P&SC LIVE Singapore – Geodis’ CPO Keynote
Opening Procurement & Supply Chain LIVE Singapore, Terence Lee, Chief Procurement Officer (Asia Pacific) at Geodis discussed the rise of Gen AI in procurement and supply chain.
Generative AI in Procurement
With generative AI (Gen AI) becoming increasingly accessible, the potential for the technology encourages experimentation due to its ability to provide instant results.
While the technology is yet to be fully autonomous, its ability to mimic human intelligence provides greater efficiency benefits for procurement but still requires human creativity and strategic thinking.
Looking closer at the efficiency benefits of Gen AI, Terence details the technology's ability to streamline tasks and provide insights – particularly when it comes to contract management and cost optimisation. However, he warns that there needs to be a separation between AI’s value and the hype surrounding it as its relevance relies on an individual organisation's maturity and integration capabilities into existing processes. It also relies on proper training and a willingness to embrace change.
The benefits of collaboration
Terence also discusses the importance of collaboration between AI solution providers and end users to drive success. He expresses that trust, guidance, and a shared journey approach lead to mutually beneficial outcomes.
"If we want to improve our processes, if we want to improve our efficiency, how best can we include AI as part of our enabling?" says Terence.
He also highlights the importance of embracing experimentation and learning from mistakes. He likens AI to guiding a child – provide guidance, but be ready to be firm and adapt. Ultimately, continuous learning and willingness to start over when necessary leads to the successful integration of AI into procurement operations.
"Please make mistakes, because as weird as it may sound, you're going to learn more from your mistakes,” says Terence.
More to come in 2024…
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- Procurement & Supply Chain LIVE Dubai (Virtual)
- Procurement & Supply Chain LIVE New York (Virtual)
- Procurement & Supply Chain LIVE London
- The Global Procurement & Supply Chain Awards
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