Procurement Optimization

AI supports supplier negotiations and procurement optimization by automating autonomous negotiations and extending them across spend categories.

Business impact

• Spend managed — Pactum reports more than $500M in spend managed through the platform.
• Autonomous negotiations — The vendor reports more than 2,500 autonomous negotiations.
• Supplier engagement rate — Pactum reports an 80%+ supplier engagement rate.
• Savings — One negotiation reportedly saved $65,000.

Data requirements

• Supplier negotiation data (text) — The platform uses negotiation interactions with suppliers.
• Spend data (tabular) — The deployment is described in terms of spend managed across categories.

AI methods and techniques

• Autonomous negotiation — The platform negotiates with suppliers without manual back-and-forth for each exchange.

Industries

Real-world evidence

2 documented case studies on record.

Companies using this: Honeywell, Merck.