Mar 16, 2021
Edmund Zagorin, Founder of Bid Ops
Play • 1 hr 31 min

How Bid Ops has automated supplier negotiations and brought artificial intelligence to supply chain management. Strategic sourcing trends for 2021 and so much more!

Episode notes:

John Cooper/Industrial Exchange on increased SKUs increasing management costs 7:12. ‘Spend fragmentation’ 8:17. Volatility and disruption 8:43. Massive congestion at ports 9:07. Instability associated with economic inequality 9:46. Strategy for identifying mission critical processes 10:09. Increasing optionality and process speed 10:52. How AI can automate supplier negotiations 11:33. Smart defaults 13:38. Cunningham’s law 14:06. Default pricing 15:23. Winners curse 16:23. AI and ML make automating intelligent price recommendations at scale possible 16:50. 2-5x cost saving 18:23. Adaptive target pricing 18:31. How behavioral economics informs the development of AI 20:49. Daniel Kahneman’s “Thinking Fast and Slow” 21:14. Fair Markets and Ariba 22:29 Leading with ‘best outcome’ 23:39. Inefficiencies in supplier negotiations 26:09. Adverse and auspicious selection 26:41. Sourcing enablement 28:39. Sourcing collaboration 31:31. Criteria for selecting strategic sourcing solutions 35:26. ROI from Bid Ops solutions 41:15. UCB Biopharma 45:40. BASF chemical manufacturing 48:15. Holman ARI Automotive 50:29. Bell Food and Beverage 52:18. Consumer Packaged Goods 53:14. The importance of a digital strategy 54:34. Embracing the cloud 55:34. Prepare for volatility 58:45. Optionality + Agility = Resiliency 1:04:22. Agility 1:08:07. Building deeper supplier relationships 1:09:56. The rise of sustainability as a business imperative 1:13:08. EV sustainable procurement  (Lordstown and Nikola) 1:16:39. The most talented workers are drawn to companies with a mission for social good 1:17:28. CSR measurement companies EcoVadis and IntegrityNext 1:18:25. Role of data management in AI 1:20:42. Coupa and Netsuite ERP solutions 1:27:53. Procure to play companies SourceDay and Procurify 1:28:07.

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