Efficio

❓ AI myth number five: True AI currently exists 💡 The reality: Applied to the technology that currently exists, the term “artificial intelligence” is arguably misleading. AI’s capabilities are undoubtedly impressive, but its outputs are the result of pattern recognition, not human-like “intelligence” like critical and creative thinking, emotional intelligence, or true comprehension. Want to find out about the outlook for AI in procurement? Check out Efficio Principal Craig Hendry's article on "Generative AI and Procurement: Opportunities, risks, and approaches": https://lnkd.in/eMgffmsn #ai #artificialintelligence

Our German Efficio team brought good vibes and bright colours to our annual BBQ! I'm so glad we've all come together to celebrate our last successful year and kick off another fantastic one. 🚀 Here's to #teamwork, great food and memorable moments! Btw: We're always looking for new talent to join our team, so if you're looking for your next step, get in touch or check out our website: https://bit.ly/3VRfice #teamworkmakesthedreamwork #consulting #wearehiring

❓ AI myth number four: Information shared with AI tools is private and secure The reality: Depending on the provider’s policy, data input into AI tools could be stored, analysed, and shared with other parties. Make sure your employees understand the potential consequences of feeding AI tools business-sensitive or confidential information outside of private instances. Check in tomorrow for our last day of AI myths and realities. What have your experiences with AI in procurement and supply chain been? Let us know in the comments! 👇 #ai #artificialintelligence

❓ AI myth number three: AI will drive improved productivity and results 💡 The reality: Like any other tool, AI is just that: a tool. AI can help to improve efficiency and business outcomes, but only if teams understand how to leverage it effectively. Organisations will need to offer ongoing training and upskilling opportunities to take full advantage of AI.   Stay tuned for two more days of AI myths and realities, and feel free to share your experiences with AI in procurement and supply chain in the comments! 👇 #ai #artificialintelligence

❓ AI myth number two: More data means better outputs 💡 The reality: More data can mean better outputs – but not if the data is messy, inaccurate, or incomplete. Feed it low-quality data, expect low-quality outputs. Keep your eyes peeled for three more days of AI myths and realities, and let us know about your experiences with AI in procurement and supply chain in the comments! 👇 #ai #artificialintelligence #procurement #supplychain

❓ AI myth number one: "Artificial intelligence is biased" With the AI buzz still going strong across most business sectors and functions, including procurement and supply chain, we're sharing five common AI myths and pitfalls your teams should be aware of. 👀 So, back to our first myth ... 💡 The reality: AI systems are not inherently biased, per se. However, outputs depend on the data AI is fed. If the data is biased or incomplete, AI outputs will adopt or even amplify those biases. On the flipside, by building in ways to identify and remove biases, AI could actually prevent human biases in decision-making processes. Stay tuned for four more days of AI myths and realities 🔍 and let us know about your experiences with AI and what other myths you've encountered in the comments below. 👇   #artificialintelligence #ai

“In the fashion industry, the business of cost reduction versus the business of making beautiful items are often at odds,” says Efficio Senior Consultant Samantha Stern. So, how can fashion brands navigate these two considerations, seemingly at odds with one another? Find out how our medical scrub manufacturer client managed this process to ultimately empower design through cost reduction:  https://lnkd.in/epKFvxgU #fashionindustry #costreduction #procurementleaders  

Got strong account-based marketing experience? 🤝 Got a flair for turning complex ideas into compelling insights? ✍ Excited by the idea of working with a global team? 🗺️ Then look no further – join our team as a Marketing and Communication Manager! Efficio is a super international consultancy combining all the benefits of working at an established firm with the collaborative and entrepreneurial culture of a younger organisation. Find out more about the role and apply here: https://lnkd.in/e99XUr5k #werehiring #marketingjob 

Cutting costs is always tough – especially so for a multinational packaging manufacturer like our client, for whom operations spanning 15+ countries and 40+ sites created additional complexities. Find out how this global organisation approached its strategic sourcing programme to deliver 9% savings in annual costs, as well as further value beyond costs savings: https://lnkd.in/d4_x2Fan #costreduction #strategicsourcing #procurementleaders

"With all the supply chain risks, tariffs and long lead times, the cost delta between China and the U.S. has become less attractive, and especially with automation, there is a preference to have supply closer to home.”   Efficio Vice President Waldo S. shares his insights into nearshoring trends with Kathryn Maloney in Middle Market Growth Magazine – have a read about the opportunities and long-term outlook: https://lnkd.in/eyc_uHKe #nearshoring #supplychainresilience #manufacturing