✨ Welcome to the 22nd August edition of SIGNALS.
Throughout the year we have spoken at length about the powerful effect AI is having on procurement, and you'll read more about that today. One of the recurring topics is whether AI in procurement is a key to success or overhyped. Decide for yourself and deepen your knowledge of the state of AI in procurement with our two upcoming webinars:
1. Learn about AI use cases in procurement, sign up to our Aug 28 webinar with Zip on AI in procurement: A pathway for progression.
2. Want to discover the solution providers that are revolutionising procurement, including those that are deploying AI faster and deeper to transform industry? Watch the announcement of the 2024 ProcureTech100 by registering for our Pioneers webinar here
For additional reading, today's SIGNALS covers:
⚡ Curious about how AI can revolutionise your procurement strategy? Dive into our new and exclusive AI in Procurement Series for the latest innovations.
⚡ ProcureTech x Metro Bank: Designing a Next-Gen Digital Procurement Roadmap in the ProcureTech StrategyLab.
⚡Want to know more about our ProcureTech GENERATION - the digital procurement summit? Watch GKN Aerospace's Will Featherstone talk about the key takeaways from last year’s event.
"Although AI implementation can be done in a slightly isolated way, it's always more powerful to get things off the ground if it's part of an overall digital strategy and initiative. It has got to have overall impetus behind it, rather than just being a procurement initiative". Ravi Hayre, Procurement Director, Sky.
Source: ProcureTech x Zip: AI in Procurement, 2024
💡 AI in Procurement Series
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The Future of Procurement: How GenAI is Changing the Game
GenAI is not just a buzzword; it is a powerful tool that promises to transform procurement processes and drive organisations to new heights.
This week, we explore the crucial insights that CPOs should have into the vast potential of GenAI in procurement.
“For procurement, this translates to significant efficiency gains, by automating processes such as data entry, invoice processing and supplier communications. This not only accelerates operations, but also reduces the burden of repetitive tasks on procurement teams, allowing them to focus on value-added activities."
🎉 ProcureTech x Metro Bank
It was great to meet with the Metro Bank (UK) Procurement leadership team last week to co-create their Digital Procurement roadmap and explore the exciting innovation within!
A fantastic and highly collaborative session helping chart a course through a complex and dynamic digital solution market.
The ProcureTech StrategyLAB develops your dynamic digital procurement strategy, operating platform and roadmap. Faster, smart, high impact digital transformation!
Find out more about StrategyLab
🎤 Thought Leaders
ProcureTech GENERATION: The Digital Procurement Summit
We are looking forward to host our upcoming Digital Summit on 2nd September in London.
Will Featherstone, Procurement Excellence Director, GKN Aerospace, delves into how digital procurement is set to change the way organisations operate.
Held in the heart of London, ProcureTech GENERATION brings together procurement industry leaders to collaborate on prioritising digital procurement strategies for 2025. Leading corporations and cutting-edge digital solutions tackle business and procurement challenges, they will explore digital procurement trends, share common challenges, and discuss ways to implement digital strategies.
Exceptional performance needs exponential action !
View highlights from last year's event here.
If you are a corporate procurement leader and interested in our upcoming events, contact us via hello@procuretech.ai
📖 Book of the Week
During our recent STARS interview, Brandon Daniels, Founder and CEO of Exiger, suggests Six Easy Pieces by Richard P.Feynman as an essential read. This book on theoretical physics breaks down complex concepts into simple, digestible insights.
📰 This week's headlines
- Vista Equity Partners Acquires JAGGAER
- Lytica Secures Additional $5Million in Growth Capital from Resolve Growth Partners
- Knowde Closes $60Million Series C Funding Round
- How TotalEnergies is Making Procurement More Sustainable
- Freightos Acquires Shipsta, Expanding Comprehensive Digital Freight Procurement Solution
🗓 Key dates
- TealBook + Google: No Data, No AI: Bringing AI Powered Procurement to Life, Virtual Event, August 27
- AI in Procurement: A Pathway for Progression , Virtual Event, August 28
- CIPS Excellence Awards, London, September 18
- ProcureTech GENERATION: The Digital Procurement Summit, London, September 2
- ProcureCon EU, Barcelona, September 17-19
- Zip Forward, London, September 25 2024
- ProcureTech Founders' Circle, London, October 3
- Ivalua Women & Procurement Workshop, London, October 3
- DPW Amsterdam, Amsterdam, October 8-10
- 2024 ProcureTech100 PIONEERS, Virtual, October 22
- Archlet Elevate - Unleashing the Power of Procurement with AI, Zürich, October 23
All the best,
The ProcureTech Team
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