Unlocking Efficiency and Agility Using AI: P&SC LIVE Dubai

August 13, 2024

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Mohamad Ibrahim, Co-Founder and CTO at Penny Software, explains how to unlock increased efficiency and agility by harnessing the power of AI

Procurement & Supply Chain LIVE Dubai brought together industry leaders from many of the biggest businesses in the world.

Attendees were able to enjoy insightful keynotes, fireside chats and panel discussions, during which executives and experts shared valuable knowledge and real-world experiences.

One of the highlights of the 2024 edition saw Mohamad Ibrahim, Co-Founder and CTO at Penny Software, discuss how to unlock increased efficiency and agility by harnessing the power of AI.

Penny tackles procurement and supply chain fragmentation

Mohamad's presentation began with an explanation of Penny Software and its core activities within the procurement and supply chain space.

"The major problem Penny came to tackle in the procurement and supply chain industry is fragmentation," he said.

Mohamad Ibrahim, Co-founder and CTO of Penny Software

"What we do is provide a complete, end-to-end software platform solution to clients, helping them and covering all the procurement process from identifying the sourcing demands and need to fulfilling them and paying for them.

"I'm privileged to work with a variety of different customers of different sizes from different sectors and industries – all focused a single goal of automating and digitising procurement and supply chain activities

"Whether it's the hotel industry, the medical industry or manufacturing, that is the one goal they all have in common."

Optimising procurement processes using AI

Recognising that AI is frequently referred to as a technology that offers a host of broad benefits, Mohamad asked, "what's in it for me as a procurement professional? What problems am I looking to solve?"

He continued: "If we break down what's expected of any supply chain or procurement professional, it all boils down to one single objective: fulfilling the organisation's demand and needs.

"One one angle, you have the products or services your organisation sells; on the other, there is the need to spend and the demand for raw materials; the services that your organisation procures; items to enable professionals to do their jobs."

Mohamad took audience members through big questions facing procurement and supply chain professionals, before detailing the part Penny plays in providing the answers.

"We're essentially solving an optimisation problem, with different parameters and angles," he added.

"At Penny, we stated by creating digital channels where procurement and supply chain activities take place. Then, we went a step further by consolidating all the digital processes into a single, central platform.

"From that point onward, we identify areas where we can automate tedious, repetitive tasks that procurement professionals usually complete.

"Achieving AI, in a sense, is not the goal. The goal is to achieve optimisation of supply chain requirements."

To hear more from Mohamad Ibrahim, simply follow the video link at the top of this story.

Want to see more from P&SC LIVE? Stay tuned to our website for more content, which will be rolled out in the coming days.

P&SC LIVE continues to expand

Procurement & Supply Chain LIVE continues to expand its repertoire of events, with more to come in 2024 and 2025. Discover our essential diary dates below.

2024 diary dates: