Name: 1318: Pactum - Can AI Negotiate Retail Merchandising Deals?
Uploaded: 2020-08-27T00:08:39.000Z
Duration: 1202
Description: Martin Rand has been an entrepreneur for many years. He was a product manager at Skype, created VitalFields (which he later sold to Monsanto) and now, is the...

Martin Rand has been an entrepreneur for many years. He was a product manager at Skype, created VitalFields (which he later sold to Monsanto) and now, is the founder and CEO of 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 range from supplier negotiations for online marketplaces to enterprise and retail procurement negotiations. Pactum is currently working with Walmart to renegotiate contracts and has been signed on as a partner with DocuSign. The company is based in Mountain View with engineering and operations in Estonia. It's backed by founders of Skype and TransferWise and built by luminaries from Skype, Starship Technologies, and the Government of Estonia's e-Residency program. But all are agreed on Pactum's vision of artificial intelligence, improving business relationships while safeguarding humanity with ethical AI.

Pactum is particularly useful in the current situation, as companies are losing money and needing to renegotiate contracts. Pactum saves money for retailers while also getting the best deals for vendors- all without human interaction on the company's side.