Monthly Top 5 - January 2023

Author

Joël Collin-Demers
January 31, 2023 • 📖 5 minutes

Hi there,

The first month of the new year is already behind us!

2022 was in many respects, the "year of AI" with tools like ChatGPT, Images.AI, etc. We saw a gigantic leap in terms of the quality of chat and image-based AI. Google, Microsoft, Amazon and all the big players have established "swat" teams to get their versions of the products out ASAP.

What does that mean for Procurement in 2023?

It means we need to figure out how to leverage these technologies to make sourcing, contracting, buying and paying easier. For example, if you've got good process documentation, a ChatGPT like tool will soon be able to help users complete tasks without feeling like they are locked into an incomplete chatbot decision tree...

Companies will shortly be at your door with all sorts of NextGen products and functionalities. You should already be asking your existing solution providers (e.g. SAP, Ariba, GEP, Ivalua, Coupa, Jaggaer, etc.) how they are going to be leveraging these advances to give you more value for your subscription dollars!

There's a few articles in this month's newsletter to get your creative juices flowing. I'm also working on an article on the subject for next month.

That's it for now. As always, don't hesitate to get in touch if you find something interesting worth sharing with the community.

Cheers,

Joël

Top 5 Source-to-Pay Articles - January 2023

#1 - The Low Down on Chat GPT

What is this Chat GPT thing your keep hearing about? Well, I've found the only article you need to read on the subject to get all your answers...In short, It's a text-based natural language processing (NPL) tool that leverages conversation and follow-up questions to get you your answers. But, it's MILES ahead of anything we've seen before. The implication for Procurement? We need to start thinking about how we can leverage to generate value for our stakeholders!One great use case I've seen for Procurement of MRO parts: Chat GPT automatically generates a long description of a part, what it is made of, important characteristics, it's potential uses, etc. based on the material's short description. I see potential use cases all along the Procurement Value Chain.Do you have other potential Procurement use cases for Chat GPT? Reply to this email. I want to hear them!

#2 - Integrating Weather Forecasts to Source of Supply Selection

With severe weather event frequency only set to increase in coming years, it is interesting to start thinking about how weather forecasts can be integrated into as inputs to your Sales and Operations Planning (S&OP) and procurement processes.If you were able to pick suppliers based on the lowest risks of impact from a planned severe weather event on the fly well... That could be quite an advantage!

#3 - Is Your CPO on the Executive Leadership Team?

Matthias' provocative article will get you thinking about what you need to do to grow Procurement's influence within your company (always a relevant topic...) as you start off 2023. What can you be doing differently to elevate Procurement at your company?"Only about 10 percent of CPOs today are capable of being true business partners to the CEO and the rest of the executive leadership team." Ouch.

These Are the 4 Possible Career Paths for Every CPO Today 
by Matthias Gutzmann at Digital Procurement World (DPW)

#4 - Jump Starting Your Procurement Reading for the Year

If you like my Top 5, you'll like this Top 13 list compiled by Procurious for the start of 2023. There are quick, snappy articles on the following Procurement topics: career planning, AI, diversity, sustainability, how to get the most from conferences, sourcing, SRM and recession-proofing.An easy way to get some good ideas to help your team focus on how they will creatively meet their operational and continuous improvement objectives.

#5 - The Microsoft Excel World Cup

While this article isn't directly Procurement related, I'm sure most of you spend more time in Excel than you care to admit...Well, there is now a new way for you to monetize your skills! The Microsoft Excel eSports World Championship... The prize purse: 15,400$!Read about how this tournament has set out to find the most proficient Excel user in the world or just watch the final (starts around 21:40). I enjoyed this more than I care to admit... It was Excel-lent...Sorry.

The World Cup of Microsoft Excel by Jacob Stern at The Atlantic

You wrote or read a great article? Send it my way, I'd love to read it.

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