AI in the workplace
Does AI offer the perfect answer for automated ordering?
Knowledge is much more powerful than information – you don’t have to be Einstein to work that out.
When it comes to implementing AI and subscriptive ordering, having information and data is one thing, but knowing how and when to use it is much more valuable.
By Jay Colling, Sales Manager.
What’s the difference between information and knowledge?
Well, as the old joke goes: It’s one thing to know a tomato is a fruit, it’s quite another to know you don’t put it in a fruit salad. What’s the relevance of that, I hear you ask? Well why don’t I let Albert Einstein explain…
“Information is not knowledge.”
Old Albert was a clever bloke. And while he wasn’t being specific about AI and procurement, he might as well have been… Because what he said still rings true. Just as with tomatoes and fruit salads, using information, big data and AI to guide your business processes is nothing without applying some knowledge too. It’s only when you point AI in the right direction and use the information it generates in a knowledgeable way, that you reap the biggest benefits.
Using AI to inform, not instruct
AI has had a mixed press so far. Horror stories about how it will help students cheat with schoolwork, or robots replacing jobs seem to dominate the headlines. But used effectively and correctly, AI will be a key part of your team. Processing and extrapolating data and using it to drive better decisions.
With algorithms analysing purchasing patterns and usage data, and able to take into account individual product preferences and recommendations, you can and will benefit. AI can ensure that you aren’t wasteful – both in the physical and fiscal sense – reducing not only your costs, but your carbon footprint too.
It is by taking the vast amounts of information and using and processing that intuitively that you gain knowledge, and then benefit. And then you will be able to streamline and update your procurement processes and supply chain management so that your business can reap the rewards of a new and exciting age.
How to use AI – in an intelligent way
Intuitive recommendations
AI can be used to analyse not only what you buy, but when you buy it and in what quantities. Collated data can then be used in an intelligent way to predict orders, ultimately leading to improved customer satisfaction, cost savings, and operational efficiency.
Predictive ordering
There’s an old joke about nothing being more valuable than the last piece of toilet paper! So making sure vital supplies never run out is imperative. AI will anticipate when business critical items are running out and order before they do, so you won’t be caught short.
All-in-one
The embodiment of the statement, ‘let the machines do the work.’ Using AI-powered management software and procurement platforms that integrate with existing systems to automate the entire process, making transitions from order to invoice smooth and simple.
Subscription services
AI can analyse the overall usage patterns and create a plan that will keep supplies flowing and ensure that they are paid for, with minimum contact. Algorithms will ensure that the right amounts are sent – and duly invoiced – only when they are needed.
Supply chain optimisation
Predict fluctuations in demand at peak times by monitoring inventory levels and then by identifying the most cost-effective sourcing solutions. Doing so will not only minimise lead times and reduce transport costs, it will enhance supply chain efficiency too.
Sustainability initiatives
Use AI to help you achieve your scope 3 goals. Optimise supply chain logistics to minimise carbon emissions and reduce packaging. AI can suggest more sustainable product alternatives, contributing to environmental sustainability and responsible business practices.
Knowledge is power…
By using AI in the ways mentioned you will gain greater control over your procurement process and have the workplace essentials you need at all times. Subscription services offer greater efficiencies, enhanced customisation and will help you drive sustainability, all while rationalising costs.
Your business is probably already armed with this information, adding AI into the mix turns that information into knowledge. And that will undoubtedly make a difference.
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Simone Hindmarch
Co-founder and managing director