Welcome back to The Procurement Software Podcast! We’re kicking off Series 6 with a shift to a monthly format and an emphasis on more guest episodes.This week, host James Meads welcomes back Sheldon Mydat, founder and CEO of Suppeco, marking his third appearance on the show. Together, they dive deep into the transformative potential of generative AI in SRM and how it’s revolutionising the way procurement professionals handle unstructured and qualitative, rather than quantitative data.This episode unpacks the evolution of SRM from spreadsheets and KPI dashboards into a dynamic, relationship-driven process that prioritises operational excellence, resilience, and narrative over mere numbers. If you’ve been curious about AI’s real-world applications in procurement, this conversation is a must-listen.Generative AI in Supplier Relationship ManagementSuppeco is on a mission to redefine SRM by introducing a digital relationship layer that integrates operational data from diverse sources such as emails, chats, and project documentation. This approach focuses on the qualitative aspects of supplier relationships, fostering collaboration and mitigating risks. Sheldon explains how SRM has evolved from being KPI-heavy to prioritising relationship-driven resilience, a shift accelerated by the pandemic. With the SRM market projected to hit $8 billion by 2030, the importance of this transformation is evident.Generative AI is particularly suited for analysing unstructured data, which makes up a significant portion of operational information. Suppeco’s AI capabilities dynamically identify risks, measure cultural fit, and optimise supplier relationships, providing actionable insights and creating contextualised RFPs. By offering a scaled-down SME version, Suppeco ensures that even smaller organisations can leverage advanced SRM features, making it accessible and impactful across different business sizes.Addressing data privacy concerns, Sheldon highlights Suppeco’s multi-tenancy system, which keeps customer data securely isolated and ensures that models are never trained on proprietary information. This robust approach underscores their commitment to confidentiality and compliance, ensuring that businesses can adopt this technology confidently.Timestamps:[00:01:00] Introduction to Series 6 and guest Sheldon Mydat.[00:03:12] Sheldon’s approach to investing $50,000 in procurement tech.[00:09:27] The evolution of SRM and Suppeco’s role.[00:14:50] Managing unstructured data in SRM.[00:22:31] Use cases for generative AI in SRM.[00:29:34] Addressing data privacy concerns.[00:35:05] Integrating external data sources into SRM platforms.[00:37:24] Democratising SRM for SMEs.And that wraps up another episode of The Procurement Software Podcast!Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!We'll be back at the same time next month, so see you there.If you want to learn more about Procurement Software, check out the useful links below. Stay in touch!Connect with Sheldon Mydat on LinkedInCheck out SuppecoDownload our Tech Map for EnterpriseDownload our Tech Map for Mid-MarketDownload our
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