The much-anticipated SIG 2024 Fall Global Executive Summit is set to kick off with an Opening Keynote from Jim Connell, Managing Director at JPMorgan Chase. This exciting keynote on Tuesday, October 8, will delve into the rapidly evolving role of Artificial Intelligence (AI) in supply chain management, providing attendees with invaluable insights into the future of this transformative technology.
Why AI is Critical for Supply Chain Professionals
In recent years, AI has become one of the hottest topics in the world of supply chain management. However, many supply chain professionals feel overwhelmed by the sheer number of AI tools and the speed at which the technology is advancing. Jim Connell’s keynote will address these challenges head-on, offering a roadmap for supply chain professionals seeking to begin or deepen their AI journey.
Connell will share JPMorgan Chase’s own experiences, revealing how the global financial giant has successfully leveraged AI and Machine Learning (ML) to enhance supplier management and mitigate risks. His insights will empower attendees to embrace AI confidently and strategically within their own organizations.
Key Questions Answered in the Keynote Q&A
Ahead of the summit, Jim Connell participated in a written Q&A with Dawn Tiura, President and CEO of SIG|ORG, answering some of the most pressing questions on AI’s role in the supply chain. Here are some key highlights:
Q1: With AI dominating the conversation in supply chain management, where should professionals start?
Connell’s Answer:
It’s easy to feel overwhelmed by AI, especially when the term is thrown around so loosely. Supply chain professionals should recognize that AI encompasses a wide variety of technologies, some of which have been around for years. JPMorgan Chase has been using Machine Learning (ML) models for years to scan millions of news articles each day to find potential negative sentiment about our critical suppliers. Starting small with tools like this can help organizations see immediate results and gain confidence in AI.
Q2: How is JPMorgan Chase using AI beyond sentiment analysis?
Connell’s Answer:
Our use of AI has evolved significantly. We now merge sentiment data with insights from over 60 other sources, including cybersecurity and financial risk data, to proactively identify potential compound risks in our supplier base. We’re also evaluating the use of Large Language Models (LLMs), like ChatGPT, to further improve our supplier management processes.
Q3: What are Large Language Models (LLMs), and how do they apply to supplier management?
Connell’s Answer:
LLMs, powered by transformers, are AI models capable of processing vast amounts of data and producing meaningful insights in a conversational manner. For supply chain professionals managing thousands of supplier contracts, reports, and financial statements, LLMs can be a game changer, providing faster and more comprehensive access to critical information.
Q4: How can LLMs practically improve supplier management operations?
Connell’s Answer:
Imagine typing a plain English query into an LLM and instantly receiving a summary of the relevant sections from thousands of supplier contracts or risk assessments. LLMs could also generate detailed executive summaries, combining supplier profiles, financial data, and market insights, to streamline preparations for stakeholder meetings or contract negotiations.
Q5: What risks should supply chain practitioners be aware of when adopting AI?
Connell’s Answer:
While AI is incredibly promising, it’s still a developing technology, and it’s important to understand that it’s not perfect. The results can vary depending on how you phrase your query, and in areas where precision is critical, human judgment should always be applied to AI outputs.
Why You Should Attend This Keynote
Jim Connell’s keynote at the SIG 2024 Fall Global Executive Summit will provide attendees with actionable insights into the power of AI, particularly for supply chain professionals navigating the complexities of supplier management. His expertise will help demystify AI and provide a clear, practical starting point for those looking to integrate AI into their supply chain strategies.
Want to learn more?
Don’t Miss Out on the Future of AI in Supply Chain Management!
Join the conversation with Jim Connell at the SIG 2024 Fall Global Executive Summit to discover how you can harness the power of AI and transform your supply chain operations for the future.
Register for Summit to Attend Jim's Session
Unlock the future of supply chain management, gain insights from industry leaders, and network with top professionals at the SIG 2024 Fall Global Executive Summit. Join us for exclusive sessions like the Opening Keynote with Jim Connell from JPMorgan Chase, and explore cutting-edge innovations in AI, procurement, and supplier management.
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