FIO

LOGU

Foundations in AI for the Procurement Department

 This course provides an overview of how AI can specifically benefit the procurement processes and operations, offering a teaser into potential applications tailored for this department.

Duration - 2 Hours

Table for Course Outline:

Module NameDurationDescription
Introduction to AI in Procurement24Brief introduction to the use of AI in procurement.
AI for Vendor Management24Discuss AI's role in managing vendor relationships effectively.
AI in Contract Negotiation24Explore how AI can aid in automating and optimizing contract negotiations
AI for Risk Management 24Examination of AI tools for risk assessment in procurement.
Forecasting with AI24Look at how AI can improve accuracy in demand and cost forecasting.

1. Automated Vendor Selection: Using AI to evaluate and choose the best vendors based on performance, pricing, and risk factors.
2. Intelligent Contract Management: AI tools that analyze and manage contract terms to ensure compliance and optimize negotiations.
3. Spend Analytics: AI-driven insights into procurement spending to identify savings opportunities and improve budgeting.
4. Predictive Maintenance: Utilizing AI to predict when equipment or systems might fail, thereby scheduling timely maintenance.
5. Risk Assessment Tools: AI applications that assess potential risks in the supply chain and suggest mitigation strategies. Role-Based Courses:
Roles: Purchasing Manager, Supply Relationship Manager, Procurement Analyst, CPO (Chief Procurement Officer)

Purchasing Manager (2 hours)

Course Name: AI in Purchasing Management
Learning Outcomes: Learn how AI can be integrated into purchasing processes to improve efficiency and accuracy.

Table for Course Outline:

Module NameDurationDescriptionSome AI Tools Related to the Module
AI for Purchase Order Automation20Automating purchase orders with AI.SAP Ariba (paid)
AI-Driven Inventory Management20Using AI to optimize inventory levels and reduce waste.Slim4 (paid)
AI for Supplier Relationship Management20Leveraging AI to optimize supplier selection, monitor performance, and maintain strong relationships, ensuring a reliable and efficient supply chainCoupa (paid)
Hands - on 60Practical session to develop an AI tool for purchasing tasksCustom Agent Building

AI Tools:

  • SAP Ariba: SAP Ariba utilizes AI to automate purchasing processes, enhancing efficiency and reducing errors.
  • Slim4: Slim4 integrates AI to provide real-time inventory forecasts and recommendations,
    optimizing stock levels.
  • Coupa: Coupa is a comprehensive business spend management platform that includes advanced AI capabilities specifically designed to enhance supplier relationship management. The platform uses AI to analyze supplier data, track performance metrics,
    and provide insights into supplier reliability and risk

Supply Relationship Manager (2 hours)

Course name: Enhancing Supplier Relations with AI

Learning Outcomes:Understand how AI can be used to strengthen supplier relationships, manage risk, and optimize collaboration.

Table for Course Outline:

Module NameDurationDescriptionSome AI Tools Related to the Module
AI for Supplier Selection20Leveraging AI to enhance supplier selection processes.Tealbook (paid)
AI in Risk Management20Using AI to assess and mitigate risks in supply chains.RiskOversight (paid)
AI-Enhanced Contract Management20Utilizing AI to automate and optimize contract management processes, improving compliance, negotiation, and monitoring of supplier contracts.Cobblestone Contract Management (paid)
Hands - on 60Practical session to develop an AI tool for supplier management.Custom Agent Building

AI Tools:

• Tealbook: Tealbook employs AI to improve the accuracy and efficiency of supplier discovery and vetting.
• RiskOversight : RiskOversight utilizes AI to identify, assess, and mitigate risks in the supply chain dynamically.
• Cobblestone Contract Management: Cobblestone Contract Management is a leading AI- powered platform that helps organizations manage their contracts more effectively. The software utilizes AI to analyze contract terms, track obligations, and identify compliance risks automatically

Procurement Analyst (2 hours)

Course name: AI-Driven Procurement Analysis

Learning Outcomes: This course aims to teach how AI can be utilized in procurement for better data analysis, demand forecasting, and strategic planning.

Table for Course Outline:

Module NameDurationDescriptionSome AI Tools Related to the Module
AI in Procurement Data Analysis20Using AI for enhanced data interpretation and insightsKinetica (paid)
AI for Demand Forecasting20Implementing AI for accurate and timely demand predictions.Blue Yonder (paid)
AI-Driven Contract Lifecycle Management20Using AI to streamline contract management processes, enhancing compliance, automating contract creation and monitoring, and optimizing renewals and renegotiations.Cobblestone (Paid)
Hands-on60Developing AI tools for procurement analytics.Custom Agent Building

Brief explanation for all the specific AI tools mentioned above:

• Kinetica: Kinetica leverages AI to process and analyze large sets of procurement data rapidly, providing actionable insights.
• Blue Yonder: Blue Yonder uses AI to forecast demand accurately, helping companies to optimize their procurement strategies.
• Cobblestone: Cobblestone is a leading contract lifecycle management software that integrates advanced AI technologies to transform how contracts are managed in procurement. The platform utilizes AI to automate contract drafting, enforce compliance with regulatory and policy requirements, and extract key terms and clauses for easy review.

CPO (Chief Procurement Officer) (2 hours)

Course Name:AI Leadership in Procurement
Learning Outcomes: Explore how AI can be strategically implemented at executive levels to drive procurement innovation and efficiency.

Table for Course Outline:

Module NameDurationDescriptionSome AI Tools Related to the Module
Strategic AI Integration20Strategies for integrating AI into procurement processes.IBM Watson Supply Chain (paid)
AI for Enhancing Procurement Decisions20How AI contributes to making better procurement decisions.SAP Ariba (paid)
AI for Supplier Innovation and Collaboration20Utilizing AI to foster innovation and enhance collaboration with suppliers, creating value-added partnerships that improve product quality and procurement agility.Microsoft Dynamics 365 AI (paid)
Hands-on 60Hands-on session to create AI solutions for strategic procurement.Custom Agent Building

Brief explanation for all the specific AI tools mentioned above:

  • IBM Watson Supply Chain: IBM Watson Supply Chain utilizes AI to provide insights that enhance supply chain visibility and agility.
    • SAP Ariba: SAP Ariba utilizes AI to automate purchasing processes, enhancing efficiency and reducing errors.
    • Microsoft Dynamics 365 AI: Microsoft Dynamics 365 AI offers a suite of artificial
    intelligence capabilities that enhance various business processes, including procurement. The platform’s AI functions can help Chief Procurement Officers to analyze supplier performance and innovation capabilities dynamically.