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Retailers Pursuing AI to Help Negotiate Prices, Enhance Operations

Retailers are expanding their use of AI beyond online shopping
to contract negotiations with suppliers and achieving more
efficient operations. (GETTY IMAGES)

 

Retailers are not only using AI to enhance the online shopping
experience. Walmart has an agreement to pilot AI technology from
Pactum to help it negotiate prices with its vendors. Walmart has
hundreds of thousands of vendors, so AI can be helpful to keep
track of things.

“Inefficient contracting has been estimated to cause firms to
lose between 17% to 40% of the value on a given deal, depending on
circumstances, according to research by KPMG,” Pactum CEO Martin
Rand stated in a press release, reported by The
Motley Fool
.

AI is being helpful to retailers in many areas. Sucharita
Kodali, a principal analyst with Forrester in eBusiness and channel
strategy, stated in an account from the National Retail
Federation
 that the many possibilities AI can leave
retailers’ heads spinning. “Retailers don’t know what is
possible or what is most valuable,” she stated. “Many are
chasing an AI strategy, when they should be looking to solve
problems first by whatever means work best.”


Read more here

 

 

Originally posted by:
www.aitrends.com
April 2nd, 2020