Edmund Zagorin, Founder of Bid Ops

How Bid Ops has automated supplier negotiations and brought artificial intelligence to supply chain management. Strategic sourcing trends for 2021 and so much more!

Episode notes:

John Cooper/Industrial Exchange on increased SKUs increasing management costs 7:12. ‘Spend fragmentation’ 8:17. Volatility and disruption 8:43. Massive congestion at ports 9:07. Instability associated with economic inequality 9:46. Strategy for identifying mission critical processes 10:09. Increasing optionality and process speed 10:52. How AI can automate supplier negotiations 11:33. Smart defaults 13:38. Cunningham’s law 14:06. Default pricing 15:23. Winners curse 16:23. AI and ML make automating intelligent price recommendations at scale possible 16:50. 2-5x cost saving 18:23. Adaptive target pricing 18:31. How behavioral economics informs the development of AI 20:49. Daniel Kahneman’s “Thinking Fast and Slow” 21:14. Fair Markets and Ariba 22:29 Leading with ‘best outcome’ 23:39. Inefficiencies in supplier negotiations 26:09. Adverse and auspicious selection 26:41. Sourcing enablement 28:39. Sourcing collaboration 31:31. Criteria for selecting strategic sourcing solutions 35:26. ROI from Bid Ops solutions 41:15. UCB Biopharma 45:40. BASF chemical manufacturing 48:15. Holman ARI Automotive 50:29. Bell Food and Beverage 52:18. Consumer Packaged Goods 53:14. The importance of a digital strategy 54:34. Embracing the cloud 55:34. Prepare for volatility 58:45. Optionality + Agility = Resiliency 1:04:22. Agility 1:08:07. Building deeper supplier relationships 1:09:56. The rise of sustainability as a business imperative 1:13:08. EV sustainable procurement  (Lordstown and Nikola) 1:16:39. The most talented workers are drawn to companies with a mission for social good 1:17:28. CSR measurement companies EcoVadis and IntegrityNext 1:18:25. Role of data management in AI 1:20:42. Coupa and Netsuite ERP solutions 1:27:53. Procure to play companies SourceDay and Procurify 1:28:07.