Arvid Lyngnes’ Post

Fairmarkit is helping major companies like BP, Snowflake, and Boeing adopt generative AI (Gen AI) for their procurement processes. By focusing on responsible AI usage, Fairmarkit educates leaders on integrating Gen AI to optimize procurement tasks like RFP creation, data analysis, and supplier management. This approach not only enhances efficiency but also ensures data security and drives strategic decision-making. Fairmarkit emphasizes a "jobs to be done" strategy, helping organizations achieve better outcomes. For more details, read the full article: https://lnkd.in/gxf_EZw2.

We recognize that the future of business negotiations lies in harnessing the power of AI. With thousands of vendor contracts often neglected and set for automatic renewal, organizations are missing out on significant value—KPMG research suggests that up to 40% of deal value can be lost due to inefficient contracting. While AI excels in efficiency and optimization, human insight remains invaluable for strategic negotiations. At WG, we empower organizations to strike the perfect balance, ensuring your negotiation strategies are not only data-driven but also informed by the nuances of human interaction. Partner with WG Consulting to transform your negotiation processes and maximize your business potential. https://lnkd.in/gTX6Thkw #airevolution #aiprocesses #digitaltransformation #aiinbusiness #supplychainoptimization

𝐇𝐨𝐰 𝐠𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐯𝐞 𝐀𝐈 𝐢𝐬 𝐭𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐩𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬 𝐢𝐧 𝟐𝟎𝟐𝟒? 𝟏. 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐧𝐠 𝐑𝐨𝐮𝐭𝐢𝐧𝐞 𝐓𝐚𝐬𝐤𝐬 🤖 : ➡ Generative AI can handle repetitive tasks like data entry and invoice processing. ➡ This frees up time for employees to focus on more strategic activities. 𝟐. 𝐄𝐧𝐡𝐚𝐧𝐜𝐢𝐧𝐠 𝐒𝐮𝐩𝐩𝐥𝐢𝐞𝐫 𝐒𝐞𝐥𝐞𝐜𝐭𝐢𝐨𝐧🔎 : ➡ AI analyses vast amounts of supplier data to identify the best options. ➡It considers factors like cost, quality, and delivery time to make informed decisions. 𝟑. 𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝📈 : ➡ Generative AI forecasts future demand based on historical data and market trends. ➡ This helps companies maintain optimal inventory levels and avoid stockouts or overstock situations. 𝟒. 𝐈𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭👨💻 : ➡AI can review and analyze contracts to ensure compliance and identify potential risks. ➡It highlights key terms and conditions, making it easier to manage contractual obligations. 𝟓. 𝐁𝐨𝐨𝐬𝐭𝐢𝐧𝐠 𝐍𝐞𝐠𝐨𝐭𝐢𝐚𝐭𝐢𝐨𝐧 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 🎯 : ➡ AI provides insights into supplier behaviour and market conditions. ➡ This information helps procurement teams negotiate better deals and terms. 𝟔. 𝐄𝐧𝐡𝐚𝐧𝐜𝐢𝐧𝐠 𝐒𝐩𝐞𝐧𝐝 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 💱 : ➡Generative AI categorizes and analyses spending data to identify cost-saving opportunities. ➡It provides a clear picture of where money is being spent and how to optimize procurement budgets. 𝟕. 𝐅𝐚𝐜𝐢𝐥𝐢𝐭𝐚𝐭𝐢𝐧𝐠 𝐒𝐮𝐩𝐩𝐥𝐢𝐞𝐫 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 🖇 : ➡ AI platforms enable seamless communication and collaboration with suppliers. ➡This fosters stronger relationships and improves overall supply chain efficiency. ➡ Embrace generative AI to revolutionize your procurement processes. ➡Unlock new levels of efficiency and decision-making. #GenerativeAI #Procurement2024 #AIinProcurement #SupplyChainInnovation #DigitalTransformation #SupplierManagement #ContractManagement #SpendAnalysis #SupplyChainEfficiency #ProcurementTrends #AIForBusiness #StrategicSourcing #FutureOfProcurement #BusinessInnovation #TechInProcurement #ProcurementAutomation #AIInsights #SupplyChainResilience #ProcurementOptimization #SupplierCollaboration.

By enhancing creativity, innovation, impact, and personal branding, AI is transforming procurement from a traditional box-ticking function into a cutting-edge space for growth and opportunity. As AI democratizes data access and automates routine tasks, it empowers procurement teams to make a real impact on global trade. #ProcurementInnovation #DigitalTransformation

