Talent Talks Live 2024: How Al is Shaping the Future of Procurement

On this episode of Talent Talks, Samuel De Frates, Kathryn Thompson and Bilal Shaykh discuss the transformative role of AI in procurement, exploring its potential to enhance supplier selection, risk management, and overall efficiency. 

They delve into the challenges faced by procurement professionals, the risks associated with AI implementation, and the importance of addressing resistance to change. 

The conversation also highlights the evolving skills required for procurement professionals in the age of AI and the future trends that will shape the industry.

Takeaways

• AI can significantly improve supplier selection and risk management.
• Using AI as a co-pilot rather than an autonomous decision maker is crucial.
• Automating simple tasks can free up resources for more complex challenges.
• Choosing the right technology to implement is critical for success.
• Fixing basic processes is necessary before adopting new technologies.
• Talent and skills gaps are major impediments to AI adoption in procurement.
• The future of procurement will heavily rely on AI technologies.
• Procurement professionals need to focus on relationship management.
• AI will enable procurement to concentrate on value creation rather than mundane tasks.

Chapters

00:00 AI's Impact on Procurement

02:52 Challenges in Procurement

06:06 Risks of AI Implementation

08:56 Navigating Change in Procurement

12:12 Future Trends in AI and Procurement

15:00 Skills and Competencies for the Future

17:49 The Evolving Role of Procurement Professionals

21:01 Conclusion