PR91785

SAN FRANCISCO, Sept. 20, 2021 /PRNewswire=KYODO JBN/ --

Pactum, the creator of autonomous negotiations, has won in the Automation &

Efficiency category in this year's edition of Digital Procurement World's DEMO

Startup Competition. This prestigious award recognizes those startups driving

procurement's digital transformation and generating the highest ROI for

organizations worldwide.

Commenting on Pactum's award, the DEMO 2021 Judging Panel highlighted that

"Pactum's vision is to automate supplier negotiations for tail end spend which

are one of the core processes of procurement and oftentimes very time

consuming, while adding little value to the company. Not only are they freeing

up valuable time by automating the process, they are also building a strong

data foundation which can be used to further optimize future negotiation

processes".

"The majority of companies' investment goes into dealing with a small group of

their suppliers. That means that about 80% of businesses' providers go

unmanaged, leaving money on the table", says Kaspar Korjus, Chief Product

Officer and co-founder at Pactum. Tail spend, especially when dealing with

large suppliers, is time-consuming and labor-intensive, which leads many

procurement professionals to conclude that trying to optimize this spend isn't

worth the effort. For the average Fortune 500 company that means $240 million

locked in inefficient long tail deals that often go unmanaged. Pactum changes

that.

Our autonomous negotiations are built upon advanced mathematical models and

cognitive science and designed to reach optimal agreements for both parties in

a matter of minutes, yielding the potential to achieve  5-15% in savings in

this spend category[1].

Pactum is currently enabling companies like Walmart, one of the ten largest

banks in the world, a Fortune 200 electrical manufacturer, a top logistics

brand, and other industry leaders across retail, consumer packaged goods,

logistics, industrial, financial services, and auto to create between $2M and

$11M of new value per $100 million of tail spend. Some of these companies are

already seeing gains up to 6.5% in profitability from each supplier deal Pactum

negotiates on their behalf.

"We believe that strategy should be driven by humans while machines take care

of the implementation.That's why we created a brand new technology, autonomous

negotiations. This award is a testament to the way Pactum works with global

industry leaders like Walmart to automate their end-to-end suppliers'

negotiation process so they can unlock that hidden value without any human

effort," adds Kaspar.

Our solution is designed to easily fit within our clients' strategy and tech

stack, enabling them to remain at the forefront of innovation while expediting

their time to value. "Pactum's autonomous negotiations help procurement

professionals automate and streamline repetitive processes and manual tasks to

increase efficiency, improve accuracy and create value," highlights Matthias

Gutzmann, founder of Digital Procurement World (DPW).

Procurement teams can take advantage of this newly created technology and use

autonomous negotiations to transform what used to be an unavoidable challenge

into a source of new value for their company.

About Pactum

Pactum is an AI-based system that helps global companies to autonomously offer

personalized, commercial negotiations on a massive scale. The system adds value

and saves time for both the Pactum client and their negotiation partner by

aligning their values to determine win-win agreements via an easy-to-use chat

interface that implements best-practice negotiation strategies. The web-based

tool's applications focus on enterprise procurement negotiations. The company

is based in Mountain View with engineering and operations in Estonia. Pactum

was built by luminaries from Skype, Starship Technologies and the Government of

Estonia's e-Residency program. Learn more at www.pactum.com

Photo - https://mma.prnewswire.com/media/1629726/Pactum_World_DEMO.jpg  

Media Contact

Angela Gonzalez-Rodriguez

Head of Communications, Pactum

angela.gonzalez-rodriguez@pactum.com

Direct +1 718 766 8547

[1] As estimated by McKinsey.

https://www.mckinsey.com/business-functions/operations/our-insights/long-tail-big-savings-digital-unlocks-hidden-value-in-procurement

Source: Pactum