Returning to LinkedIn for their bi-weekly show, Supply Chain Digital and Procurement Magazine discussed the latest news, trends and insights from both industries, as well as speaking with Martin Rand, CEO of Pactum on his company’s use of AI in autonomous supplier negotiations.
“AI can negotiate contract terms that are important to both the company and the supplier. Also, machines can reach that optimal state quicker than humans, and with higher accuracy - turning the traditionally time-consuming and complex contract negotiating process into a faster, easier and better experience for all involved parties,” said Rand.
To find out more about what Rand discussed, click here.
Kicking off the news roundup, Sean Ashcroft, Editor in Chief of Supply Chain Digital discussed McKinsey’s five-point plan to upskill supply chain staff.
In the 2021 survey of supply chain execs, McKinsey found that just 6% of the companies that responded had a clear picture of strategically important skills and competencies.
Studying what success looks like in companies McKinsey put together a five-point plan to upskill staff:
- Focus on the skills that matter
- Use diverse and effective learning methods
- incentivise participation and engagement
- Set up the program to scale beyond the initial pilot
- Drive for impact on the company’s operating performance
Rounding up the latest news in procurement, Georgia Wilson, Editor in Chief of Procurement Magazine discussed recent insights from Gartner.
The firm’s Senior Director Analyst, Sarah Watt highlighted that the time is now for supply chain and procurement functions to adopt resource conservation strategies.
Now a must for these functions to successfully navigate the ongoing challenges in the industry, Watt outlined three strategies for organisations to deploy to drive success, which include:
- Adopting circular economy models
- Treating waste like a value-based asset
- Preserve natural capital
Continuing with the sustainability theme, Wilson also discussed a recent interview with Ted Pardee, CRO of Premise on greenwashing activities in the procurement industry.
When speaking with Pardee, he discussed how common greenwashing activities are in many industries, as well as the current industry landscape when it comes to sustainability.
Pardee highlighted the lack of complete supply chain visibility which often results in organisations conducting greenwashing activities.
He also explained how his company, Premise, is developing crowdsourcing technology to provide those in the industry with a better understanding of where the materials that compose their products originate.
To catch up on the latest Supply Chain Digital Show, click here!