Reshaping Procurement, Microchip Funding, and OpenAI advances
New look newsletter to keep you in the know...and AI OFC
Hey Procurement Legends, the new Issue of World of Procurement is the best way to stay-up-dated on all procurement, contract management, and supply chain news in one easy-to-read email.
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PS. change of format for the weekly article designed to help you stay-up-to-date better than ever.
Daniel
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Trending Articles this Week
The article "Seven Forces Reshaping Procurement" by Mudit Garg discusses the impact of geopolitical tensions, natural disasters, and inflation on procurement. To manage risks, procurement leaders must monitor and manage their exposure to geopolitical risks, consider hedging and price-indexing strategies, and use generative AI to streamline workflows and augment decision-making. (Read Article).
Global Insights
LavenirAI, the trailblazing AI-powered Procurement negotiation training platform,has secured significant investment from The Dyson-Kissner-Moran Corporation (DKM). This collaboration brings together LavenirAI's cutting-edge technology and DKM's expertise in supporting and growing leading companies, fostering a new era of transformative solutions for Procurement professionals.
The UK government's £1bn investment in the semiconductor industry has been criticized for lacking ambition compared to the US and EU's larger programs. Semiconductors are crucial to modern technology, and concerns over the industry's fragility have been heightened by the pandemic and fears of China's plans for Taiwan. The US pledged $52bn in semiconductor manufacturing and research subsidies, while the EU drew up a €43bn investment plan. The UK strategy includes a semiconductor advisory panel and incubator and plans to mitigate supply chain threats by working with other countries.(Read here)
EV vs ICE Vehicles: The carbon impact of internal combustion engine (ICE) vehicles remains the same every year of use, while charging EVs becomes greener over time as the electricity grid shifts towards more renewable sources. (Read here)
KPMG and Circulor have formed an alliance to offer a complete package for tracing critical raw materials throughout the battery and industrial value chains, from extraction to the end of a product's "first life" and beyond. The software tracks the physical flow of materials, captures sustainability and product data, and facilitates recovery and recycling efforts. This approach can also support the automotive industry in meeting the US Clean Vehicle Tax Credit and the EU Battery Regulation requirements, which mandates a digital battery passport for each battery above a minimum threshold. (Read here)
"Social listening is going to become a big, big tool to be able to identify where there might be a hotspot around child labor, forced labor, indentured servitude or some type of exploitation in a supply chain." (Read here)
AI in the News
Gatekeeper
We know that legal jargon in lengthy agreements can be a real pain to understand. That's why we've teamed up with OpenAI, the organisation behind the innovative ChatGPT language model, to create Contract Summary.
This feature uses OpenAI's TL;DR function to generate easy-to-understand contract summaries in just a few seconds.
Contract Summary is a real time-saver, streamlining the entire contract-review process. You can quickly see the key elements of a contract and have more time for other high-value tasks that require your expertise.
For more information on Contract Summary, please refer to this Knowledge Base article.
Note: This feature is free for all users, but it must be manually enabled.
Chat GPT
ChatGPT has rolled out additional beta features to ChatGPT Plus Account Holders. I have access and am using ChatGPT as a research assistant in the background while I get on with the ever-growing mountain of work. Spend £20 a month on this and learn how to use it.
You can also utilise plug-ins, such as Zapier, to create a no-code workflow to enhance your work.
You can also use it to create visuals for process maps via the Show Me plug-n which will help you with just about anything you need to do in your role.
As part of the Paid Membership, I’ll build a guide for Procurement Pros on this.
Want to brush up on your ability to ask questions or find new things out? Check out character.ai. We will see more use cases like this develop over the coming years and it pairs particularly well with the Lavenir.ai announcement above.
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As always, my friends, I truly appreciate that you read this.
Daniel