Walmart is using AI to negotiate prices with suppliers, report says — and the suppliers are loving it
, was developed by Pactum AI, an artificial intelligence technology company based out of Mountain View, California.
Per Bloomberg, here's how it works: The Bentonville, Arkansas-based retailer tells the software its budget and priorities. Then, the chatbot will negotiate with human vendors to finish deals. And a majority of suppliers – three out of four – actually like dealing with the robot more than a Walmart negotiator, the retailer told Bloomberg. Walmart was Pactum's first customer, the news outlet reported.
"Some really like it and are like, 'This is the best way to do it,'" Darren Carithers, Walmart's senior vice president for international operations, told Bloomberg."But I would relate that to people using self-checkout in stores. Some customers love it, but guess what: Some customers want to go to a manned checkout and see a person."
Pactum AI's chatbot is able to negotiate about discounts, payment terms, and prices for individual products, as well as compare current vendor deal offers to historical ones and what other companies are paying. Walmart told Bloomberg that the artificial intelligence has helped the company close deals in days instead of weeks or months when only humans were involved.This is not the first time Walmart has embraced artificial intelligence.
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