The purchasing industry recognizes Pactum as a category builder helping the world’s biggest brands unlock millions of new net values
SAN FRANCISCO, September 21, 2021 / PRNewswire / – Pactum, the creator of Autonomous Negotiations, won in the Automation and Efficiency category of this year’s edition of Digital Procurement World’s DEMO Startup competition. This prestigious award recognizes startups that drive the digital transformation of purchasing and generate the highest ROI for organizations around the world.
Commenting on the Pactum award, the DEMO 2021 jury noted that “Pactum’s vision is to automate negotiations with suppliers for final expenses, which are a key procurement process and often very time consuming, while adding little value to the business. Not only do they free up valuable time by automating the process, but they also create a strong database that can be used to further optimize future trading processes. ”
“The majority of companies’ investments are made in transactions with a small group of their suppliers. This means that around 80% of companies’ suppliers are unmanaged, leaving money on the table ”, said Kaspar Korjus, Chief Product Officer and co-founder of Pactum. End-of-life expenses, especially when dealing with large vendors, are time-consuming and labor-intensive, leading many purchasing professionals to conclude that trying to optimize these expenses is not worth it. worth it. For the average Fortune 500 company, this means $ 240 million stuck in ineffective long tail agreements that often go unmanaged. Pactum changes that.
Our stand-alone negotiations are based on advanced mathematical models and cognitive science and are designed to reach optimal agreements for both parties in a matter of minutes, offering the possibility of achieving savings of 5 to 15% in this category of spending..
Pactum currently enables companies like Walmart, one of the world’s ten largest banks, an electricity maker Fortune 200, a leading logistics brand and other leaders in the retail, goods and consumption, logistics, industry, financial services and automotive to create between $ 2 million and $ 11 million new value by $ 100 million tail spending. Some of these companies are already seeing profitability gains of up to 6.5% for every deal with suppliers that Pactum negotiates on their behalf.
“We believe strategy should be driven by humans while machines take care of implementation. That’s why we’ve created a whole 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 vendor negotiation process so they can unlock this hidden value without any human effort, ”adds Kaspar.
Our solution is designed to easily integrate into our clients’ strategy and technology stack, allowing them to stay at the forefront of innovation while accelerating their time to value. “Pactum’s Autonomous Negotiations help purchasing professionals automate and streamline repetitive processes and manual tasks to increase efficiency, improve accuracy and create value.” strong points Matthias gutzmann, founder of Digital Procurement World (DPW).
Procurement teams can take advantage of this newly created technology and use autonomous negotiations to turn what was an inevitable challenge into a source of new value for their business.
Pactum is an AI-powered system that helps global businesses autonomously deliver personalized, large-scale business negotiations. The system adds value and saves time for the Pactum client and their trading partner by aligning their values to determine win-win deals through an easy-to-use chat interface that implements the best trading strategies. The web tool’s applications focus on corporate 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 Online residency program. Learn more about www.pactum.com
Head of Communications, Pactum
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