Pactum
Pactum provides an AI-powered Negotiation Suite that automates contract negotiations, enabling businesses to achieve efficient and mutually beneficial agreements with suppliers in minutes.
Services
Pactum offers a suite of services designed to facilitate autonomous contract negotiations between businesses and their suppliers. These services include Commercial Term Negotiations, Contract Cost Negotiations, Purchasing Negotiations, and Integration Solutions. By leveraging AI, Pactum's services enable companies to efficiently handle complex negotiations, often completing them in under 15 minutes. These services are designed to integrate seamlessly with a company's overall strategy, priorities, and existing systems, ensuring that negotiations are both structured and aligned with enterprise goals.
Products
Pactum provides a range of AI-driven products aimed at optimizing various aspects of business negotiations. Key products include the Negotiation Suite, which features centralized oversight, quick deployment, and actionable analytics. Further, there are Commercial Term Negotiations that target terms like payment days, discounts, and allowances, Contract Cost Negotiations to regain control over spend, and Purchasing Negotiations for managing indirect requisitions under $150,000, often referred to as Spot Buys. Each product is designed to streamline and enhance the negotiation process, resulting in time and cost savings for enterprises.
AI Capabilities
Pactum's AI is engineered to automate and enhance the negotiation process between businesses and their suppliers. The AI performs thousands of negotiations simultaneously and learns from each interaction to continuously improve. It engages suppliers using a chat-like interface, ensuring ease of use and swift resolutions. With the world's largest library of negotiation behavioral learnings, Pactum's AI can negotiate hundreds of contracts efficiently, leading to optimized agreements that benefit both parties. The AI's effectiveness is demonstrated by its ability to create significant value, including $42,000 in net new value per $1 million worth of negotiated spend.
Industry Recognition
Pactum has earned considerable recognition within the AI and contract negotiation sectors. In 2022, Gartner® named Pactum a Cool Vendor, underscoring its innovative approach to business negotiations. Additionally, the company won the 2021 Artificial Intelligence Excellence Awards, further validating its impact and technological advancements. Fortune 500 companies such as Walmart, Maersk, and Vodafone have utilized Pactum's AI, highlighting its importance and reliability in the industry. These endorsements reflect Pactum's standing as a leader in AI-driven negotiation solutions.
Customer Satisfaction and Benefits
Pactum is highly regarded for its strong customer satisfaction rates and tangible benefits. The AI system boasts a 90% supplier satisfaction rate, a testament to its effectiveness and the mutually beneficial agreements it facilitates. Pactum's solutions are capable of identifying and negotiating under-managed spend, uncovering hidden savings for enterprises. By integrating with leading procurement systems and maintaining SOC2 compliance, Pactum ensures security and compatibility, further enhancing user trust and operational efficiency.