In this episode of The Procuretech Podcast, host James Meads talks to David Doyle, the co-founder and CEO of Forestreet. David, coming from a tech background, explains how he identified a problem in the technology market research industry and decided to create an independent platform that utilises data analytics to overcome cognitive constraints.

The conversation dives into the genesis of Forestreet and its aim to provide an unbiased perspective for buyers in the procurement space.

In this episode, David delves into generative AI, explaining how it creates content from learned patterns in various media. He emphasise the importance of choosing the right tool for specific tasks when using generative AI. While it excels as an assistant for tasks like policy writing, and offering content suggestions, its limitations are evident when accuracy is crucial, such as in sustainability policies.

The episode stresses that generative AI isn't a one-size-fits-all solution, advocating for a balanced approach by integrating it with other technologies. Notably useful in policy creation and idea generation, chat GPT showcases its role in crafting policy recommendations. However, the episode cautions against relying on generative AI for basic internet searches due to potential misinformation.

David underscores the value of a modular approach, suggesting a blend of generative AI with other tools to maximise outcomes while acknowledging each tool's limitations. The episode concludes by highlighting the importance of discerning when to use generative AI effectively, tailored to specific tasks for optimal results.

[00:02:10] Introducing David Doyle, CEO of Forestreet.

[00:03:36] Information outside the enterprise.

[00:08:01] Generative AI limitations and benefits.

[00:10:44] Technology as an automation tool.

[00:15:28] Excess capacity and space.

[00:18:14] Deployment of new tools.

[00:22:09] Data-driven decision making.

[00:25:01] Changing procurement function architecture.

[00:27:23] Business resource finding becoming urgent.

[00:31:54] The strengths and limitations of generative AI.

And that wraps up another episode of The Procuretech Podcast!

Thanks to David for sharing his insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about David Doyle, Forestreet, or Procurement Software, check out the useful links below.

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