S-Oil showcases AI-powered digital procurement system at conference

(S-Oil)

S-Oil introduced its AI-driven digital procurement system on Wednesday at the 7th Seoul Supply Management Conference, which was hosted by the Institute for Supply Management Korea (ISM-Korea) and the Korean Association of Procurement and Supply Management (KAPSM).

As part of its digital transformation strategy, S-Oil successfully upgraded its procurement system by integrating AI into its existing purchasing system. The system leverages data from the past decade of internal purchasing activities, along with external market variables such as raw material price fluctuations, to build accurate pricing and demand forecasting models. This allows the company to determine the optimal timing for procurement.

The company also uses the automated item recommendation function to prepare for supply chain instability by expanding long-term contracts. S-Oil’s team leader Lee Ji-hye said during the event that the company will continue to contribute to the industry’s digital transformation and sustained growth via innovative procurement systems.

“We will continue to contribute to S-Oil’s digital transformation and sustainable growth with our innovative procurement system,” according to Lee Ji-hye, a team leader at S-Oil who spoke at the event.