Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 301

Pactum Launches Artificial Intelligence Tool for Commercial Negotiations

Posted by fidest press agency su domenica, 15 settembre 2019

Launching Pactum is an AI-based system that helps global companies to autonomously offer personalized, commercial negotiations on a massive scale. The Mountain View, California company, with engineering and operations in Estonia, has raised an initial $1.15 Million in pre-seed funding to augment negotiation and AI capabilities as well as scale operations. Pactum has also filed the patent this week related to its technology IP. Inefficient contracting has been estimated to cause firms to lose between 17% to 40% of the value on a given deal, depending on circumstances, according to research by KPMG. Pactum’s AI helps companies improve their bottom line by implementing bespoke negotiation services for large volumes of incremental partners in every market, that might have previously been unmanaged. Augmented artificial intelligence evaluates agreement terms and offers an unbiased resolution that can result in either business development or renewed agreements where both parties have been equally evaluated to support a fair deal. Based off of historical data, terms are suggested and discussed through an auto generated chat-like interface to generate a contract that is then ready for review and sign off.
The system is designed to align the values of both the Pactum client and their vendor by initially appraising each possible trade-off in the partnership. Thereafter it uses best-practice strategies to instigate a negotiation with the vendor in an easy-to-use chat interface. Through the system, win-win trade-offs are determined, with terms including payment time, cancellation terms, pricing, etc. The web-based tool’s applications range from supplier negotiations for online marketplaces to enterprise and retail procurement negotiations.

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