Pactum releases a new software solution aimed at supply chain leaders looking to combat volatility in the market through autonomous short-term rate negotiations. The technology is the latest in a series of new releases from technology providers looking to innovate during the supply chain crisis and disruption. The solution leans into the decrease of annual agreements in logistics and rise of spot market. Artificial intelligence is able to identify, negotiate and contract short-term freight deals at scale in limited time.
- Using advanced mathematical models, cognitive science and best-in-class negotiation techniques, Pactum can complete a typical negotiation in two minutes, which is much faster than humans can do alone. Key functionality includes:
-Predictive pricing: Pactum leverages past rates, contract rates and market conditions to drive current pricing.
-Prescriptive recommendations: The technology uses past performance, engagement, pricing and bundling of vendor relationships to reach out to the best carrier for the job.
-Automation: AI-powered chat interface negotiates contracts with carrier partners to reach mutually beneficial deals for all parties involved.
- Pactum’s autonomous negotiation solution easily integrates into procurement teams’ existing technology stacks and has already proven effective for users. To date, 95% of the autonomous rate negotiations executed by Pactum have resulted in joint value for the parties involved.