier, which is all the spirit. In that case, they’re all doing this in silo, and how good is the information that finance or procurement or other teams can leverage to optimize that investment. It’s crazy. That’s what motivated me. The blockers we could go, the use cases are so endless. But if we take a baseline, there’s always a catalyst for someone to say this is unacceptable, and we need better data. Some of our customers would have been one of our clients where the CEO came and said, how much money are we spending with this other big supplier? The procurement team didn’t know the answer, and they had 36 instances of the same company, and they couldn’t get the answer on time for the meeting with the CEO. The ceo also asked, hey, if you could get me, how much money are we spending with them, or are they spending with us so that we have both sorts of trade and they couldn’t get the AR data?

So they couldn’t actually effectively give the information, and it’s like we’re useless. We were not able to empower the CEO in a really important negotiation because we didn’t have access to the information. Like, that’s embarrassing. Then, they started building their own data infrastructure five years ago, which is really hard to do on your own. So, they did, and now they’re partnering with us to accelerate their investment. So that’s like a catalyst moment. There’s a lot of those in their case, you know, even once they start getting visibility, they realized they had something like 16 contracts across the business with the same supplier. Having visibility of these contracts enabled them to consolidate from about $1.4 million and spend about $270,000 because these were just good for the supplier. They’re able to negotiate a bunch of different contracts with different pricing, but when you’re in enterprise, and you’re trying to maximize your capital, right? That’s just one example. So you probably have thousands of examples like that, that you’re not properly optimizing that capital because your company made decisions without knowing, and then you go into the raw cost of just, you know, we have a client who was describing just to get spend reporting just to have the confidence to know how much money are we spending by category, by suppliers, by commodity, et cetera and it takes about a million and a half a year and raw costs just to achieve confidence in a spend reporting that’s recurring.

This is work that’s being done very manually every two weeks for them to have this report, and the spend is about a million and a half, and the confidence is good. It’s not great. Now you’re talking about the basic raw cost of buying third-party data, having CDAs reviewing files, and waiting to get the vendor master exporter from your financial systems. Like you do a huge amount of manual work, another layer to this would be the investment you’ve made in your source to pay for all your systems that require good quality data because the promise on those systems assumes that you have good quality data in those systems. There is no time to value if clients bought modules like SAP from Reba that have been sitting on the shelf for 6, 7, or 8 months, and they spent half a million dollars on a module that’s useless, right? Until it’s implemented with quality information. Then, once you implement it, how you’re driving compliance, if you’re waiting for suppliers to populate their profile and people to leverage the information that they need to do the work, then you’re losing a lot of money and time value. So then think about that technology stack. What does that look like? Which of your systems needs good data? If they’re all operating in disparate silos, how much work is it to maintain? So huge loss and then all the business outcomes like from spending to what’s the cost of not seeing your supply base and being susceptible to risk to not hitting your ESG target, especially if you’ve announced your shareholder, you’ve got some debt may be that are dependent on you spending X amount with sustainable. Like, I mean, we’re talking like it’s hundreds of millions of dollars all around. The simplicity of understanding who you do business with should be a no-brainer. You should know what you do at scale. Not just the 20% that you spend more money with because the rest is where you have the most risk, the most change, and the best pool of innovation. These are the small, diverse businesses that are innovating, the start-ups that are innovating. The diverse companies are thinking differently about your business and your challenges, and you don’t know, but you don’t see it. Those are the hardest companies to engage if you’re depending on them to come to a portal. Any company there’s a big sort of still, I think expectation or some people are still living in the land of because we are this brand name supplier will come to our portal. I guarantee you it will not happen. Think of that: REBA will spend millions and millions of dollars trying to get the suppliers to come to their network, and they have the biggest market shares. I think it has about 100,000 suppliers that touch their profile regularly out of millions of companies that transact. And that’s because they may come once to be onboarded. But the chance of them coming back over and over again, and then there’s all this other data that the suppliers like, how do they benchmark against other companies from a pricing perspective or where does money coming and going from? Which companies are more at risk? Are they losing market share? There’s like an entire other layer that the supplier couldn’t provide in a portal. How much visibility do you have on your tier? Two, your scope. Third, your tier visibility is like none.

