Purchasing News Hubb
Advertisement
  • Home
  • Procurement
  • Supply Chain
  • Contact us
No Result
View All Result
  • Home
  • Procurement
  • Supply Chain
  • Contact us
No Result
View All Result
Purchasing News Hubb
No Result
View All Result
Home Procurement

Get your hands dirty with Chat GPT for digital procurement – Spend Matters – PASA

admin by admin
April 15, 2023
in Procurement


More apps don’t solve problems.

It was a clear and concise message from Spend Matters Managing Director Pierre Mitchell’s headline keynote at ProcureTECH ‘23 live from Chicago. 

Pierre says one of the emerging trends to look out for is the shift from apps to integrated platforms or “app monoliths to platform-based components.”

Speaking a lot on creating visibility from ”outside in”, Pierre said there was a shift to everyone getting off spreadsheets” when it comes to sourcing and making this environment “even more simple”. 

“Analytics is the number one area people are focusing on to drive more digital value,” he said. 

The highlight of Pierre’s presentation summarised a dozen recommendations on digital procurement which was rounded out with a call to procurement professionals to embrace ChatGPT and “get smart on digital”.

“Get your hands dirty, go play with Chat GPT,” said Pierre. He even provided four real-life examples of ChatGPT being used to make light work of everyday tech procurement queries. 

One question answered in great detail by the AI tool was: ‘What are 5 examples of “contract obligations” and how should they get modelled and monitored within a contract management CLM system?’

Another question posed to Chat GPT related to Ad Hoc Benchmarking – 

‘How are companies modelling and scoring different types of business/commercial risks within their contracts?’ And the response? This was detailed into five key methods: Risk categorisation, contract language analysis, risk scoring, data analysis and risk modelling. 

ChatGPT is being used in all sorts of ways in procurement from suggesting contract proposals generated from email content, to gauging the performance of suppliers and even enhancing the supply chain visibility by providing real-time updates on shipments and inventory levels. 

Pierre suggested the best eProcurement solutions enable key procurement strategies, like category management for instance, as the basis Spend Matters’ 12 recommendations for 2023. 

Top of the list for the 12 recommendations on digital procurement was to “link digital capabilities to needed business capabilities and outcomes” and be well-versed in the company’s digital policies. 



Source link

Previous Post

LevaData’s Keith Hartley on the “decision abyss” podcast

Next Post

Top supplier risks and disruptions that Procurement must manage in 2023

Next Post

Top supplier risks and disruptions that Procurement must manage in 2023

Recommended

Conversations With Chief Procurement Officers : LV CPO

September 14, 2022

Production of cardiac device slowed by raw materials shortage

December 23, 2022

Don't miss it

Supply Chain

Vendor Analysis (Part 1) — SxM solution overview

June 2, 2023
Procurement

Calls for Investigation into Feasibility of Australia’s $368 Billion AUKUS Defence Procurement

June 1, 2023
Supply Chain

Getting to the heart of procurement strategy at SIG’s SIGnature Event

June 1, 2023
Procurement

Industrial Procurement Blogs : Julian Hackett Loram

June 1, 2023
Procurement

Buy Queensland 2023 to support decarbonising supply chains and Brisbane’s Olympic runway

May 31, 2023
Supply Chain

Framespan – Making frameworks work

May 31, 2023

© Purchasing News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Procurement
  • Supply Chain
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Procurement
  • Supply Chain
  • Contact us

© 2022 Purchasing News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/