Pactum, the creator of autonomous negotiation technology, wins the prestigious Digital Procurement World 2021 Startup Competition
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.
Source: Pactum
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。