Using artificial intelligence and chatbots to handle contract negotiations for shippers and suppliers may seem like science fiction, but Pactum believes it has created the technology that could arrange better deals for everyone.
Mountain View, California-based Pactum uses AI and machine learning to automate contract negotiations with the aim of getting the best deals for both parties without harming each other.
“The majority of commercial deals today are negotiated by people, but people are not good with large amounts of data, complex data and fast-moving data,” Martin Rand, CEO and co-founder of Pactum, told FreightWaves.
