Art of Procurement Philip Ideson

“Longer term, I think people haven’t fully understood the power of generative AI beyond their own personal use cases. But now, the central theme is really testing out where it can go.” - Nick Heinzmann, Head of Research at Zip
AI has been in the mainstream long enough now that it’s time for procurement to get specific and systematic about where, when, and how to apply it to the tech stack in order to generate the most value for the business.
In this episode, Philip Ideson and Kelly Barner speak with Lance Younger, CEO of ProcureTech, and Nick Heinzmann, Head of Research at Zip, about current best practices for positioning AI in the tech stack and how procurement can navigate the inherent risks that may accompany digital transformation. They also discuss the value and benefits AI can bring to procurement, like optimizing the S2P workflow, data management, compliance, and process efficiency.
Listen in to discover: 
The best ways to apply and integrate AI across procurement’s entire stakeholder network The most important areas of risk procurement should be aware of when adopting AI The ideal role AI plays in the procurement tech stack, including outsourcing Links:
Subscribe to This Week in Procurement Lance Younger on LinkedIn Nick Heinzmann on LinkedIn Watch on Demand: Unleashing the Power of Generative AI in Procurement

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time.
Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement.
Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

Procurement teams within private equity firms manage hundreds of portfolio teams worldwide. They must prove the value they create with each program at any given moment. With precise, robust data not always available, these teams are left to determine supplemental ways to demonstrate cost savings, capex reductions, and cost avoidance to C-suite stakeholders.
In this episode, Philip sits down with Paul Dhaliwal, Director of the U.S. Capstone Team at KKR, at the 2024 CoreTrust Conference in Tampa to discuss how GPOs play a key role in driving value and change across private equity portfolios. They also dive into how Paul and his team use GPO relationships to tell a clearer story with the data they have.
Paul shares his insight on leveraging GPOs within private equity, including:
The specific metrics and methods his team uses to measure procurement value across KKR’s portfolio How identifying critical areas of engagement with the right GPO partner empowers teams to leverage those relationships and drive results at scale Why private equity procurement teams need to track the right data points and build credibility so they can sell a specific story with greater ease.
Links:
Paul Dhaliwal on LinkedIn Subscribe to This Week in Procurement

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time.
Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement.
Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

“A contract lifecycle management platform drives processes for you. That drives your price down, your risk down, and you get the best of all worlds like procurement wants." - Paul Bagley, Director of Commercial Contracting at Acosta
Historically, procurement viewed contracts as a legal formality, something only to be referred to when things go wrong with a supplier. 
This outdated approach leaves a goldmine of untapped value and insight on the table, and it’s time for procurement to have a mindset shift when it comes to the way they use, store, value, and leverage digital contracts.
In this episode, Philip Ideson and Kelly Barner talk with Paul Bagley, Director of Commercial Contracting at Acosta, and Toby Laforest, Director of Product Marketing at Ironclad, about how procurement can leverage the full potential of digital contracts and the technology required to make it happen.
They’ll explain: 
Why digital contacts are strategic assets that can provide bottom-line value to the business Why most procurement teams are currently not taking advantage of AI and contract lifecycle management platforms to extract value from their contracts (and what that mistake is costing them) The myriad benefits procurement - and the business - will see when they normalize contract discussions and regularly refer to contract-based insights with suppliers and stakeholders Links:
Paul Bagley on LinkedIn Toby Laforest on LinkedIn Watch on Demand: Connecting the Dots with Digital Contracts Subscribe to This Week in Procurement

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time.
Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement.
Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.