The ROI Rules of AI: Procuring Success (Sponsored Content)

Masters in Business

Bloomberg

Business, Investing

4.4 • 2.2K Ratings

🗓️ 16 December 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Finding and onboarding new suppliers is a time-consuming process for procurement staff. Dun & Bradstreet has partnered with IBM to apply artificial intelligence to the process, enabling staff to query its databases in plain English to find suppliers who fit the criteria they need. The result is a simpler, faster process that is saving companies time and money. This episode is sponsored by IBM.

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Transcript

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0:00.0	Since you're a subscriber to this Bloomberg podcast, we thought you'd be interested in a new four-episode sponsored podcast called The R.O.I. Rules of AI. Produced by IBM and Bloomberg Media Studios, it explores how business leaders are thinking about the return on investment of artificial intelligence projects.
0:21.8	You can subscribe wherever you listen to your favorite podcasts.
0:26.0	Here's a recent episode.
0:28.8	Imagine you work in the procurement office of a major company.
0:33.4	You've been assigned to find a supplier for a key component of your flagship product.
0:39.4	You need to limit your company's risk.
0:42.3	So you begin by asking, is a potential supplier financially healthy?
0:48.7	Are they being sued?
0:51.8	How do they score on environmental, social, and governance metrics? What are the odds that
0:58.1	supplier could be temporarily shut down by a war or a hurricane? And those are just some of the
1:07.1	questions you'd have to answer. It could take you days to thoroughly investigate just one potential supplier.
1:15.0	The problem was efficiency.
1:17.5	What we found is that every one of these tasks are pretty time-consuming.
1:23.5	That's Gary Kodovitz, chief data and analytics officer at Dun & Bradstreet.
1:28.8	His company is just out with a new product powered by artificial intelligence that enables procurement professionals to research suppliers quickly.
1:38.0	This is the story of how they built it and what they and their clients learned along the way.
1:47.3	From IBM and Bloomberg Media Studios, this is the ROI Rules of AI, and I'm your host, Edward Adams.
1:55.7	On this podcast, we're exploring how organizations of all sizes are using AI to transform their operations,
2:03.6	aiming to increase their return on investment and that of their customers.
2:14.1	There's no more storied company in financial data than Dun & Bradstreet.
2:19.0	Dun & Bradstreet is a data and analytics company that's been around for almost 200 years.
2:23.7	We collect data on over 590 million private companies, and we provide our customers insights into supply chain management, credit decisioning, lending decisioning, and sales and marketing.
	...

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