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The AI in Business Podcast
Driving Procurement Efficiencies for Oil & Gas - with Faraz Shahid of Cheniere Energy
Jan 14, 2025
Faraz Shahid, Supply Chain Center of Excellence Lead at Cheniere Energy, shares insights on leveraging technology in the oil and gas industry. He discusses how automation and predictive AI are streamlining procurement processes amidst workforce shortages and data complexities. Shahid highlights the role of AI in enhancing transactional efficiency and managing supplier partnerships while emphasizing sustainability and accountability in supply chains. He also addresses the challenges of integrating legacy data and securing funding for innovation, paving the way for a resilient future.
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Quick takeaways
- Workforce shortages in the LNG sector are driving the need for AI solutions to enhance procurement efficiency and address labor challenges.
- The future of LNG procurement emphasizes sustainability and supply chain resilience, requiring a balance between ethical sourcing and energy security.
Deep dives
Challenges in the LNG Sector
The LNG industry faces significant challenges, particularly in terms of workforce shortages and data management. Many skilled laborers, such as welders and engineers, have exited the industry due to retirements or have transitioned to sectors with more job opportunities, complicating access to specialized labor. This labor shortage coincides with a surge in LNG projects requiring these skills, exacerbating supply chain pressures. Consequently, the industry must enhance transactional efficiency through technology, particularly AI, to navigate these hurdles without sacrificing strategic decision-making.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode