Home | Be Informed | Big Business

A Company Called Pactum Shows The Power Of Artificial Intelligence’s Impact On Walmart And All Retail

Richard Kestenbaum

Forbes

Nov 25, 2020

The most obvious way that artificial intelligence (AI) can impact retailers is to help consumers choose the right products when they shop. But there’s another less apparent way that AI is affecting retail right now that’s happening in places consumers don’t see. A company called Pactum, which began engagement with Walmart in the U.S., has software that can read a contract, understand the priorities of both parties to the agreement, integrate instructions from those parties and negotiate on behalf of one of the parties via chatbot. A large company, especially one as big as Walmart, has many thousands of such agreements and numerous negotiation parameters it needs to maximize. The applicability of being able to renegotiate contracts by AI to improve value is enormous and almost every large company in the world has a use for it. Eventually, as the software learns, it will be able to conduct even the most high-level negotiations in ways that generate better outcomes than people could accomplish.

Join us.

To stay informed about the ways in which AI is affecting you and your community, sign up for our newsletter. Now is the time to keep updated on AI in the interest of our communities.

Our Partners:

AIandYou proudly partners with a diverse group of scientists, researchers and engineers to amplify their work, support their programs and create a platform for them to discuss AI with the community.

Black in AI
Latinx in AI
Queer in AI
Women in Machine Learning
Women in AI

Proudly Supported By:

Amazon
Chan Zuckerberg Initiative
Microsoft

We are proud to be sponsored by some of the world's leaders in AI and AI-related fields. These organizations are drawing the maps for an unknown world. By recognizing the need to engage communities of color, these partners are ensuring a more equitable AI future for everyone.

Become a Sponsor