🚀 Transforming Supply Chain Management with AI: A Strategic Blueprint 🚀 In the dynamic world of supply chain management, embracing Artificial Intelligence (AI) is not just an option; it's a necessity for staying ahead. Here's how we're integrating AI to revolutionize our supply chain operations: 1. Identifying the Challenge: We start by pinpointing the exact supply chain issues that AI can solve, setting clear goals, and understanding the data and computational needs. 2. Data Acquisition: Our journey continues with gathering diverse, high-quality datasets that mirror the complexities of our supply chain, ensuring our AI models are built on solid foundations. 3. Data Preparation: We meticulously clean and organize our data, preparing it for seamless integration with AI technologies, ensuring accuracy and efficiency in our processes. 4. Technology Selection: Choosing the right AI technology is crucial. We evaluate options based on their ability to address our specific challenges, ensuring we deploy the most effective tools. 5. Model Development: With the right data and technology in place, we train our AI models, fine-tuning them to achieve unparalleled efficiency and accuracy in our supply chain operations. 6. Evaluation and Validation: Rigorous testing and validation ensure our AI models perform flawlessly across various scenarios, guaranteeing reliability and robustness in our supply chain solutions. 7. Refinement and Enhancement: Continuous improvement is our mantra. We iteratively refine our AI models, enhancing their capabilities and ensuring they evolve with our supply chain needs. 8. Implementation: Deploying our AI solutions into the heart of our operations, we monitor and adapt them to ensure they deliver real-world results, driving efficiency and scalability. 9. Ongoing Adaptation: The supply chain world is ever-changing, and so are our AI models. We regularly update them with new data, ensuring they remain relevant and effective. 10. Feedback Integration: Stakeholder feedback is gold. We use it to further refine our AI solutions, ensuring they not only meet but exceed our operational needs and expectations. By strategically integrating AI into our supply chain, we're not just optimizing operations; we're redefining what's possible. Join us on this journey as we pave the way for a smarter, more efficient future in supply chain management. #supplychaininnovation #artificialintelligence #operationalexcellence #futureofsupplychain Credits: Denis Panjuta https://lnkd.in/e553iPnG ⭐️NeuraNet Newsletter: https://lnkd.in/dXJhwR8a

Turning the procurement function into a data-driven, AI-enabled organization is a process of transformation – one that will help data and technology savvy organizations make a step change in procurement. Companies that efficiently and effectively use their data and AI capabilities are seeing a potential 200% increase in their value generation pipeline – from using gen AI to better manage categories to navigating supply chain risks and boosting supplier performance. Read the full article on the data-driven revolution ➡️ https://lnkd.in/gKieYh6Y #procurement #sourcing #data #AI #genAI #categorymanagement

Although AI is transforming supply chain management across industries, a significant 38% of companies, according to EY research from January 2024, have yet to adopt AI in their supply chains. This delay in embracing AI can result in a competitive disadvantage as the technology increasingly drives operational efficiency and strategic decision-making. To remain competitive and optimize value streams, integrating AI into daily operations and long-term strategies is becoming essential for companies. https://lnkd.in/eerKGXUb

Agentic AI has the potential to revolutionise how businesses manage day-to-day operations. These AI agents can autonomously handle tasks such as managing supply chains, optimising inventory levels, forecasting demand, and even managing complex logistics planning. By analyzing extensive data and making real-time decisions, they have the power to enhance operational efficiency and cut costs significantly. #ArtificialIntelligence #MachineLearning #Efficiency

AI is revolutionizing how organizations operate, unlocking deeper insights, fostering innovation, and redefining business performance. Read this article to see how AI transcends metrics to transform key areas. #artificialintelligence #performance #businessgrowth #futureofwork #focusgts

𝗧𝗵𝗲 𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗳 𝗔𝗜 𝗶𝗻 𝗣𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 🤖 The rapid evolution of artificial intelligence (AI) is calling in a new era for procurement and supply chain management (SCM). Organizations are now harnessing AI-driven tools to refine operations, boost efficiency, and minimize risks. In this article, we will delve into the cutting-edge applications of AI within procurement and supply chains, share our insights on how it enhances contract management and ultimately offer our conclusion on this transformative technology. Our research highlights that the most significant advancements facilitated by AI in Supply Chain Management and Procurement are manifested in enhanced contract management and meticulous risk tracking. While other applications are captivating, they often rely on pre-existing internal data or external online information that can fall short of comprehensive needs. 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 AI tools and specifically large language models (LLM) unlock transformative opportunities for refining contract management within procurement. Challenges such as tedious manual writing and reviewing, delayed contract executions, and potential supply chain disruptions can be addressed through automated contract assessment. AI tools scrutinize contracts for compliance, highlighting risks and unusual language, while also enhancing contract lifecycle management through improved visibility, automated renewals, and obligations tracking. 𝗖𝗼𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻 AI is revolutionizing procurement and supply chain management by providing tools to tackle inefficiencies, enhance transparency, and oversee risks. Although the potential of AI is vast, organizations must strategically prioritize high-impact domains like contract management and risk tracking to fully leverage its capabilities. Adopting a forward-thinking mindset, coupled with vigilant observation of technological progress, will be vital for maintaining competitiveness in an ever-evolving landscape. Yet, it is vital to acknowledge the irreplaceable essence of human intuition and sensitivity, particularly during critical times. We view AI not as a replacement, but as a powerful ally that amplifies human capabilities and fosters increased process efficiency, a partnership that is destined to redefine future landscapes. #AI #Procurement #ContractManagement