Early-Stage Companies and Procurement Strategy

Ryan: It’s just a snowball effect, like you said, right? It kind of becomes that it’s a monster that continues to grow as you want as you get bigger and you get more suppliers and more happening here. It becomes harder and harder to keep track of. You’ve kind of already touched a little bit about the risk of not having a procurement strategy or team in place that’s responsible for this, but a lot of our audience is emerging companies, founders, and growing companies. What’s your advice to them? Hey, get ahead of this now because this is what could happen. And again, as you said, you’re costing yourself time, money, and resources, getting the best pricing, whatever it is. What kind of advice do you have for setting up a strategy for them for early-stage or how to kind of how to jump into it if they’re almost a little too late already in your mind?

Stephany:  Also, you get early- early, who are listening to me go like we know the problem, the sell side, we hate procurement, we hate updating portals. It’s so, and there’s no benefit to helping us grow our business there. It’s a roadblock. It takes a lot of resources, these freaking RFPs that take 300 questions, so I know when I sympathize with that; I do think that companies’ larger enterprises have visibility into their supplier base. There’s an example where we work with a large bank. One of the use cases is understanding your small, diverse businesses because when you have 100,000 suppliers, how do you know whose women own black, black-owned LGTBQ-owned, veteran-owned? It’s really hard and so our data is able to surface and match the right entity. This large bank looked at all their legal spending, and they saw firms that were women-owned that they spent over quarter, over the quarter was staying the same. They decide to shift some of their contracts with the big law firms to the smaller women-owned firms. They told them ahead of time, hey, do you have the bandwidth? We would like to send more contracts your way so that we can help you scale, and we would like to invite you to talk to other small businesses to learn how to work with a company like ours because we’re complicated and we’re highly regulated. And so that changed that company’s life, and their employees, their families, and their community like it’s just so powerful. And so anyway, there’s a whole side that I sympathize with if we could make it easier by prepping and populating information so that you don’t have to go through a portal to put your website and your location, Just basic stuff that should just be there, or automate your certificate and all your customer systems so that you don’t have to do it lots of efficiencies. On the side, companies often ask me when it is the right time, and I was just actually talking to the CEO of a biotech company this morning, and we’re in 16 sectors.

So it just happens to be a friend that has raised a lot of money, that contacted me, and when you’re early stage like this, it’s speed, it has nothing to do with savings, but in a market like us right now where capital is expensive, right? You need to stretch your runway. Most likely, you need to operate more efficiently because that commands better valuation in the market. Well, you need to figure out how to operate more efficiently. So if you’re buying, if you don’t buy, if you spend as people, it’s probably not as relevant, but if you are buying and you’re highly dependent on suppliers and providers for goods and services, there’s a lot of inefficiencies in the way that you’re sourcing, even if it’s your stakeholders and not procurement sourcing, they may be signing things that they shouldn’t be signing if they don’t have some kind of guard rails or education or policies or processes in place. You are probably taking too long to bring legal and to get contract reviews, you’re probably taking too long to onboard the supplier, or you’re not onboarding them properly, which will cause issues in the future. There’s a whole pile of things that are not efficient. If you get a chance to establish, and I call it early stage, companies don’t like the word procurement because it sounds like they were just cost-saving centers. They’re getting more roadblocks. What we used to call it when I built the procurement function was, how did you capitalize or optimize your capital more efficiently? It was sort of almost like outsourcing operations in some ways, right? What we would start with is mapping out what the road map is like.

