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Episode 106  |  30:57 min

Building An A.I. Powered Negotiation and Procurement Chain

Episode 106  |  30:57 min  |  10.21.2019

Building An A.I. Powered Negotiation and Procurement Chain

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This is a podcast episode titled, Building An A.I. Powered Negotiation and Procurement Chain. The summary for this episode is: <p>&nbsp;Procurement chains become increasingly complex the larger an organization becomes, which means that many gaps occur that cost the organization money rather than saving it. Valuable, cost-saving data is missed or lost, processes are elongated, and inefficiencies grow. A.I. and Machine Learning are tools that can be used to address these issues and many others. It’s up to us as the procurement professionals in our organizations to open our minds to the possibilities, learn about what’s happening with A.I. and M.L. now, and begin to integrate what we learn into our current procurement chains for the benefit of our organizations, teams, and customers. Join me as I speak with Kevin Frechette and Tarek Alaruri of Fairmarkit, a company that is using these tools to automate buying decisions, achieving cost savings of over 15% on non-strategic spend.</p><p><br></p><h2>Resources &amp; People Mentioned</h2><ul><li> </li><li><a href="https://www.servicenow.com/" rel="noopener noreferrer" target="_blank">ServiceNow</a></li><li><br></li><li> </li><li><a href="https://grammarly.com" rel="noopener noreferrer" target="_blank">Grammarly</a></li><li><br></li><li> </li><li><a href="https://tethr.com/" rel="noopener noreferrer" target="_blank">Tethr</a></li><li><br></li><li> </li><li><a href="http://www.gong.io" rel="noopener noreferrer" target="_blank">www.Gong.io</a></li><li><br></li><li> </li><li><a href="https://www.whirlpool.com/" rel="noopener noreferrer" target="_blank">Whirlpool</a></li><li><br></li><li> </li><li><a href="https://www.ge.com/" rel="noopener noreferrer" target="_blank">General Electric</a></li><li><br></li><li> </li><li><a href="https://www.sap.com/index.html" rel="noopener noreferrer" target="_blank">SAP</a></li><li><br></li><li> </li><li><a href="https://corporate.univision.com/" rel="noopener noreferrer" target="_blank">Univision Communications</a></li><li><br></li><li> </li><li><a href="https://en.wikipedia.org/wiki/Jack_Dorsey" rel="noopener noreferrer" target="_blank">Jack Dorsey</a> (Twitter and Stripe)</li><li><br></li><li> </li><li>BOOK: <a href="https://www.amazon.com/Challenger-Sale-Control-Customer-Conversation/dp/1591844355" rel="noopener noreferrer" target="_blank">The Challenger Sale</a></li><li> </li></ul><h2>Connect with Kevin Frechette and Tarek Alaruri</h2><ul><li> </li><li><a href="https://fairmarkit.com" rel="noopener noreferrer" target="_blank">Fairmarkit</a> - the company where Kevin and Tarek serve</li><li><br></li><li> </li><li>Connect with Kevin <a href="https://www.linkedin.com/in/kevin-frechette-49652921/" rel="noopener noreferrer" target="_blank">on LinkedIn</a></li><li><br></li><li> </li><li>Connect with Tarek <a href="https://www.linkedin.com/in/tarekalaruri/" rel="noopener noreferrer" target="_blank">on LinkedIn</a></li><li> </li></ul><h2>Connect With Mark</h2><ul><li> </li><li>Follow Negotiations Ninja on Twitter: <a href="https://twitter.com/NegotiationPod" rel="noopener noreferrer" target="_blank">@NegotiationPod</a></li><li><br></li><li> </li><li>Connect with Mark <a href="https://www.linkedin.com/in/markraffan/" rel="noopener noreferrer" target="_blank">on LinkedIn</a></li><li><br></li><li> </li><li>Follow Negotiations Ninja <a href="https://www.linkedin.com/company/negotiations-ninja-podcast" rel="noopener noreferrer" target="_blank">on LinkedIn</a></li><li><br></li><li> </li><li>Connect on Instagram: <a href="https://www.instagram.com/negotiationpod/" rel="noopener noreferrer" target="_blank">@NegotiationPod</a></li><li> </li></ul><p><a href="https://plinkhq.com/i/1300435924" rel="noopener noreferrer" target="_blank"><strong>Subscribe to Negotiations Ninja</strong></a></p>

 Procurement chains become increasingly complex the larger an organization becomes, which means that many gaps occur that cost the organization money rather than saving it. Valuable, cost-saving data is missed or lost, processes are elongated, and inefficiencies grow. A.I. and Machine Learning are tools that can be used to address these issues and many others. It’s up to us as the procurement professionals in our organizations to open our minds to the possibilities, learn about what’s happening with A.I. and M.L. now, and begin to integrate what we learn into our current procurement chains for the benefit of our organizations, teams, and customers. Join me as I speak with Kevin Frechette and Tarek Alaruri of Fairmarkit, a company that is using these tools to automate buying decisions, achieving cost savings of over 15% on non-strategic spend.


Resources & People Mentioned

Connect with Kevin Frechette and Tarek Alaruri

Connect With Mark

Subscribe to Negotiations Ninja

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