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Are you wasting hours looking for reliable suppliers, only to end up with missed deadlines and poor-quality products?

Finding the right supplier can make or break your business, yet many companies struggle with inefficient search processes that lead to costly mistakes.

Here’s the good news: the right supplier search platform can save you time, reduce risks, and ensure you get the best possible partners.

However, not all platforms are created equal.

Knowing what to look for can mean the difference between a seamless procurement process and endless frustration.

In this article, we’ll break down the key features and factors to consider when choosing a supplier search platform, so let’s get started.

AI-Powered Supplier Discovery

AI-driven supplier search platforms analyze vast data sets, detect patterns, and provide smarter and faster supplier recommendations.

Traditional manual supplier searches just can’t compete.

They are labor-intensive, slow, and, ultimately, quite risky.

A TealBook survey confirms this.

It shows that procurement faces various negative consequences from slow supplier discovery, including project delays (56%), budget overruns (50%), and unmet customer demand (43%).

Plus, many have lost out on projects or business and experienced reputational harm, too.

Illustration: Veridion / Data: TealBook

AI minimizes all these risks.

It filters out irrelevant suppliers, matching you with the most suitable candidates almost instantly.

In fact, a 2021 McKinsey report found that AI-driven supplier discovery tools can speed up supplier discovery by over 90%.

Illustration: Veridion / Data: McKinsey & Company

Imagine the possibilities if you could reduce sourcing time by that much at your own company.

What could you achieve with all that extra time?

But it’s not only about speed.

AI also expands your options, bringing in more potential candidates so you can find partners who truly align with your requirements and goals.

Without AI, you’re, essentially, on your own, limited to Google searches or personal networks.

You just can’t find many suitable candidates that way—or the time it takes is simply too long, and you miss valuable opportunities.

Below, you’ll find a comparison of manual versus AI-powered supplier discovery.

Source: Veridion

The difference in both speed and results speaks for itself.

So, when selecting a supplier search platform, be sure to check whether it has AI capabilities.

Because if it doesn’t, you might just be leaving time, money, and opportunities on the table.

Natural Language Search Capabilities

Navigating detailed and complex supplier data doesn’t have to be a challenge.

With natural language search, you can identify suppliers using plain, everyday language, making it easier to access relevant information without any hassle.

For example, you might simply type, “Find me the top eco-friendly textile suppliers in Europe,” and a solution with natural language capabilities would immediately deliver accurate results.

Ingmar Mester, Director of Supplier Management and Sustainability at Hapag-Lloyd AG, an international shipping and container transportation company, says such simplicity is vital:

Illustration: Veridion / Quote: Craft

And if your team won’t use the platform, that defeats the whole purpose, doesn’t it?

Put simply, without user-friendliness, your supplier discovery process won’t be able to reach its full potential.

That’s exactly why we created Scout.

Scout is an AI-powered tool that provides instant access to over 850 million products and services and 129 million suppliers across any category or industry.

The best part?

With its advanced filtering and real-time, natural language search capabilities, you can find exactly what you need quickly and easily.

Source: Veridion

Filter by any criteria, from production capacity and delivery lead times to niche certifications, and more.

Scout even helps you discover suppliers offering specialized or custom solutions.

Just type it in, and Scout does the rest, as shown below.

Source: Veridion

Since it’s currently in beta, you can request early access and be among the first to try it out and help us refine the product by testing it against complex and demanding sourcing scenarios.

Global Coverage

To find suppliers who genuinely align with your requirements and broader business goals, consider using a discovery platform with access to a global network of vendors.

The logic here is simple: a global reach means more options.

And more options lead to better cost savings, improved product quality, superior service, and many other benefits.

Sjoerd Goedhart, Owner of Goedhart Interim Management & Consultancy, is all about global sourcing.

Illustration: Veridion / Quote: Procurement Tactics

His rationale is twofold: certain raw materials or products are only available in specific regions, and there are cost advantages to be gained.

That’s because global sourcing allows businesses to benefit from favorable exchange rates, lower labor costs, and tax incentives in certain regions.

However, the perks go even deeper.

Working with suppliers from around the world helps protect your company from unexpected disruptions.

After all, relying solely on local or regional vendors can be risky, leaving you vulnerable to geopolitical issues, natural disasters, pandemics, and more.

Global coverage, on the other hand, diversifies your suppliers, reducing these vulnerabilities.

Take the example of vanilla.

The vanilla supply chain is often affected by government interference, weather events, and other risks.

Prossy Tumushabe, Executive Director of the Association of Vanilla Exporters of Uganda Limited, suggests diversification as the best approach:

Illustration: Veridion / Quote: Supply Chain Dive

Why rely on a single supplier when you can build a strong, diversified supply network that supports you through challenges?

