Discussing Supply Management’s Future-Driven Focus

Imagine equating technology to the development of the cell phone. We’re at the first iPhone stage regarding artificial intelligence (AI) — and organizations can still catch up.

We’re at the “brick phone” stage, however, when it comes to electric delivery trucks and semitrucks being the norm. They are still too costly to build, and there is a lack of infrastructure to support them.

Those were just some of the tips, trends and thoughts from the 2024 ISM & CAPS Research Fall Executive Summit held last week in Napa, California. The Summit marks the first joint event between Institute for Supply Management^® (ISM^®) and CAPS Research, the Tempe, Arizona- based organization in strategic partnership with ISM^® and Arizona State University.

A roundtable session featuring some of the speakers at the 2024 ISM & CAPS Research Fall Executive Summit last week in Napa, California.

The 45 participants heard from subject matter experts on a variety of topics touching on the future of supply management. The event included presentations, use cases and an informative talk on using generative AI.

Tech Takeaways

Technology was a hot topic at the Summit, as supply management organizations look to succeed and develop an advantage. Some of the thoughts:

• AI augments decision-making and can streamline tasks.
• Humans are still needed in the process.
• If you haven’t yet, try out generative AI large language models.
• When analyzing AI necessities, consider your business needs.
• The prompts you ask generative AI models can make a difference in the answers they generate.

The Crystal Ball

Other reflections from attendees and presenters included:

• Be future-ready. A future-ready supply chain recognizes that geopolitics are a driving force and has strategies to deliver results.
• Use supplier relationships to generate ideas and shape the future of the buying function and other areas.
• University students studying supply chain management and related topics must be tech ready.
• Nearshoring, friendshoring and reshoring are part of the future of supply management, as the historic trend toward total globalization wanes.
• Many countries around the world have had or will be having elections this year, which could impact policies, supply chains and regulations.
• Risk management, ensuring supply and keeping down costs are among the biggest challenges for companies.
• The need for supply chain resilience and visibility has not diminished as organizations have emerged from the pandemic.