 What type of suppliers do you have right now to get a good baseline? On your spending, who are those suppliers? What’s the process right now of having the information available, and what system, if you already have some systems, can we get a good baseline? Once you get a good baseline, it’s easier to build a plan or strategy and then when you start to look at, you know, future looking what supplies are we’re going to need. How are we going to make it easier for employees to access the suppliers that they need to do their jobs? How do we make it easier for suppliers to come into the process of working with us to become customers’ choices? How do we get more visibly into what they’re supposed to deliver so that they’re compliant with their contract? How do we optimize those relationships more effectively and faster so that we don’t have to go back to the, well, every time someone needs a supplier, they don’t need to go to Google and call Bob and then introduce Bob to the organization unnecessarily? They do this today because they can’t see that there are maybe 400 other suppliers under contract that provide the same goods and services. So, how do we start better with a fresher perspective? My very biased view is having a good data foundation is the first pillar, and most guys say, oh, we’re not mature enough. No, it’s like buying a house because you love the kitchen. You think the house is beautiful, but if the house is sitting on a swamp, it has no good foundation like you’re going to have to. It’s going to be really expensive and really hard to pick up that house to build the foundation versus making sure that you have a very strong foundation, then freaking building the house that you want with all the premium taps and the tiles and stuff like that. It’s the same when you’re thinking about your stack; if you can start with a better weight and automate information on who you do business with, that will enable analytics. You should have analytics, right? You should have a BI tableau or Power BI or whatever centralizes that. And then when you’re ready to buy either ERP, if you don’t have one yet, or your source-to-pay system or you want a sourcing tool, or you want a contract management system, or you want a third-party risk management system or you want a sustainability solution or if you have a data foundation that can deliver consistently high quality under governance information across those systems, then it’s just a matter of plug and playing like you the time to value of implementing that solution, the compliance driven, that solution is another solution that comes out that has better ChatGPT AI or whatever you want to leverage, you can actually change it. You’re not locked into the massive implementation and this change management to have your suppliers coming to a portal and all of that. So there’s a lot of efficiency gain to look at. How do you not redo what we did in the past and build this Frankenstein architecture? Can you actually do it in a way that scales and provides a much more flexible, interchangeable, and high-value ecosystem? One more thing to say to this is that if you have a data foundation, if your company already has a data lake of any kind, if you have a BI tool, and if anything that you’re going to implement has a feedback loop, you’re going to make your organization more intelligent, the same information that sales need or finance needs or compliance or third party risk or that on the buy side, you need from sales or finance or third party risk or other function will make the organization more intelligent if you build the way we’ve been building, which is, I’m going to buy all these niche solutions, and they’re all going to have their data stack, and I’m not going to have them consolidate other than swivel chair and flat file between system. You’re going to never make your organization more intelligent. So, it’s a huge opportunity for procurement to find better alignment with other functions and really contribute to making the organization more efficient, more sustainable, and more scalable in ways that we couldn’t do before. It’s just the technology just wasn’t there.

Emerging Technologies and Procurement

Ryan:  I think again you’re talking to that thought of the silos to try and crumble down a little bit and have that unified front as opposed to that traditional way of. Well, you’re here, and you’re here, and you’re here, and no one talks to each other. Everyone’s running different systems. How are we supposed to know what each other is doing? You’ve touched on emerging data technologies, AI big data, and how they’re really shaping the future of procurement supply chain management, but are there any other specific areas or technologies within that procurement space that you find really exciting and promising? That’s like this: the revolution, the next stage that’s coming. We get this a lot: AI. We’re really just scratching the surface. So even what we think is coming, there could be another evolution to this that we never even saw,

Stephany: And then you’ll be like, oh my God, look at this shiny object. I mean, even last year, you thought of chatGPT and then sent the intake orchestration. My intake orchestration is not new to have employees buy better faster. That’s what the Amazon of the world has built, right? A way for people to consume, especially access commodities if they need a pen or laptop or whatever, they should be able to buy that pretty quickly. What I’d say is just thread carefully.

