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.