Pactum Named a 2022 Gartner Cool Vendor in Sourcing and Procurement for Supply Chain
Autonomous Negotiations Solution Helps Fortune 500 Organizations Increase Operational Resilience and Improve Their Bottom Line
Pactum, the creator of AI-driven autonomous negotiation technology, announced it has been named a 2022 Gartner Cool Vendor in the report “Cool Vendors in Sourcing and Procurement for Supply Chain.
According to the Gartner report, data is increasingly dynamic and organizations struggle to keep pace with critical information and regulatory and compliance changes to effectively manage their supplier data. Supplier management initiatives are often broad and complex. Relying on the usual vendor solutions often leads to gaps in required capabilities.
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Pactum’s autonomous negotiation solution helps Fortune 500 organizations increase operational resilience and improve their bottom line by implementing customized non-strategic supplier negotiations for large volumes of incremental partners. The solution can account for fluctuations in the macro-environment as they happen, reaching the optimal outcome for both vendors and suppliers every time, and then takes what it has learned in previous negotiations to apply it to future interactions. It recommends terms through a chat-like interface and automatically generates a contract that is ready for review and sign-off once parties come to an agreement.
“We are pleased to be recognized as a 2022 Gartner Cool Vendor in this report as we believe this validates the rising market demand for our AI-powered solution,” said Martin Rand, CEO and co-founder at Pactum. “With inflation reaching a 40-year high along with a looming recession, renegotiating commercial deals to fit the new reality is something every enterprise must prioritize or risk losing out to their competition. Our technology helps enterprises negotiate complex agreements, accounting for price and supply security, all while reaching an optimal agreement for both sides.”
Pactum is enabling companies across the financial, manufacturing, retail, consumer packaged goods, logistics, industrial, and auto sectors to create between $2M and $11M of new value per $100M of spend.
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