It’s an age-old problem in procurement: Corporate buyers lack the time to negotiate fully with all suppliers.
Historically this has left untapped value on the table for both buyers and suppliers.
To address this challenge, Walmart deployed AI-powered negotiations software with a text-based interface (i.e., a chatbot) to connect with suppliers.
So far, the chatbot is negotiating and closing agreements with 68% of suppliers approached, with each side gaining something it values.
Here are four ideas to consider that will deliver results from automated procurement negotiations:
1) Move quickly to a production pilot…
2) Start with indirect spend categories with pre-approved suppliers…
3) Decide on acceptable negotiation trade-offs…
4) Scale by extending geographies, categories, and use cases.
