Synertrade Keynote: PSC LIVE London 2024

Speaking at Procurement & Supply Chain LIVE London Global Summit 2024, Olivier Berrouiguet delivered an engaging keynote presentation that provided a balanced view of AI’s potential and limitations, while also highlighting some actionable insights that attendees could leverage when navigating the challenges of modern procurement.

Olivier begins his session by outlining the transformative journey of Synertrade, which has been at the forefront of e-procurement solutions for more than two decades. 

He highlights the shift from pioneering sourcing tools to comprehensive source-to-pay systems. These advancements have enabled the company to support businesses in at least 20 countries.

Olivier describes the excitement around generative AI (Gen AI), which has captivated the technology sector, but warns against treating it as a universal solution. 

“AI is a fantastic tool but it cannot solve all of your situations in procurement," he cautions. "It needs to be dedicated to some cases." 

While Gen AI represents a leap in AI's accessibility and usability, Olivier emphasises that it is only one part of a broader ecosystem of AI technologies.

He draws attention to Gartner's Hype Cycle, predicting a phase of disillusionment where real-world limitations of Gen AI will become evident.

Addressing AI challenges

Olivier urges procurement leaders to focus on defining precise objectives before deploying AI solutions. 

“The real question is about what I want to solve as a CPO, as a procurement leader,” he states.

He emphasises the importance of identifying KPIs to guide investments in AI technologies, especially in complex environments like procurement, where multifaceted challenges abound.

Drawing from his experience, he notes the limitations of AI, such as its inability to clean databases or automate certain operations. Instead, Olivier recommends integrating AI tools tailored to specific use cases, ensuring they complement existing processes. 

For example, Synertrade's "data fabric procurement” approach centralises information from multiple sources to deliver analytics and decision-making tools for procurement teams.

He illustrates these points with examples, such as managing supplier onboarding processes, which remain cumbersome for many organisations.

“Even large companies have a manual process based on Excel to manipulate some time [...] which is unbelievable [...] we want to address this," he observes, calling for more efficient, AI-supported solutions.

What next for AI in procurement?

Looking ahead, Olivier outlines areas where AI could have the most significant impact, including multi-risk management, compliance and working capital performance. 

He stresses that AI’s role in procurement is not to replace existing practices but to enhance them by providing actionable insights and automating repetitive tasks.

As regulatory demands increase, compliance tools are becoming crucial. Olivier highlights the need for solutions that simplify compliance processes and reduce the burden on procurement teams. 

He also touches on the importance of real-time data for managing working capital, ensuring that organisations can respond quickly to evolving market conditions.

Closing his session, Olivier reiterates the importance of aligning AI tools with strategic objectives. 

He says: “What is the KPI? What do we want to show to the stakeholders and to our team that we are compliant with the compliance regulations [...] it’s really important before your start to invest any time or money."

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