A Company Called Pactum Shows The Power Of Artificial Intelligence’s Impact On Walmart And All Retail (Contract Negotiation)
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. It works best when there are numerous contracts for relatively small amounts that don’t justify the involvement of expensive professionals to conduct renegotiations.
It’s built to maximize the Pareto outcome; that’s where one party can’t get a better deal without hurting the other party. A Pareto-efficient result maximizes the outcome for both parties so everyone is better off when Pactum finishes its work on an agreement. The software allows both sides to recover the value otherwise left behind in a human-to-human negotiation.
See the full story here; https://www.forbes.com/sites/richardkestenbaum/2020/11/23/a-company-called-pactum-shows-the-power-of-artificial-intelligences-impact-on-walmart-and-all-retail/?sh=32e3847d1752