(Solution) 5CO02 (AC2.1) With reference to a people practice issue, interpret analytical data using appropriate analysis tools and methods

Solution Title:   Evaluating the impact of generative Artificial Intelligence (AI) on procurement activities in Oman LNG LLC.   Aims

Executive Summary This is a business report which evaluate category and contract management using Occidental of Oman (Oxy) organisation in Oman. Specifically, the best practice in category management for harnessing project management and cost management effectiveness has been evaluated. Further, in this business report, entire requirements which guide initiation and readiness in category management, conventional-based sourcing strategies, contract management, techniques have been put into account. In this report, the findings evidence that Oxy organisation operates an effective risk management strategy in contract and category management. Further, to identify the PS&M members capacity development, they are well positioned in implementing their category management. This is with appropriate capacity development required for mitigating existing gaps in their practice. The findings similarly evidence Oxy PS&M as having been successful in sourcing the Health and Safety Equipment (HS&E). To enhance innovativeness in this area, the organisation capitalise on SLA’s and KPIs with auditing being essential for their practice. Further, through an effective use of data analytics, analysis and presenting contract management data and best management process. This enhance stakeholders collaboration and being aware of decision making promoting operations, input and suggestions made. Through stakeholders analysis, stakeholders relations are essential for maintaining stakeholder relations improving the Oxy image and overall market share. In this report, there are identified gaps which need to be mitigated. These gaps would be managed by use of the following recommendations which are;

• Investing in blockchain technologies, cloud-based platform and L&D strategy for contract management strategy to improve entire stakeholders relationship
• Increasing budget assigned in their PS&M post-COVID pandemic economic recession
• Initiate an organisation team members to improve how they integrate and harmonise PS&M approach in the organisation
• Prioritising on increasing team-based working in their sourcing with entire vendors involved for achieving cost saving
• Engagement of various organisations to improve on skills, competency and acquiring relevant talents
• Approving budget intended to implement risk analysis for various potential risks faced