The Invisible Handshake: AI to AI Procurement Negotiations
Supply chain managers and procurement professionals are witnessing a new kind of negotiation, one that doesn't involve people sitting across a table or trading emails.
Artificial intelligence (AI) systems are working out the details of low-level contracts behind the scenes, freeing up procurement teams to focus on higher-value work.
Walmart piloted AI-driven negotiations with part of its global supplier network using startup Pactum, targeting long-tail vendors with smaller contracts.
Free up procurement teams from repetitive haggling so that they can focus on higher-value work.
This project aimed to optimize negotiations for Walmart's smaller contracts, which large organizations often don't have the time or resources to revisit.
Author's summary: AI transforms procurement negotiations.
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