Walmart using AI to negotiate cost, purchase terms with vendors in shorter timeframe: report
Walmart has reportedly begun using artificial intelligence in negotiating costs and purchase terms with certain vendors, doing in days what historically could take several weeks.
Per Bloomberg, Walmart is using a chatbot developed by the California-based company Pactum, to negotiate smaller contracts with suppliers who provide the retail giant with the equipment it uses rather than the products it sells.
The chatbot has been able to close deals in days rather than weeks, according to the report. It was also found that roughly 75% of suppliers preferred negotiating with the...