Turning Intelligence into Action

The Procurement and SupplyChain LIVE event was held on 5 and 6 June 2024, connecting the world’s Procurement and Supply Chain Leaders in North America and Canada. The event aimed to serve as a virtual platform to network and connect with like-minded peers and established companies in these regions.

There were acclaimed keynote speakers and panels to discuss a range of topics including supply chain sustainability, the future of logistics, strategic sourcing, AI in procurement and more.

Beroe’s Chief Product Officer, Prerna Dhawan, spoke to attendees to provide insights on leveraging actionable intelligence for advanced procurement strategies. The talk, “Turning Intelligence into Action: Bridging the Data-Impact Divide in Procurement & Supply Chain Management,” shed light on our Live.ai platform, peering into the future of data-driven decision-making.

Prerna stated, “Actionable intelligence is about supporting procurement teams to amend strategies on the fly, responding to live market and supplier changes—this is the heartbeat of savings and staying ahead.” This is where Beroe Live.ai excels, by enhancing strategic agility and informing crucial negotiations with real-time data.

Prerna made the following key observations:

• Turning Data into Decisions: The platform’s concrete value was illustrated with a success story where insights on corn price seasonality facilitated significant savings for a client, proving that “Market data translates into decisions, delivering impactful business outcomes.”
• Focus on the Problem: Prerna challenged data inundation, advising, “Start with the problem, not the data,” reflecting our targeted, purposeful approach to data analysis. This directive encourages a focused, problem-solving perspective, crucial in today’s environment of overwhelming information.
• Embrace a Learning Culture: The importance of cultivating a ‘test and learn’ culture was underscored to promote data reliability throughout organizations. Prerna highlighted the relationship between analytics and AI, advocating for the smart choice of tools and emphasizing that strategy should guide the selection of technology.
• Making Data Accessible: Clear, consumable presentations of data, Prerna pointed out, are essential for actionable intelligence. “Presenting data in a consumable, clear manner, with an emphasis on storytelling from the user’s perspective, is fundamental.”
• Real-Time Data for Swift Action: Prerna underlined the transformative shift towards real-time data feeds facilitating swift strategic adaptations. Assessing the impact of data initiatives, she stressed the importance of adoption rate and time to value as key success metrics, illustrating our commitment to practical, beneficial technology applications.

Conclusion

In her conclusion, Prerna expressed optimism about our move towards predictive analytics, envisioning a future where data not only reflects but anticipates, making Beroe a beacon of innovation in procurement and supply chain management. The vision for Beroe Live.ai underlines a proactive, anticipatory stance in business strategy, resonating with Prerna’s forward-thinking outlook: “It’s about enabling businesses to anticipate future trends and respond proactively.”

If you want to discover what the Beroe Live.ai could do for your business, get in touch today.