Forget the fear of robots taking over. For procurement professionals, the real AI revolution is about empowerment.
Imagine an assistant that evaluates complex data, predicts supply chain disruptions and frees you to focus on strategy.
Our latest podcast based on a GEP paper reveals how AI is transforming procurement through real-world capabilities: predictive analytics that forecast demand, AI-powered dashboards providing instant visibility, and tools that handle tedious tasks while you drive business value.
What You'll Hear:
- How AI can transform procurement from cost center to strategic advantage
- Practical strategies for leveraging AI without being a tech expert
- Insights into predictive analytics and data orchestration that drive real business value
PODCAST SUMMARY
Speaker 2
Hey, everyone. Welcome back. Ready to dive in? We've got a juicy 1 today.
Speaker 1
Oh yeah, dark.
Speaker 2
We've been digging into AI and procurement and with this White Paper PL. big picture, embedded AI, PDF and your notes, I think we're ready to really unpack this.
Speaker
Yep.
Speaker 1
Yeah. You know, the thing that really struck me is how this isn't some distant future anymore. This is happening now. The White Paper calls embedded AI a catalyst.
Speaker 2
Right.
Speaker 1
Reshaping how businesses operate, especially in procurement, it's pretty huge.
Speaker 2
Absolutely. And that's why this matters to everyone listening, no matter what you do think about. Supply chain disruptions, those crazy price hikes we've seen even just missing out on opportunities. AI in procurement, that's the key to getting ahead. Of the curve.
Speaker 1
It's like, oh, well, the White Paper says it's a superpower for navigating all the uncertainty in the world today. And I totally agree. Smoother operations, making smarter decisions. And yeah, maybe even getting a leg up on the competition, this impacts everyone.
Speaker
Mm-hmm.
Speaker 2
For sure, but OK, let's talk about the big question lurking in the back of everyone. Mines are robots going to replace us all.
Speaker 1
Right. I mean, it's a little unnerving, but also. Kind of cool.
Speaker 2
It's a common fear, for sure, but the White Paper cites some interesting research from IDC. Turns out, 65% of tech leaders think AI's main role in procurement is going to be about making humans better at decision making, not replacing them.
Speaker 1
OK, so less about robots stealing jobs, more about giving us the tools to be even better.
Speaker 2
Our jobs exactly. Think of AI like I don't know that super Smart, tireless assistant who just crunches all the data and then we with all our human experience and intuition, we use that to make even smarter decisions.
Speaker
Hmm.
Speaker 1
I like that.
Speaker 2
Yeah.
Speaker 1
AI is our brainy assistant. That makes sense. But all this talk about data AI crunching numbers, does that mean we all need to be coding whizzes now?
Speaker 2
That's the cool part. Remember that low code and Majak thing in your notes.
Speaker 1
Yeah, it's been a minute. Since I looked at those.
Speaker 2
Right. Well, the white. Paper. It digs into that and it's a game changer. It's about making AI development easy. Even if you've never coded in.
Speaker 1
Your life. OK, so like AI for dummies, but in a good way. Exactly. Imagine building your own AI solutions totally customized without needing a computer science degree. They're saying this market low code, no code, it's going. Speaker
Thanks.
Speaker 1
To hit 12. Billion dollars by 2024, not just a trend. It's like a tidal wave.
Speaker 2
So while some are worried about robots, others are building the tools to use them wild.
Speaker 1
Totally, it shows how AI is becoming more democratic, not just big tech anymore. Small businesses, even individuals, can tap into this. It's leveling the playing field.
Speaker 2
OK, I'm with you, but let's step back for a SEC. Remember those mountains of data? There was that line in the White Paper. Data is an ocean you can drown in it. The key is to learn. To. Surf love the analogy. But how do we surf this data tsunami?
Speaker 1
That's where data orchestration comes in orchestration. Yeah, it's not just about getting data from everywhere and dumping it into, like, one giant spreadsheet.
Speaker 2
Great. That wouldn't make much.
Speaker 1
Sense having a whole orchestra, but no conductor, just noise, not music.
Speaker
It's.
Speaker 1
Data orchestration is about using AI to make the data meaningful, making sure it goes to the right places at the right time so you can actually make sense of it all.
Speaker 2
So instead of drowning, we're riding the wave with AI as our surfboard.
Speaker 1
Exactly. Think about procurement, right. Your AI platform connects data about suppliers inventory, even like weather that could mess up shipping. All that orchestrated the AI can predict problems before they even happen, avoid delays, save money.
Speaker 2
When you're talking. That's the kind of stuff that makes me excited about AI, but be honest, how far out is this really? Is this a pipe dream or is this within reach?
Speaker 1
That's the best part. It's already happening. The White Paper even has this whole wish list of features for procurement platforms in 2024. Trust me, it's a glimpse into the future.
Speaker 2
A wish list. All right, you got to give me the highlights here. What kind of a magic are we talking?
Speaker 1
So picture this. A central dashboard powered by AI, giving you a real time view of everything happening in.
Speaker 2
Procurement. So you can see everything.
Speaker 1
At once. Yeah, all your key numbers, supplier info, risks, even automated contract stuff all in one place.
Speaker 2
OK, so instead of like a million spreadsheets and reports, you've got this AI dashboard showing you the big picture all the. Time that's going to be huge for procurement teams.
Speaker 1
Totally. It's all about clarity and control, right? But it gets even better. Though White paper talks about predictive analytics, and that's where things get really interesting.
Speaker 2
Yeah. Tell me more.
Speaker 1
Well, imagine predicting problems in your supply chain before they even happen, or forecasting demand with incredible accuracy. That's the power of AI.
Speaker 2
Like a crystal ball, but with real data. Sign me up.
Speaker 1
But let's not forget the humans in all of this. We talked about AI helping us make decisions, but what does that actually look like in real life?
Speaker 2
One of the coolest things about AI is it can handle all that tedious stuff that bogs us down. Data entry, invoices, even some contract analysis AI can do that, freeing us up for the important stuff strategy, relationships, negotiations, the stuff that really needs a human.
Speaker 1
Touch. So it's not about AI taking over, it's AI taking care of the boring part so we can focus on the bigger picture. The things that need, well, human ingenuity, safely, a partnership. Humans and machines both playing to their strength.
Speaker 2
I'm sensing a theme here. It's not just the technology, it's about using it the right way. Aligning AI with what we care about our goals, our vision. But how do you even start with all this? Where do you even begin?
Speaker 1
That's the $1,000,000 question, right? And that's what's so great about this deep dive. It's not just theory, it's about taking action. Think about the problems you face every day in your job at your company. Too much data, find solutions that can handle that, that offer good data orchestration, need better relationships with suppliers. Find platforms with AI powered communication tools.
Speaker 2
It's about finding the right tools for the job. Makes sense. Any final words of wisdom for our listeners? Starting their AI journey in procurement?
Speaker 1
Be excited about the possibilities, but never forget the why. Why use this technology? What are you trying to? Achieve the answers will lead you to the right solutions and help you use AI in a way that really benefits you, your company, your whole career.
Speaker 2
Love it. So to wrap things up, the future of procurement is here and it's powered by AI. Don't be scared. Be excited. Embrace the possibilities, ask the right questions and get ready for what's next. Until next time. Happy strategizing every.
