In recent years, artificial intelligence has advanced rapidly and is now being integrated into a variety of industries to improve efficiency and productivity. Retail is one industry that has only recently begun to use AI. Walmart, one of the world’s largest retailers, has used artificial intelligence-powered chatbots to negotiate supplier contracts, resulting in significant cost savings and a more efficient procurement process.
Walmart has collaborated with Pactum AI, a company that specialises in artificial intelligence-powered negotiation systems. Pactum AI’s chatbot system can automatically negotiate with suppliers on Walmart’s behalf, saving the company an average of 3% on contracts. Furthermore, according to Walmart, three out of four suppliers prefer negotiating with the chatbot over a human negotiator.
