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The AI in Business Podcast
Digitalization of Procurement and Supply Chain Functions in F&B Spaces – with Saurin Patel of Symrise AG
Nov 18, 2024
19:01
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Saurin Patel, Digital Transformation & Analytics Lead at Symrise AG, shares insights from his extensive experience in the flavorful world of F&B procurement. He discusses the intricate challenges of digital transformation, including managing suppliers and optimizing inventory amid geopolitical tensions. Patel emphasizes the vital role of accurate forecasting and how data management, enhanced by AI, is crucial for operational efficiency. The importance of evolving procurement strategies to maintain competitiveness in a rapidly changing landscape is also highlighted.
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Quick takeaways
- Procurement leaders in the F&B sector face increasing complexity due to geopolitical crises, necessitating effective inventory management to mitigate risks.
- Leveraging technology and advanced data analytics empowers procurement professionals to enhance supply chain resilience and make informed inventory decisions.
Deep dives
Challenges in B2B Procurement
The food and beverage sector faces numerous challenges in procurement, particularly amid geopolitical crises and supply chain pressures. Companies experience price wars, supply crunches, and unexpected international conflicts that complicate the management of suppliers and inventory levels. Ensuring the availability of raw materials is crucial, as any shortages can lead to disruptions in production and financial strains. Procurement leaders must optimize inventory levels to balance cost-effectiveness with the need for reliable supply, making their roles increasingly complex in today’s dynamic landscape.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode