Charlie Stack’s Post

I just found this exciting read on the integration of #GenAI Generative AI in #procurement! #Deloitte's latest article explores how #AI can revolutionize supply chain operations, with powerful use cases in procurement. From optimizing #sourcing strategies to enhancing #supplier relationships and processes. Generative AI often is heard as a new innovative technology and offers unprecedented insights and efficiencies. And it definitely has a lot potential in many business cases in the arena of Supply Chain. #AI #SupplyChain #Procurement #Innovation" #SupplyOn

Are you leveraging AI in your small or medium sized business? 26% of SMBs are leveraging AI, and 73% are experimenting with it. As AI grows, always-on, consistent speed connectivity becomes even more important to your business operations. That requires dedicated internet access with guaranteed service. That’s what we do for Texas businesses. Read more about how SMBs are leveraging AI in @Tech Radar. #AI #SMB #TexasBusiness #Dedicated

Barron's has written the retail article that everyone has been thinking. Which retailers are winning from the boom in AI? Retailers are mentioning AI in their earnings calls. According to FactSet there were close to zero mentions of AI in 2016, with this number rocketing to over 400 by 2023. This number just keeps accelerating. Chandhu Nair of Lowe's Companies, Inc. gives his insight on how this ramp up of interest in AI tools, services and tech has dominated his day to day, first having to decide where to start. Inevitably, the lowest risk / highest value project was (unsurprisingly) a chatbot powered by ChatGPT and powered by Lowe's database of manuals, operating-procedure documents and manuals. Other mentions of companies embracing the technology include Walmart, Victoria’s Secret & Co., Rent The Runway, Ralph Lauren and of course Shopify. (But there are so many more) According to TD Cowen, US retailers spend on enterprise AI software will grow from $1bn in 2022 to more than $80bn in 2027, and companies looking to grow their understanding of data and analytics will be first movers. But this isn't all about ChatGPT or OpenAI. Retailers are looking for practical uses of AI in improving their demand forecasting, supply chain logistics, e-commerice algorithms and store operations. The level of cost saving in these data-based AI optimizations is finally providing retailers with the tools they need to thrive and expand. Well worth a read - check the full article below 👇 https://lnkd.in/e8i5hZhA

How Generative AI will transform Sourcing and Procurement Operations The next disruptor for Source-to-Pay processes is here https://lnkd.in/e6MTGcne

Generative AI is transforming the world of procurement, bringing a wave of automation and intelligence to source-to-pay processes. Walmart piloting an AI-based tool for autonomous negotiations with suppliers is a prime example of this transformation. Attitudes towards GenAI use are also changing: 75% of suppliers actually prefer negotiating with AI over a human, as AI negotiations can be more objective and data-driven, potentially leading to fairer and faster agreements. From analytics for spend categorization to conversational AI for guided buying, GenAI offers a wide range of benefits for procurement leaders: - Enhanced Efficiency and Automation: Automate repetitive tasks like creating RFPs, contracts, and invoices, freeing up procurement teams to focus on strategic initiatives. - Deeper Market Insights and Cost Savings: Analyze vast amounts of data to identify cost-saving opportunities and generate insights to optimize supplier selection (e.g., by analyzing past invoices to automatically categorize new purchases for better spend visibility). - Strengthened Supplier Relationships: Streamline communication and negotiations with suppliers, fostering stronger and more collaborative partnerships. - Compliance Management: Identify potentially fraudulent anomalies based on historical noncompliance data, supporting responsible procurement practices. - Strategy Development: Analyze supplier capabilities, customer feedback, geopolitical risks, and supply chain disruptions to identify supplier performance and availability. While similar to any IT project deployment requiring a clear strategy, infrastructure, and talent development, GenAI projects have additional considerations: - Data Quality: Ensure high-quality data with strong governance policies to fuel accurate AI models. - Ethics and Transparency: Prioritize ethical considerations and transparency throughout the GenAI implementation process. Procurement is only an aspect of any supply chain. Given the rapid advances in GenAI, it is not implausible to imagine its adoption in other areas of the supply chain, e.g. automated fleet management systems dispatching autonomous vehicles for predictive goods fulfilment when inventories run low. #GenerativeAI #ProcurementTransformation #DigitalSupplyChain #FutureofWork #AIinBusiness #AI

What has potentially shifted our industry the most this year? AI (arguably!). Sayer Martin's article is a fascinating glimpse into the seemingly ever-evolving landscape of AI, where ChatGPT and its generative AI counterparts are rewriting the rules. From AI's early friction to its seamless integration into everyday tools, it's an AI year indeed, with major tech players racing to advance the field. The power of AI is self-evident and the concerns about it taking our jobs and providing inaccurate information will recede with time and becomes more manageable. But we are just at the beginning of the story and I cannot wait to see more use cases and what 2024 holds for AI. Where is AI heading? Where do you think AI can help our business? Where can we implement AI in our business? How much we should allocate to AI investment and implementation and who should be responsible for it? are all questions that prevailed in all board meetings and budget planning meetings this year. Do you think major decisions were taken or we are still in the discussion phase? :) #AI #GenerativeAI #Innovation #FutureTech #CustomerExpectations #AIJourney

Generative AI can help address these challenges in procurement by: Crunching large sets of data to process scenario-based results—reducing complex manual processes and interventions. Leveraging complex automation to increase efficiencies. Generating actionable insights based on historic trends, demand profiles, and supplier performance. Combining internal data with external data to craft better negotiation strategies. Generating value in sourcing and procurement with AI Generative AI’s greatest potential in source-to-pay is likely proactive risk management, process automation, and decision-making. In an increasingly uncertain world, instant access to accurate information is vital for mitigating and managing risk and empowering organizations. Generative AI can help automate “create” processes in source-to-pay, including “creating” documents (request for X, charters, contracts) or “creating” transactions (purchase orders, invoices). #GenerativeAI #AI #Procurement #Deloitte

In his insightful article on Supply Chain IT, IT Director Nick Ball emphasises the importance of embracing AI in channel businesses. With evolving technology, AI has become a game-changer in streamlining supply chain processes. Don't miss out on this informative read! #AI #supplychain #technology #business