Automotive Masterclass: Discussing the Intricacies of Automotive Procurement

Summary:

In this Masterclass, automotive expert, Drew Sheffield and Arkestro’s Mike Betts discuss the intricacies of automotive procurement. They explore the challenges faced by procurement teams, the impact of technology on procurement processes, and strategies for navigating supplier relationships and regulatory changes.

The conversation highlights the importance of adopting new technologies, like Arkestro, and optimizing procurement strategies to improve efficiency and cost-effectiveness in the automotive industry.

3 Key Takeaways:

• Arkestro reimagines the quoting process using predictive procurement based on machine learning and behavioral science.
• Arkestro’s platform is designed to handle both direct and indirect spend across various categories, enhancing procurement efficiency.
• The integration of AI and machine learning in Arkestro helps to semi-automate procurement processes, providing significant cost savings and operational benefits.