5/18/2023 0 Comments Deployed by Brenda Cothern![]() ![]() ![]() Pactum described its work with Walmart in January when the company, based in Mountain View, Calif., was demonstrating its services at a National Retail Federation event. Pactum says it "helps global companies to digitally conduct personalized commercial negotiations on a massive scale."Īs an example of that scale, Pactum, in a recent news release, cited research that found its intelligent chatbot can run contract negotiations with up to 2,000 suppliers simultaneously, "something no human buyer can do." "Supplier negotiations are an underutilized strategy for retailers to manage constant disruptions," Rand said. "They need new technology solutions that can help them manage this increasingly complex global environment." "There are a number of macroeconomic conditions impacting retailers," said Martin Rand, Pactum's co-founder and chief executive. Walmart, shipping company Maersk, Wesco International and other Fortune 500 businesses are clients of a startup called Pactum that focuses solely on automating negotiations. and other large companies are now using artificial intelligence "chatbot" programs to negotiate some of their vendor contracts. ![]()
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