Marketing Manager
CurrentPactum’s technology for autonomous negotiations is in use right now by some of the world’s largest companies, like Walmart and Maersk.To understand its potential, let’s look at some big numbers.Just as a typical game of chess has more possibilities than atoms in the known universe (and machines outperform humans in that), any contract negotiation similarly adds up exponentially.Pactum’s data scientists crunched the numbers and found there are 1.8 quintillion ways to conclude a typical vendor contract with 13 terms.Now try that when you have 100,000 suppliers, most with relatively low value contracts.Out of 33 million US companies, just 500 make up 2/3rds of the US economy so their long tail spend is a huge challenge in #procurement. It hasn’t been economical for big companies to devote enough time finding the best deals with all suppliers.Business negotiation is not a zero sum game. AI gets that - and can best calculate how to achieve Pareto efficiency (when both sides get as much value as possible out of a deal).Pactum’s AI-powered bot can simultaneously conduct more than 10,000 autonomous negotiations per minute. It’s trained both to understand the client business and find Pareto efficient deals based on Harvard Principles of Negotiation. For procurement professionals, it’s like being promoted in charge of hundreds more (very skilled) team members available day and night.Based on an already typical 5% value increase per contract, the average Fortune 500 company can gain about $242m. And the 10,000+ humans (so far) on the other end have overwhelmingly positive feedback. Crucially, they’re concluding more deals with the AI.This is human-centered AI at its best. It doesn’t displace human abilities. It enhances them. It helps us all achieve more. And you don’t need to be a tech wiz to benefit.After starting up in Estonia, Pactum now has a base in Silicon Valley, development in Tallinn, and a great multinational team (speaking 22 languages!)