Pactum: utilising AI to transform procurement processes
Founded in 2019, Pactum looks to help global companies to create personalised, commercial negotiations on a massive scale.
The Mountain View-based company provides artificial intelligence (AI) based systems that adds value and saves time for both the client and their negotiation partner. It does this by aligning their values to determine win-win agreements.
Pactum’s clients can also benefit from the company’s easy-to-use chat interface that implements best-practice negotiation strategies. The company’s CEO and Co-Founder, Martin Rand, who is making the keynote speech at Procurement and Supply Chain LIVE, is a Harvard University and Stanford University graduate.
During Procurement & Supply Chain LIVE: The Risk & Resilience Conference, Rand will cover ‘Autonomous AI Negotiations’ in his talk tomorrow, on Thursday 28th of April.
Transforming negotiations with AI and automation
To support customers, Pactum AI automatically negotiates better agreements. By bringing the power of AI to the negotiations process, the technology look after the high-volume, low cost agreements that are usually left unmanaged or renegotiated at high expense.
With its technology, Pactum deliver on average a 4.2% increase in profitability and its clients’ negotiation processes are on average 71% fully-automated and require zero human involvement, saving time and resources.
By negotiating thousands of deals in parallel, Pactum allows customers to engage with their entire long-tail simultaneously.
The automated solution to negotiation brings in a number of benefits to Pactum’s customer. As Pactum AI reaches thousands of optimal deals automatically, the company provides increased profitability to its customers.
Pactum AI can also negotiate thousands of contracts at once, using data and values unique to each supplier. It means the negotiation process cycle time is reduced drastically and is completed in weeks rather than months.
Finally, the technology helps cultivate stronger suppler relationships as the AI-powered negotiation tool helps customers’ suppliers reach an agreement that works best for both sides and to feel in control of the terms they accept.
More than 80% of suppliers that use Pactum reach an agreement, while 74% say they find it simpler than negotiating with a person.
Procurement & Supply Chain LIVE: The Risk & Resilience Conference
This year, sister publications Procurement Magazine and Supply Chain Digital are heading back to the Tobacco Dock (London, UK) to host Procurement & Supply Chain LIVE: The Risk & Resilience Conference.
The two-day hybrid event will be held on the 27th and 28th of April 2022, in-person and broadcast live via our fully interactive virtual platform.
To attend in-person or virtually for Procurement & Supply Chain LIVE: Risk & Resilience, click here