Podcast ¦ CX Files: Dave Rumble – Maistro – Using Gen AI To Find B2B Partners

Key Takeaways

1. The integration of Generative AI (Gen AI) into B2B supplier sourcing is reshaping traditional procurement methods.

2. Maestro GPT consolidates 20 years of supplier data from Maestro and TKG, enhancing the quality of supplier searches.

3. Gen AI can streamline the sourcing process by allowing users to query databases in natural language, promoting user accessibility.

4. Buyers increasingly rely on Gen AI tools, with nine out of ten B2B buyers using such technologies to source suppliers.

5. The accurate retrieval of domain-specific information using knowledge graphs enhances decision-making in supplier procurement.

6. Cultural fit and community engagement are emerging as critical differentiators among suppliers.

7. Suppliers are advised to actively educate B2B buyers about their capabilities and market positions beyond traditional marketing methods.

8. The technological evolution allows for automated data updating, improving the trust and accuracy of sourcing information.

9. There is a potential risk of complacency among buyers due to reliance on Gen AI tools for supplier selection.

10. Enhanced data availability enables buyers to ask nuanced questions about supplier capabilities and relevant experiences.

11. The information landscape for suppliers is shifting, emphasising the need to maintain ongoing communication about their offerings and impact.

12. A cultural approach to supplier evaluation can be a significant factor in building sustainable business relationships.

Key Statistics

• Nine out of ten B2B buyers now use Gen AI to source suppliers.

• The Maestro platform holds approximately 35,000 to 40,000 suppliers’ data accumulated over nearly two decades.

• Organisations struggle with procurement, often misjudging supplier performance years after the initial contract.

Key Discussion Points

1. The merger of TKG and Maestro enables a comprehensive approach to supplier sourcing, covering both pre-award and post-award phases.

2. Natural language queries facilitate easier access to detailed supplier data.

3. Traditional methods of supplier evaluation may be insufficient in today’s fast-paced business environment.

4. Gen AI can lead to both positive and negative trends in buyer behaviour, including potential laziness in inquiries.

5. Suppliers need to adapt their content marketing strategies to enhance visibility within AI-driven platforms.

6. The risk of bias in AI-driven sourcing tools can impact supplier selection effectiveness.

7. Much of the evaluative process for suppliers should include qualitative assessments of culture and engagement.

8. Reliability in supplier data leads to informed decision-making, minimising procurement risks.

9. Data structuring is crucial for effectively utilising AI in procurement decisions.

10. Future plans for Maestro GPT include enhancements that allow for self-learning capabilities regarding missing data.

11. TKG IQ aims to streamline the procurement of technology, addressing common inefficiencies in the sector.

12. The importance of humanity in procurement relationships cannot be underestimated, especially in mitigating risks during unexpected challenges.

Podcast Description

This podcast episode features a discussion focused on the evolving role of Generative AI in B2B supplier sourcing. Mark Hillary and his co-host engage with Dave Rumble from TKG to explore how the integration of AI technologies is reshaping traditional procurement processes. They delve into the significance of reliable supplier data, the cultural aspects of supplier relationships, and the growing need for suppliers to adapt their communication strategies in a data-driven marketplace. The episode highlights the future implications of these changes for buyers and suppliers alike, providing insights into enhancing decision-making and fostering meaningful business relationships.