Summary of our event

Does AI Enhance human analysis in the commodity world?

Grains with alpha
On the 18th of January 2024, we held our event, 'Does AI enhance human analysis in the commodity world?'. The reason for the event was to bring people together and discuss hot topics where everyone's voice is heard. The panel answered the main question through four key themes:

-Trust
-Market evolution through technology
-How AI impacts business strategy
-What if everyone uses AI?

           Speakers

Ed Fuchs

CEO, Folium Science

Chief Procurement Officer, Aryzta (previously)

Group Procurement Director, United Biscuits (previously)

James Chivall

Quantitative Researcher, Winton Capital Management

Senior Quantitative Analyst, The Andersons Inc (previously)

Can Yentur

Director, PwC UK

Commodity & Energy Trading

Stephen Butler

Markets Director and Co-Founder

ChAI

Tristan Fletcher

CEO and Co-Founder ChAI

Panel Host

Summary

In our webinar, the speakers emphasised the crucial role of trust and transparency. Trust, they argued, is fostered through transparency, honesty, and a focus on understanding consumer needs.

The discussion identified four key pillars for establishing trust in AI: preventing misinformation, managing bias, ensuring security and privacy, and addressing third-party risks. The webinar also delved into the challenges of AI adoption, noting a gap between current adoption levels and organisational readiness.

The market evolution from human-driven to digital trading was explored, with insights into AI's impact on trading patterns and challenges faced by physical traders.

Strategies for integrating AI included its use in decision support, process reinvention, and the need for upskilling the workforce. The conversation highlighted how AI should complement human abilities, allowing for upskilling and strategic placement within the organisation. The goal is to automate mundane, low-value tasks with AI, freeing up human resources for more impactful work.

To quote Ed Fuchs:

"The need for a quickly automated feedback loop from category managers  which allows the commodity price risk managers to execute quicker and to allow category managers to access information swiftly so they are aware of actual prices during negotiations. This requires transparency and tools to be quickly utilised for supporting decision making."