Supplier discovery platforms with global coverage empower you to do just that, creating resilience and agility for the entire company.

Detailed Supplier Profiles

Your supplier discovery solution should provide insights into all aspects of a vendor’s business—not just product specifications or pricing structure.

Below, you can see all the key elements of supplier intelligence.

Ideally, a supplier search platform should be able to deliver all of these data points.

Source: Veridion

By covering all these data points in one place, you eliminate the need for multiple data vendors and reduce the risk of working with unreliable suppliers.

Sayan Debroy, VP at The Smart Cube, a business intelligence provider and consultancy, agrees.

He points out that the biggest mistake companies make when it comes to supplier risk management is focusing on only a few risk factors—often overlooking critical issues until it’s too late:

“By not taking a more holistic view of their suppliers’ overall risk profiles—incorporating performance, cybersecurity, and ESG—many companies leave themselves exposed to unpredictable disruptions and reputational risks.”

Among these factors, ESG considerations deserve special attention, as they are becoming increasingly important in assessing long-term supplier reliability.

Today’s consumers, regulatory bodies, and investors expect businesses to operate sustainably and collaborate with ethical suppliers.

Ignoring this can lead to significant fallout.

For instance, a 2021 survey by Open Text found that 64% of 18–24-year-olds would refuse to buy from a company accused of working with unethical suppliers.

Additionally, 83% of global consumers indicated a willingness to pay more for products that are ethically sourced.

Illustration: Veridion / Data: Open Text

In other words, investing in richer, more detailed supplier data isn’t just about minimizing risk—it’s about maximizing success.

A full, 360-degree view of your suppliers helps you make confident, informed decisions about who to trust and who to avoid.

In today’s complex business landscape, can you really afford not to have that insight?

Real-Time Insights

In addition to being broad and specific, supplier data must also be fresh.

By offering real-time information, supplier discovery platforms ensure you have the most relevant insights so that you can protect the business from unexpected disruptions.

And disruptions are truly everywhere.

A 2024 Sphera survey reports a 42% spike in supplier bankruptcies and a 62% increase in cyber threats—both posing serious challenges for buyers and suppliers alike.

Meanwhile, geopolitical conflicts continue to escalate, with related risks rising 87% in 2022 and another 7% in 2023.

Illustration: Veridion / Data: Sphera

In such volatile times, relying on outdated information is simply not an option.

When looking for new suppliers, you need full visibility into their financial and operational stability.

Imagine partnering with a supplier only to discover—too late—that they’re on the brink of bankruptcy.

The consequences could be severe.

Nari Viswanathan, Senior Director of Supply Chain Strategy at Coupa, a spend management software provider, explains:

Illustration: Veridion / Quote: Supply Chain Digital

Sound like a nightmare?

It is. But it’s one you often can avoid.

However, real-time data ensures your supplier sourcing decisions are grounded in the reality of right now—not last quarter, not last month.

After all, the supply chain moves fast.

If you want to stay agile, your supplier discovery platform must be able to keep up.

Integration With Existing Systems

Lastly, your supplier discovery platform should seamlessly integrate with existing workflows and systems like ERP, CRM, and inventory management.

This reduces manual work, minimizes errors, and ensures consistent data across platforms, helping you maintain accurate supplier information, pricing, and inventory records.

Why does this matter?

Because, simply put, fragmented data is unusable data.

Sateesh Seetharamiah, CEO of Edge Platforms at EdgeVerve, a global leader in developing digital platforms agrees.

He says that, although data scarcity is no longer an issue for modern businesses, there’s another, bigger data-related problem:

Illustration: Veridion / Quote: Supply Chain Digital

These data silos have real-world consequences.

They don’t just slow your team down or require manual data transfers—they can also significantly damage supplier relationships and your budget.

For instance, a Medius survey shows that 86% of procurement professionals say late payments result from missing information or errors.

Even worse, 22% report that a supplier refused to work with them due to late payments, forcing them to buy from a more expensive alternative.

Illustration: Veridion / Data: Medius

That’s exactly what you risk without proper integration.

If supplier discovery is done through disconnected systems, your team might onboard suppliers without proper validation, increasing the risk of processing errors and payment mismatches.

Therefore, before making a final decision, book a consultation with the platform’s sales team to learn more about the solution.

Be sure to check if they can guarantee seamless integration or have experts to support implementation.

Conclusion

The data speaks for itself.

Companies that continue to rely on outdated, manual supplier discovery processes face higher costs, delays, and various supplier-related risks.

In contrast, companies that embrace the right supplier search solution gain unmatched efficiency, agility, and confidence in their sourcing decisions.

That’s the real power of these platforms.

They don’t just speed up the process—they make it smarter, more informed, and truly data-driven.

So, the question isn’t whether you should adopt a platform with these capabilities.

It’s how soon you can get started.