Like it’s exciting, it’s a bit overwhelming. There are so many exciting technologies. My view and that’s because I’ve been talking to a lot of CIOs and CPOs that have more of a tech sort of mindset or operating mindset, is that rather than buying all these niche solutions quickly and then depending on them for analytics and depending on them for their own version of a chatbot or a gen AI tool, what you’re going to create is most likely the same as we did with the portal is a lot of disparity and how people are using these technologies. They’re going to train a bunch of large language models that sit in different solutions for different reasons, right? If there’s a way for you to leverage your company’s data lake, and if it’s Azure, you can then leverage chatGPT for businesses, your company probably already put their name down to get a license, and procurement often says like, well, we’re not prioritized by it or the CIO for us to have use cases for us, but if you have actually a good data foundation fed into a data lake, then you’re able to start having use cases for AI that are really easy and don’t demand a lot of resources from it. You can leverage those licenses; that’s what it wants you to do. Just be careful to get excited to use a chatbot or some of our customers have asked us, when are you going to have a Gen AI? We use a large language model, and our development increases the efficiencies of the work that we do. We are considering, at some point, potentially having a smarter way for our customers to consume insight because having trusted data would be a natural sort of extension, but we’re not rushing into it because our clients are looking to centralize their solution. And it may be more of a mid-market if they don’t have the data like they don’t have the BI tools yet, and they want to action that data faster. That could be an opportunity. But I use ChatGPT for my travels for drafting copy for all kinds of stuff. Like actually use AI to do my latest headshots. And I gave an example when I was speaking at Amazon business last week, the headshot I did three years ago, which I was like, it’s kind of outdated, like three years ago is a long time, but that headshot was over $1000 easily. It had a full day of makeup and hair, figuring out my outfits, going to the studio, spending the day, then editing all the pictures.

 My last headshot was on the way back from the cottage with my kids in the car. I spent $25, I spent about 20 minutes, and I found one that was, like, actually, kind of looks like me. My kids approved it, and boom, it was done. So there are all kinds of like use cases where like drafting an NRFP. Absolutely. Use ChatGPT to draft an NRFP like you can edit it; you can make it better over time, but there are a lot of really good use cases. When it comes to really important insight for your team to deliver a broader set of use cases, like how much money am I spending with the supplier? Or were there opportunities to optimize some categories where I’m maybe not introducing enough competition and who’s more competitive where I can use these levers to improve my savings targets or like these are unless you have good data that you can trust like you can’t just use it or the, web and you have to be careful on what you’re using internally or what you’re putting into a large language model that may not be approved by the company, you could put the company at risk, and that’s really dangerous. So anyway, I just say just educate yourself. My view starts with data and everything else, and then you can optimize it. You can try, you can pilot it; how many pilots have failed because the data is not there, and then they think it’s the software and it’s just not the software? It’s just that it’s not effective until you have data. Start with data first, then build, and then get excited. There’s a lot of cool stuff out there, but you don’t want to be locked in, and these should not be anymore, like long implementations and painful and costly customization, like you don’t need to do that anymore.

Ryan: Incredible. I think that’s some unbelievable takeaways and advice to leave our audience with here, especially those involved in procurement supply chain management, which, again, for so much of our audience, this is something so critical and probably overlooked or maybe not seeing the efficiencies that exist with that in mind for our audience, how can we learn more about TealBook and get in contact with you to kind of learn more and, help with making this a little bit easier in their lives and potentially their businesses run so much smoother.

Stephany: Yeah, so obviously, on our website, tealbook.com, you can follow me on LinkedIn or follow TealBook on LinkedIn. I’m very active, I post a lot, and sometimes I apologize to people because I do post a lot on data. Then, for AI Digital Transformation and Procurement, make sure you’re interested in the topic. Then, we’re launching the next generation of our supplier data platform on February 1st. So we are preparing, so we’re doing a lot of education right now, content webinars and things like that. So if you want to sign up, if you’re interested in what’s coming in the pipeline, better data quality, more scale, more data, more transparency, more control, all delivered through API to any of our customer’s tools. It’s a pretty exciting time, and so that’s coming up soon, depending on when this gets released. But February 1st is the soft launch, and we have five co-innovation customers that have partnered with us that are pretty big names that have worked with us for the past year and a half to bring, this technology to life. So it’s a pretty exciting time for our company.

Ryan:  Incredible. Well, with that, I want to take a minute here to thank Stephany for this amazing podcast, Revolutionizing Procurement with Trusted Supplier Data. I want to thank our listeners. We cannot do what we do without you. So, with that, thank you, Stephany, so much for being here. I think there’s plenty more that we could talk about. I hope to be able to have you back for some future episodes so we can dive deeper into many of those topics you just touched on.

Stephany: Thanks, Ryan, for having me and listening to all this procurement talk.

Ryan: I love it. This is fantastic. I can’t wait to do it again, but until we meet again with another amazing TBR episode, I’m your host, Ryan Davies. Thanks. Take care out there, everyone.