The AI in Business Podcast Driving Procurement Efficiencies for Oil & Gas - with Faraz Shahid of Cheniere Energy
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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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Varying Challenges in Oil and Gas
- The oil and gas industry faces diverse challenges depending on its sub-sector.
- The LNG sector's biggest challenge is workforce shortages due to retirements and competition from other industries.
AI for Transactional Efficiency
- The oil and gas industry is leveraging AI for transactional efficiency due to workforce shortages.
- They are using predictive and generative AI to structure data and improve processes like sourcing and inventory management.
Predictive Maintenance Partnership
- A major cloud provider is partnering with a Houston-based oil and gas company to improve forecasting, allocation, and replenishment.
- This partnership aims to predict needed equipment like bearings and piping using existing metadata.