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.