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