The Emerging Role of AI in Supply Chain Management
An expert panel at a DCAT Week education program will examine how AI may change how bio/pharma companies and their suppliers will do business. Will your next supply deal be negotiated by AI? Can AI protect your company from costly supply-chain disruptions?
AI in supply-chain management
Artificial intelligence (AI) has created enormous interest across all industries for its potential to create new products, increase productivity, and enhance sustainability efforts, including procurement and supply-chain management. Despite its potential, however, separating reality from the promise of AI has been a challenge, and its adoption has been slowed by perceptions relating to its cost and the complexity of applying it.
Although the bio/pharma industry is readily adopting AI in drug discovery and marketing, companies are just starting to pilot use cases for AI in supply-chain management. Still, bio/pharma companies and their suppliers need to understand AI’s potential in supply-chain management and how may it shape how companies do business in the supply of direct materials used in bio/pharma development and manufacturing.
To address that crucial issue, an expert panel at DCAT Week, the flagship event of the Drug, Chemical & Associated Technologies Association (DCAT), will discuss how AI is changing supply-chain management and procurement and facilitating companies to be more proactive in managing their supply chains.
The program, Research & Benchmarking Executive Summary: The Emerging Role of Artificial Intelligence in Supply Chain Management, will be held on Tuesday March 19, 2024 (8:00 to 9:00 AM) at DCAT Week and will feature leading experts (see panel participants below) from inside and outside of the industry to provide first-hand knowledge on how AI is and can be used in supply-chain management.
Companies with a large numbers of global suppliers are using AI applications to manage supplier relationships and negotiate supply deals. Martin Rand, CEO, Pactum, a leader in AI-driven supplier-management applications, counting Walmart and Medline among its clients, will explain how AI is now being used in negotiations between suppliers and customers.
AI-based applications can also anticipate the risks of geopolitical, climate and economic events so that companies can proactively prepare for, even prevent, interruptions to even the lowest tier of their supply chains. Koray Köse, Chief Industry Officer, Everstream Analytics, a leading provider of services to monitor and anticipate potential supply-chain disruptions used by a number of bio/pharmaceutical companies, will explain on how AI is and can be used by companies to more proactively manage their supply chains.
To gain a perspective from an industry view, also on the panel will be David McCarthy, Senior Director, Enablement & Strategic Insights, Pfizer, where he leads overall third-party risk management for the enterprise, with a particular focus on supply assurance and risk mitigation for direct materials. The panel discussion will be moderated by Vishal Bhandari, Partner, Healthcare & Life Sciences Practice and Co-Leader, Global Life Sciences Sector, with the global management-consulting firm, Kearney. He is also co-founder of Kearney’s Center for Supplier Risk Management and is co-leading its offering PRISM (Proactive Risk Intelligence in Supply Management).
Results from DCAT’s latest research & benchmarking study
In addition to the panel discussion, Jim Miller, Consultant and Content Advisor, DCAT, will provide the highlights of DCAT’s latest study, The Emerging Role of Artificial Intelligence (AI) in Supply Chain Management. Developed through the DCAT Research & Benchmarking Committee, the study gained the input of DCAT Member Companies—both bio/pharma companies and suppliers—on the role and potential of AI in supply-chain management in the bio/pharma industry. The study gained input from senior executives on the role of AI in sourcing and supply chain management—its potential, the types of projects and activities for which AI may be applied, and its challenges to use and adoption.
The DCAT Week program, Research & Benchmarking Executive Summary: The Emerging Role of Artificial Intelligence in Supply Chain Management, is available on a complimentary basis exclusively to DCAT Member Companies, but you must register to attend. Further information, including how to register may be found here.
The program will be held on Tuesday March 19, 2024 (8:00 to 9:00 AM) during DCAT Week at the InterContinental Barclay Hotel, Grand Ballroom, 2nd Floor, DCAT’s HQ hotel during DCAT Week.
